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Rupesh Roshan Singh, Lovely Professional University Unit 1: Introduction to Accounting

Unit 1: Introduction to Accounting Notes

CONTENTS
Objectives
Introduction

1.1 Meaning and Definition of Accounting
1.1.1 Characteristics of Accounting
1.1.2 Objectives of Accounting

1.1.3 Need of Financial Accounting
1.1.4 Scope of Accounting
1.1.5 Users of Accounting Information
1.1.6 Importance and Advantages of Accounting
1.1.7 Limitation of Accounting

1.2 Process of Accounting
1.2.1 Cash System
1.2.2 Accrual System

1.2.3 Values
1.3 Book-keeping
1.3.1 Definition
1.3.2 Importance of Book-keeping
1.3.3 Difference between Book-keeping and Accounting

1.4 Methods of Accounting
1.4.1 Single Entry
1.4.2 Double Entry

1.5 Types of Accounts
1.5.1 Personal Accounts
1.5.2 Real Accounts
1.5.3 Nominal Accounts
1.6 Accounting Terminology

1.7 Accounting Cycle
1.7.1 Distinction between Book-keeping and Accounting
1.8 Summary

1.9 Keywords
1.10 Review Questions
1.11 Further Readings

LOVELY PROFESSIONAL UNIVERSITY 1