Fundamentals of Accounting

Basic Concpets

100

What do you mean by book keeping

Book keeping is analysing , classifying and recording the transactions

200

Capital

Amt invested by business men

300

full form of ICAI

Institute of Chartered Accountant of India

400

Debtors arises from

Credit Sales

Classification of Accounts

100

Plant & Machinery

Real account

200

Bank of baroda

Personal Account

300

Goods account

Real account

400

Printing & Stationery

Nominal account

Concepts / Conventions

100

entity concept

business and owner are two different entity

200

cost concept

Acquistion of cost of all items purchased

300

going concern concept

infinite life of business

400

consistency concept

poicies have to be consistent

CE RE DRE

100

Purchase of machinery

CE

200

Purchase of Tyewriter for resale

RE

300

wages paid

RE

400

Profit on sale of Fixed Asset

CR

Accounting Standard

100

AS 1

Disclosure of accounting policies

200

AS 2

Valuation of Inventories

300

AS 3

Cash Flow Statement

400

AS 11

Foreign Exchange Transactions