REVISION EXERCISE 1
LEARNING OUTCOMES: REVISION OF THE BASIC TERMINOLOGY USED IN ACCOUNTING. INTRODUCTION (CLICK BELOW FOR THE AUDIO) INTRODUCTION Hello Boys, With four chapters completed in a row and two class assessment tests taken, we stop here ,for a while ,to take a deep breath. Accountancy is a practical subject. To start with the language of accounting, we need to understand, few accounting terminologies and the accounting principles clearly. So, let's revise the major accounting terms and accounting principles. I have taken vital accounting terms, explaining once again using examples. *Point to be Noted* All accounting terminologies have to be understood from the point of view of the business. Let's recall BUSINESS ENTITY PRINCIPLE: The owner of a business is always considered as distinct and separate from the business he owns. BUSINESS unit should have a completely separate set of books and we have to ...