57518391 Financial Accounting 1

8/3/2019 57518391 Financial Accounting 1

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Introduction to Financial Accounting

Prof. Rahul K Kavishwar

FacultyKLES IMSR, Hubli


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Scheme of my presentation

Introduction of Accounting. Accounting as a Information

Meaning of Accounting.

Classification of Accounting. Meaning of Financial Accounting.

Distinction between Bookkeeping and

Accounting

Accounting as a information system.


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Accounting is as old as money itself. Chankaya in hisArthshastra had emphasized the

existence and need of proper accounting and

auditing in the society. The role of accounting has been changing with

the economic and social developments.

Historical description of financial accounting.Modern description of financial accounting - GAAP

SAP, Tally, Profit and in-house accounting

software's.

Introduction to Accounting


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Accounting as an Information System


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Operating activities create revenues,

expenses, gains, and losses.

Investing activities increase

and decrease long-term assets.

Financing activities obtain cash

from investors and creditors.

Business Activities


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Activities associated with obtaining adequatefunds to begin and continue operations

Issuing stock

Paying dividends to stockholdersObtaining loans from creditors

Repaying amounts to creditors, plus interest

Payments of dividends and interest are

associated with financing activities, even though

they involve cash outflows, because they are

necessary to obtain funding.

Financing Activities


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Activities associated with spending funds tobegin and continue operations

Buying resources such as land, buildings,

and equipment needed in the operationof the business.

Selling these resources when no longer needed

Selling land, buildings, and equipment isassociated with investing activities, even though

it results in a cash inflow, because it involves

resources used to begin and continue operations

Investing Activities


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Involve activities associated with thecourse ofrunning a business

Selling goods and services

Employing managers and workersBuying goods and services

Paying taxes

Operating Activities


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Accounting is the art of recording, classifyingand summarizing in a significant manner and interms of money, transactions and event which arein part at least of a financial character and

interpreting the results thereof.According to American Institute of Certified

Public Accountants (AICPA)

Transactions which are measurable in monetaryterms.Rupees.

Financial characterRs. 10,000.

Interpretation of financial dataRatio Analysis

Meaning Accounting


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The word Accounting can be classified into 3main categories.

Classification Accounting


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Government Accounting:Specifically addresses issues of measurement and

valuation in the context of Government enterprises.

For Example:

Electricity. Water supply

P & T and etc.

Enterprise Accounting

Specifically addresses issues of measurement andvaluation in the context of business enterprises.

Has evolved into three disciplines.

Classification Accounting .


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Social Accounting:Relates to social activities of the society.

How much money spend on the social activities or

society.For Example:

Construction of Hospital in village

Social cost benefit analysis.

Classification Accounting .


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Cost Costing

Cost Accounting

Cost Accountancy

Cost Accounting


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Cost is the amount of expenditure incurred. It is price paid for something.

Cost is an expenditure incurred on production of

goods and services.For Example:

Rs. 135 is cost of Khan & Jain Book.

Rs. 45,000 is a cost of Hero Honda

Cost


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Costing refers to cost ascertainmentCost finding

Cost calculation of a product or services

It does not includes accounting part.

It is a technique and process of ascertaining costs

of a product.

For Example:Rs. 45,000 is a cost of Hero Honda. How?????

Costing


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Cost accounting is the process of accounting forcost from point at which expenditure is incurred

or committed to the establishment of its ultimate

relationship with cost centers and cost units.It is accounting for the cost.

And beings with the recording of all income and

expenditure, and ends with the presentation ofstatistical data.

Cost Accounting


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Application of costing and cost accountingprinciples, methods and techniques.

It also includes cost control and ascertainment of

profitability.

Costing Cost Accounting

Cost Accountancy

Cost Accountancy


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Book Keeping

Book keeping is a part of accounting. It concerned with record-keeping or maintenance of

books of accounting which is often routine and clerical

in nature.

It covers

Identifying the transactions and events

Measuring the identified transactions and events

Recording the identified and measured transactions and eventsin proper books of accounts

Classifying the recorded business transactions and post them

in to ledger.


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Accounting

Accounting referees to the actual process ofpreparing and presenting the accounts of an

enterprises.

Summarizing

Analyzing and interpreting and summarized results.

Communicating the results to interested parties.


