Accounts : Let’s start from Basic

This blog is for all those who wanted to learn  accounts with basic. Understanding basic accountancy is very much needed and it will help you to understand financial properly otherwise you will be lost and will search over Google here and there and every where

The most important thing in business without which business activities in relation to financial matters becomes clueless and have no goals, no ideas where they are going, where they started, where they are right now, what will happen.

In a Business a lot of transaction occurs and at each steps one needs to record them, monitor them, needs various reports from the past and current data so the future plan and financial goals can be achieved otherwise every efforts becomes meaningless

As Many of you already aware some basic rules of accounts yet i will go again with the same rules which are the life line, and root of entire accounts

When a financial transaction incurred, it has two effects
1. Money, goods, property changes hands
2. It may result in a profit or loss or neutral to the concerned party

The transaction when recorded, it always in the following way
1. One account is debited
2. The other account is credited

These are the thumb rules of accounts and a bit more thumb rules will be in my next post

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