Learn Tally.- What is Accounting, Importance of Accounting, Definition and Types.

Learn Tally.- What is Accounting, Importance of Accounting, Definition and Types.

  23:33    Abhi Dogra

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Learn Tally.- What is Accounting, Importance of Accounting, Definition and Types.

1. What is accounting?

2. What is the importance of accounting?

3. Accounting Definition?

4. Accounting Rules and Types

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Accounting: Accounting: It is a process to identify, record, summarize and report financial
 information, which provides financial details for manufacturers to help in decision-making.

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Advantages of Accounting: -

Placing the following accounting benefits -

1) By accounting we can understand that there is a gain or loss in a particular period of time.

2) We can understand the following financial position of business

A) How much wealth is in business.

B) How much debt is on the business.

C) How many cups in the business are.

3) Apart from this, keeping accounting can understand the reasons for the profit or loss of business.

With the above benefits, we can easily understand that the accounting business is common.

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Golden Rules of Accounts:

When making transactions, we have to solve the debit or credit side. It has the following rules:

1) Personal Accounts:-

Debit : The Receiver or Debtor

Credit : The Giver or Creditor

2) Real Accounts:

Debit : What comes in

Credit : What goes out

3) Nominal Accounts:

Debit : All Expenses & Losses

Credit : All Incomes & Gains

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Double Entry System of Bookkeeping

Each transaction affects the business in two ways. for example,

a) Bought in Goods Cash - Goods are coming into business in this transaction but at the same time 
cash is going out of business.

b) Save Datta traders on Goods Credit - In this transaction the business is going out of business and 
at the same time Datta Traders becomes the debtor of our business.

Anas - Double Entry System's Anasar - There are two aspects of recording all Business Transactions
in the account; Debit aspect (receiving) and Credit aspect (giving). CBitss Technologies provide best 
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