Assistant Statistical Officer Paper II · 4 Financial Accounting · APPSC Paper I

4.1 Accounting basics: concepts, conventions and the accounting process notes

2 notes, in reading order.

  1. 4.1.1Accounting: meaning, users, accounting concepts and conventions

    Accounting records, classifies and summarises money transactions of a business and reports the results to its users; a common set of concepts (assumptions) and conventions (customs) makes those reports reliable and comparable.

    Advanced · 10 min · Read here
  2. 4.1.2The accounting process: accounting equation, double entry, types of accounts and rules of debit and credit

    Every transaction has two equal sides (double entry), so Assets = Liabilities + Capital always holds; each side is a debit or a credit in some account, decided by the type of account and its rule.

    Advanced · 9 min · Read here

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