00:00accounting is the art of recording classifying summarizing the transition and the events which
00:10are in part at least of a financial character accounting is the process of recording classifying
00:17summarizing analysis and interpreting the financial transition it is the language of
00:26business it communicates the result of business operation to various parties interest in it
00:36classification of accounting accounting mainly classified into three types personal account
00:40real account and nominal account personal account related to any person or farm or act like as a
00:53person is called personal account real account of a fixed asset and current asset and any property of
01:03business nominal account related to a expenses and incomes personal account debit the receiver credit
01:14the dealer receives the debit the credit personal account real account what goes what comes in what
01:28comes in is in is debit what goes out in credit debit what comes in credit what goes out
01:37nominal account all the expenses and losses are debit all gain or profit or credit
01:48debit all expenses and losses credit all income and gains all the losses and expenses are debit and all
02:03that profit and gain or credit nominal account branches of accounting financial accounting cost accounting and
02:15management accounting financial accounting to known profit and loss cost accounting it is so the cost of
02:24production production production management accounting it is a way which business can develop
02:28branches of accounting financial accounting cost accounting and management accounting
02:39capital account capital is the amount which is invested by the profit proprietor
03:09or owner or owner starting a business capital asset plus liability capital is equal to asset
03:19plus liability capital is the money is invested in the business by the owner asset asset is a visual on
03:31organization organization get
03:33benefit or one other word we can say that by selling the asset we can get money by return
03:59example car furniture goodwill
04:05asset asset thing or of value one by the business in other words we can say it gives economic benefit economic benefits to the business the valuable thing or proprietor owner by the business
04:27owner by the business are called asset asset asset are classified two types
04:33fixed asset current asset fixed asset fixed asset fixed asset asset are those asset for which business organization get the benefit for a long period
04:45land building
04:47land building goodwill name farm machinery it is a
04:51farm machinery it is a
04:53these are those asset for which a business organization get benefit for a long period
04:55land building plant and machinery furniture it is a
04:59land building plant and machinery furniture it is a
05:01current asset current asset current asset are those asset for which business organization get the benefit for a short period cash stationery law laws spare and flats asset is well to capital flows liability
05:15current asset asset
05:31current asset are those asset for which a business organization get benefit for a small period cash stock furniture
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