1. What does Accounting mean by?

The process or work of keeping financial accounts.

a. Classification of Accounting
Book Keeping/Recording
Summarizing the data
Analyzing
Interpreting

Different types of Software Used

J.D.E. JD Edwards
Tally ERP
Sage ERP
XPL.XOM

Types of Vouchers

1) Sales Invoice
2) Receipt Voucher
3) Purchase Invoice
4) Payment Voucher

A/C Receivables

A/C Payables

5) Journal Voucher
Month closing adjustments

2) What are the documents required for all types of vouchers

1. Sale :
2. Purchase :
o Firstly, request for quotation
o Quotation Accepted
o Receiving DO
o Receivng Invoice
o Issuing GRN
o Filing Vouchers and ready for payment
o Receipt: invoice Reference, BANK Depoist Slip
3. Payment
All documents needed as in purchase vouchers . We need to verify before
processing payment.
4. Journal: All supporting to calculate the reconciliation papers .Covering task, monthly
closing, adjustment, Reclassification.

Golden Rules of Accounting

There are three types of accounts.

1.Personal account
2.Real account
3.Nominal account
1.Personal account:Debit - The Receiver
Credit - The Giver
2.Real account:Debit - What comes in
Credit - What goes out
3.Nominal account:Debit - All expenses and losses
Credit - All incomes and gains
Q1. What are Assets?
Things that are resources owned by a company and which have future economic value that
can be measured and can be expressed in dollars. Examples include cash, investments,
accounts receivable, inventory, supplies, land, buildings, equipment, and vehicles.
Q2. What are Current Assets?
In accounting, a current asset is any asset reasonably expected to be sold, consumed, or
exhausted through the normal operations of a business within the current fiscal year or
operating cycle (whichever period is longer).

Q3. What are Current Liability?

A current liability is an item on an entity's balance sheet that is payable within one year. In
those rare cases where the operating cycle of a business is longer than one year, a current
liability is defined as being payable within the term of the operating cycle. The operating
cycle is the time period required for a business to acquire inventory, sell it, and convert the
sale into cash. In most cases, the one-year rule will apply