Most common subject for every student is accounts as it has direct real life implication and day to day progression. Irrespective of the situation, business, individual or corporate houses accounting is one such subject which is uses by each and every one of us whether the student is from commerce, arts, science or any other field.
Accounting as a subject deals with recording transaction on day to day basis so that books of accounts can be prepared to ascertain the financial position of the company or an individual. It is very important for the students to understand the basic concepts of accounting to ensure they do not make any error while they prepare their books of accounts in the required format.
There are 3 major rules called as golden rules of accounting where 3 categories of accounts are being catered i.e. Real, Nominal and Capital. The 3 rules that runs the entire accounting concepts are Debit the receiver, credit the givers, debit what comes in, credit what goes out, all income and gain are credited and all expenses and losses are debited as per the 3 categories of accounts. Post categorization trail balance is prepared that checks the arithmetical accuracy of the books of account, post passing journal entry ledger account is prepared which is ultimately use to prepare the balance sheet to ascertain the financial position of the company. Income statement is prepared to check the income and loss of the head, cash flow is prepared to check the cash inflow and cash outflow for the account and finally ratios are prepared to check the financial health of the company.
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