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  • Lesson 1: Basics of Accounting

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    This lesson introduces the basics of accounting, including understanding the principles and concepts of accounting, the double entry system of accounting, and how financial statements are used. Accounting involves identifying, recording, summarizing, and reporting economic information to decision makers like suppliers, customers, employees, banks, owners, and others. There are three main types of accounts used in accounting: real accounts, personal accounts, and nominal accounts.

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    This lesson introduces the basics of accounting, including understanding the principles and concepts of accounting, the double entry system of accounting, and how financial statements are used. Accounting involves identifying, recording, summarizing, and reporting economic information to decision makers like suppliers, customers, employees, banks, owners, and others. There are three main types of accounts used in accounting: real accounts, personal accounts, and nominal accounts.

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    © All Rights Reserved
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    5 views1 page

    Lesson 1: Basics of Accounting

    Uploaded by

    isaac
    This lesson introduces the basics of accounting, including understanding the principles and concepts of accounting, the double entry system of accounting, and how financial statements are used. Accounting involves identifying, recording, summarizing, and reporting economic information to decision makers like suppliers, customers, employees, banks, owners, and others. There are three main types of accounts used in accounting: real accounts, personal accounts, and nominal accounts.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Lesson 1: Basics of Accounting

    Lesson Objectives
    On completion of this lesson, you will be able to understand

    Principles and concepts of Accounting


    Double Entry System of Accounting
    Financial Statements

    1.1 Introduction
    Accounting is a process of identifying, recording, summarising and reporting economic informa-
    tion to decision makers in the form of financial statements. Financial statements will be useful to
    the following parties:
    Suppliers
    Customers
    Employees
    Banks
    Suppliers of equipments, buildings and other assets
    Lenders
    Owners

    1.1.1 Types of Accounts


    There are basically three types of Accounts maintained for transactions :
    Real Accounts
    Personal Accounts
    Nominal Accounts

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