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Introduction to Basic Accounting

Let's start with a basic introduction to Tally

The systematic and comprehensive recording of financial transactions pertaining to a business is kindly referred as accounting. Accounting also refers to the process of summarizing, analyzing and reporting these transactions.

What is Accounting?



Accounting Cycle?

Accounting is systematic and continuous process of identifying, recording classifying summarizing interpreting or analyzing and communication of financial information to users of accounts.

Accounting cycle

Transaction ------------ Money related identified


Journal entry----------- Books of record


Ledger ----------- Classify


Trial balance --------- Summary of income and expense


Trading and profit/and loss A/C ------- interpretation and analysing


.

Grass production ----------------- net profit


Balance sheet ------------------ Communiction


Type of Accounting

There are three type of Accouting


1.personal account


2.Real Accounting


3.nominal Account