ACCOUNTS BY SONIA SETIA

 IF YOU WANT TO UNDERSTAND ALL THE CONCEPTS OF ACCOUNTING FROM BASICS TO ADVANCED. YOU CAN WATCH ALL MY VIDEOS ON MY YOUTUBE CHANNEL. "ACCOUNTING BY SONIA SETIA"

 “Accounting is the art of recording, classifying, and summarizing in a significant manner in terms of money; transactions, and events, which are, in part at least, of a financial character, and interpreting the results thereof.” • -The American Institute of Certified Public Accountants Accounting records only those transactions and events that can be measured in terms of money. This involves identifying transactions that are part of economic activity. examples: Purchase of Raw Materials sale of finished goods payment of expenses purchase of land & building purchase of machinery These transactions are identified with the help of Bills and receipts as evidence of the transactions.  1. Identification of Financial Transactions and Events Accounting Measures the transactions and events in terms of a common measurement unit i.e., the currency of a country, in other words, financial transactions, and events are measured in terms of money. examples: rent paid Rs.500...