Principles of accounting 1 lecture notes pdf
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Accounting is often called the “language of business.” Assets, liabilities and owner's equity are the basic elements of the accounting equation. The excess of assets over liabilities is owner's equity. Thus, assets are equal to liabilities plus owner's equity at all times. Select Year @endphp. Accounting for a Merchandising Company. Subsidiary Ledgers and Special Journals. Internal Control. Accounting is the process of organizing, analyzing, and communicating financial information that is used for ision-making. Cash Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting; Identify Users of Accounting Information and How They Apply Information; Describe Typical Accounting Activities and the Role Accountants Play in Identifying, Recording, and Reporting Financial Activities Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting. Generally Accepted Accounting Principles. Wollo University's Ethio-Open CourseWare (EOPCW) is a Explain the Importance of Accounting and Distinguish between Financial and Managerial Accounting Identify Users of Accounting Information and How They ChapterPrinciples of Accounting Reviewing the Common Financial StatementsTable A Sales Journal Joe $1, Bob Frank 1, Abdul 2, Yoshio 2, Principles of Accounting VolumeFinancial Accounting Mitchell Franklin,Patty Graybeal,Dixon Cooper, The text and images in this book are in grayscale. Principles of Accounting I Lecture Note. Completion of the Accounting Cycle. Thus, assets are equal to liabilities SECTIONA: FUNDAMENTALS OF FINANCIAL ACCOUNTING Study NoteAccounting Basics Accounting Principles, Concepts and ConventionsCapital and Revenue transactionscapital and revenue expenditures, capital andrevenue receipts Double entry system, Books of prime entry, Subsidiary Books, Cash Book, Journal Financial Reporting Objectives. Any business transaction has to afect at least one of these elements Adjustments and Financial Statements. Analyzing and Recording Transactions. The excess of assets over liabilities is owner's equity. Principles of Accounting I. Lecture Note. A Assets, liabilities and owner's equity are the basic elements of the accounting equation.