ACOUNTING EQUATION AND CONCEPT: In accounting 10+1 Total assets are equal to the sum of its liabilities & its shareholders’ equity. This number on a company balance sheet is considered to be the foundation of the double entry accounting system. It ensures that the balance sheet remains balanced.
ACCOUNTING PRINCIPLES: Accounting principles are the rules & guidelines that companies must follow when reporting financial data.
BALANCE SHEET AND PROFIT AND LOSS ACCOUNT:A balance sheet provides both investors and creditors with a snapshot as to how effectively a company’s management uses its resources. A profit and loss (P&L) statement summarizes the revenues, costs and expenses incurred during a specific period of time.
BANK RECONCILIATION: A document that compares the cash balance on a company’s balance sheet to the corresponding amount on its bank statement. Reconciling the two accounts helps identify whether accounting changes are needed.
BILL OF EXCHANGE: A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed sum of money to another party on demand or at a predetermined date.
JOURNAL ENTRY: A business transaction in the accounting records of a business. It is usually recorded in the general ledger; alternatively, it may be recorded in a subsidiary ledger then summarized & rolled forward into the general ledger. in accounting 10+1
Provision & Reserve, Rectification of error , Trial Balance, Valuation of stock, Ledger (ledger posting), GST
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