Basic concept of accounting

Accounting: It is an art of recording, classifying and summarizing in significant manner and in terms of money, transactions and events which are of financial character and interpreting the results thereof.

Business transaction: A business transaction is “The movement of money and money’s worth form one person to another”. Or exchange of values between two parties is also known as “Business Transaction”.

Purchase: A purchase means goods purchased by a businessman from suppliers.

Sales:Sales is goods sold by a businessman to his customers.

Purchase Return or Rejection in or Outward Invoice:Purchase return means the return of the full or a part of goods purchased by the businessman to his suppliers.

Sales Return or Rejection out or Inward Invoice:Sales return means the return of the full or a part of the goods sold by the customer to the businessman.

Assets: Assets are the things and properties possessed by a businessman not for resale but for the use in the business.

  • Company Creation
  • Configuration
  • Inventory
  • Bill Of Materials
  • Purchase & Sale
  • Basic Concepts of GST
  • Reports
  • Security