Complete Notes for 1st Year

Accounting Complete Lectures for 1st Year

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First of i want to tell you about the chapters

there are six chapters are in 1st year

Chapter No.1:                                  Journal, ledger and Trail Balance

Chapter No.2                                   Bill of Exchange

Chapter No3.                                   Cash Book and B.R.S

Chapter No 4.                                  Final Account

Chapter No.5                                  Capital and Revenue

Chapter No.6                                  Rectification of Error

Chapter No.1

Journal, Ledger and Trial balance                   

Question No.1: What is accounting?

Accounting is act of

o   Recording

o   Classifying

o   Interpreting the monetary transactions

Question No.2: What is bookkeeping?

Book keeping is the act of  Recording monetary transactions in the books of account

Question No.3: Define business?

Any legal activity undertaken for the purpose of earning profit is called business like General Store, Book shop.

Question No.4 Define proprietor 

The owner of business who actually invest money in business. Mr. ASAD started a business so Mr. ASAD is Proprietor of the business.

Question No.5: Define capital?

Investment by the owner of business or the amount with which a owner start a business is called capital. Mr. ASAD started a business with Rs.100000 is his capital

Question No.5: What is drawing?

The cash or goods taken away by the proprietor from the business is called drawings. Mr. ASAD drawn Rs.20000 for his own use is called drawings of Mr. ASAD

Question no 6:What is transaction?

Any dealing between two persons or things is called transaction e.gMr. ASAD sales goods to Mr. Ishaq at certain price is called transaction between Mr.ASAD and Mr. Ishaq

Question No.7: Define double entry system? 

A system in which we consider two folded aspects of transaction. For any transaction if there is debit then there must be credit.

 Question No.8: What is trade discount?

It is a rebate or allowance form the scheduled price granted by the Manufacturer to wholesaler or from wholesaler to retailer

Question No.9: What is cash discount? 

It is reduction of price of goods offered by manufacturer to whole seller or whole seller to retailer to pay the amount within period a specified period