Online Business Accounting

basic concepts in accounting?

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1. Write before giving. Credit all incomes, debit all expenses. Always earn. Selling price should be more than CP Always try to increase G.T.O. Pay all taxes.
2. basic concepts in accounting are as follows; 1. going concern concept - it means business shall continue for an indefinite period 2. accrual concept- transaction is recorded at time when it has taken place and not when settlement of cash takes place 3. business entity concept- it means business are separate from its owners 4. money measurement concept - money has a common denominator for all transactions. 5. accounting entity concept- life of an enterprise is divided into time intervals.
3. There are six basics to understand: Debit (Dr.) what comes in, Credit (Cr.) what goes out. Dr. the receiver, Cr. the giver. Dr. all losses, Cr. all gains.