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Accounting provides financial information about an organization by recording, classifying, and summarizing transactions and events. It involves following set rules and regulations to maintain an information system using source documents like invoices. Transactions are recorded in journals as debits and credits according to double-entry bookkeeping. Journal entries are then transferred to ledger accounts, and a trial balance is prepared to verify totals of debits equal credits. Financial statements are the official reports of a company.

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2K views1 page

Assignment - 1

Accounting provides financial information about an organization by recording, classifying, and summarizing transactions and events. It involves following set rules and regulations to maintain an information system using source documents like invoices. Transactions are recorded in journals as debits and credits according to double-entry bookkeeping. Journal entries are then transferred to ledger accounts, and a trial balance is prepared to verify totals of debits equal credits. Financial statements are the official reports of a company.

Uploaded by

harikrishna_rs
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© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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PRINCIPLES OF ACCOUNTING 1

DIPLOMA 1 - Section 8

ASSIGNMEN 1
: NAME OF THE STUDENT

1. Accounting is a link between ____________________________ and


________________________.
2. Accounting is a language that provides information about the ________________________ of
an organization.
3. The person in charge of accounting is known as ___________________________.
4. This individual required to follow a set of rules and regulations of
___________________________________________________________________.
5. Accounting is an __________________ system.
6. Accounting is define as the process of _________________,___________________,
__________________ and ______________________ economic information to decision makers.
7. ____________________ are the source of accounting information.
8. The prime documents are _________________________________________________________
9. Transactions are the ______________________________ of accounting reports.
10. Analyze the transaction means determine which accounting categories _______________ are
affected and in which ____________________.
11. The main four categories/accounts are
______________________________________________________________________________
12. The transaction is recorded in the ______________ as debit and credit using double entry book
keeping system.
13. The journal entries are then transferred to the appropriate T-account in the _______________.
14. A trial balance is calculated to verify the sum of the ______________ is equal to the sum of
______________.
15. A new trial balance is calculated after making the ________________________>
16. ____________________________ are the official documents of a company.

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