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Fundamental of accounting

Pritha C.
15/11/2024 0 0

Accountancy is a process of recording, classifying, Summarising, analysing and reporting of the financial transactions, which are measured in monetary terms.

Asset= liability+Equity 

Asset: what any entity owns

Liability: what any entity owes.

Equity:  The capital that any entity gets.

Assets are of two types:

Fixed assets, current assets.

Fixed assets are of 2 types.

Tangible and intangible.

Tangible are those which we can touch, feel and etc.

Example: Land, furniture etc.

Intangible assets are those which cannot be touched, feel but has a significant market.

Example: Copyright, patent, goodwill and etc.

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