Accounts~14 min read
Accounting principles & books
Concepts, journal to trial balance, final accounts, ratios.
- Equation: Assets = Liabilities + Capital. Dual aspect is the bedrock of double-entry.
- Concepts: business entity, going concern, money measurement, cost, conservatism, consistency, matching, accrual, materiality, full disclosure.
- Journal → Ledger → Trial Balance → Adjustments → Trading A/c → P&L → Balance Sheet.
- Golden rules: personal (debit the receiver), real (debit what comes in), nominal (debit expenses and losses).
- Errors: omission, commission, principle, compensating. Suspense account when trial balance disagrees.
- Depreciation: straight line vs WDV. AS-10/Ind AS-16 PPE.
- Ratios: current (CA/CL), quick (liquid/CL), debt-equity, GP ratio, NP ratio, stock turnover, ROCE.
- Cash flow (AS-3 / Ind AS-7): operating, investing, financing. Indirect method starts from profit.
- Not-for-profit: receipts & payments (cash), income & expenditure (accrual), balance sheet with capital fund.
Video Lectures & Q&A Discussions
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Theory Masterclass· CivilsTap - Govt. Exams Prep
UPSC EPFO AO/EO & APFC | General Accounting Principles | Cost Accounting | Part-2 | By Anurag Sir
Focus: Full conceptual lecture and statutory breakdown.
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Q&A / MCQ Practice· EduTap - Regulatory Bodies Examinations
UPSC EPFO 2020 | General Accounting Principles | MCQs | Lecture Number 1
Focus: Top MCQs & PYQ problem-solving discussion.
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