Introduction To Accounting | Class 11 | PUC 1 | Commerce| P1

Introduction To Accounting
Meaning and Featires od accounting
Basic terms in accounting
-Fundamentals of Accounting
-Objectives of Accounting
- Assets, liabilities
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[SrinivasR-exts]

Sir am preparing for Chartered accountant, I think these are useful, please continue till last please

[natpuzone]

*Summary of the video*

The video is about the meaning and features of accounting.

The speaker says that accounting is a process of identifying, measuring, recording, classifying, summarizing, analyzing and interpreting business transactions and communicating the results to the end users. Accounting is a continuous process that needs to be maintained from the start of a business until it closes.

The seven steps or features of accounting are:

Identifying: This means determining the business transactions to record in the books of accounts. Business transactions are exchanges of goods or services with money.
Measuring: This means putting a monetary value on the business transactions.
Recording: This means recording the business transactions in the journal book, which is the original book of accounting.
Classifying: This means separating the business transactions into different categories, such as purchases, sales, returns, and receipts. This is done in subsidiary books.
Summarizing: This means preparing financial statements, such as the trading account, profit and loss account, and balance sheet, from the information in the subsidiary books.
Analyzing and Interpreting: This means analyzing the financial statements to understand the financial performance of the business and interpreting the results to make judgments about the business.
Communicating: This means communicating the accounting information to the end users, such as investors, creditors, managers, and the government.
The speaker mentions that understanding these seven steps is important for understanding accounting.

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Introduction To Accounting | Class 11 | PUC 1 | Commerce| P1
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[SrinivasR-exts]

Mam your Chanel is useful, please made accounts classes please 🙏🙏🙏🙏🙏
Because u only think in the view of CA

[CrazyStars]

Hi maam😢, please atleast start making chemistry REVISION videos for class 12...our exams are next month