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Accountancy

It is a systematic knowledge of accounting. It explains the method of preparing the books of

accounts, and summarizing and communicating

accounting information. GAAP

Bookkeeping Accounting

Accountancy


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Distinction Between Book Keeping & Accounting

Basis of

Distinction

Book Keeping Accounting

Scope Bookkeeping involves the

following functions:

Identifying the

transactions Measuring the identified

transactions

Recording the measured

transactions Classifying the recorded

transactions

Accounting, in addition to

bookkeeping, involves the

following functions:

Summarizing the

classified transactions

Analyzing the

summarized results

Interpreting the analyzed

results Communicating the

interpreted information to

the interested parties.


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Stage Bookkeeping is a

primary stage.

Accounting is the secondary stage.

It starts where bookkeeping ends.

Basic The basic objective

of bookkeeping is to

maintain systematic

records of financial

transactions.

The basic objectives of accounting

are as follows:

To ascertain the net results of

operations and financial position

To communicate information to

the interested parties.

Whoperfor

ms

Junior staffperforms

bookkeeping

work.

Senior staff performsaccounting work.


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Knowledge

level

A bookkeeper is not

required to have a higher

level of knowledge than that

of an accountant.

An accountant is

required to have a

higher level of

knowledge than that ofa bookkeeper.

Analytical

skills

A bookkeeper may or may

not possess analytical skills.

An accountant should

possess analytical

skills.Nature of job The job of a bookkeeper is

often routine and clerical in

nature.

The job of an

accountant is

analytical in nature.

Designing of

accounting

system

Bookkeeping does not cover

designing of accounts

system.

Accounting covers

designing of

accounting system.


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Supervision and

checking

A bookkeeper does

not supervise and

check the work of an

accountant.

An accountant

supervises and checks

the work of a

bookkeeper.


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It is defined as the science and art of recordingand classifying business transaction andpreparing summaries of the same fordetermining year end profit or loss and the

financial position of the concern.Profitability

Provide information about the financial positionof the concern.

Principal statement of financial accounting

Income and expenditure statement

Balance sheet.

Meaning Financial Accounting


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Who Needs Accounting Information?

Internal Users External Users

Management Accounting

Information about past

performance and what canbe expected in the future

Financial Accounting

Financial statements

report on profitability andliquidity to evaluate the

success of a business

Employees

Managers

Stockholders

Creditors

Government regulators


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Who Uses Accounting Information?

Those With

Direct Financial

Interests

Management Those WithIndirect Financial

Interests Finance

Investment

Operations &

Production

Marketing

Human

Relations

Accounting

Tax Authorities

Regulators Labor Unions

Customers

Economic

Planners

Investors

Creditors

Banks


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Users with Direct Financial Interests

Investors

Require financial information

to analyze the past success

and potential earnings of a

business

Creditors

Require financial datato assess whether acompany will have the

cash to repay debtbefore making a loan.


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Users with Indirect Financial Interests

Labor Unions, Consumer Groups, Customers,and Other Groupsthe financial performanceand prospects of businesses affect the economy,

environment, and public policy.

Regulatory Agenciespublicly traded companies mustreport periodically to the SEC

Tax Authoritiesrequire special tax returnsand recordkeeping


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Components of Accounting

AccountingRecord Transactions:Bookkeeping

System

Design

Analyze & InterpretInformation

CommunicateInformation

Processing can be

done:

Manually, By computer, or

Using a

management

information system


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It refers to the rules of action or conduct to beapplied in accounting.

Those rules of conduct or procedure which

are adopted by the accountants universally,while recording the accounting transactions.

Accounting principles can be classified into

two categories1. Accounting concepts

2. Accounting conventions.

Accounting Principles


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Accounting Concepts

Entity concept

Dual Aspect concept

Accounting period

concept Going concern concept

Cost concept

Money measurementconcept

Matching concept

Accounting Conventions Convention of disclosure

Convention of

conservatism

Convention of

consistency

Convention of

materiality.

Accounting Principles


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Accounting concepts meansNecessary assumptions

Ideas

postulates Which are used to accounting practice and

preparation of financial statements

Accounting Concepts


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The entity is separate and distinct from the owners andthe entity is liable to the owner.

Hence, in a limited liability company, the enterprise is

liable to the owner (shareholder) based on the

proportion of the capital investment (share capital) madeby the latter.

A business is considered distinct from its creditors and

customers as well as its owners. For Example:

Entity Concepts


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Concept of Separate Entity in the business

A business is considered distinct from itscreditors and customers as well as its owners.

Business

reports &

accounts

Personalreports &

accounts


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Forms of Business

Sole Proprietorship Partnership CorporationOne owner

Owner takes all

profits and losses

Owner is liable for

all business

obligations

Two or more

owners

Partners share in

profits and losses

One partner can

obligate the

business to another

party

Must be dissolved

if ownership

changes

Business unit

chartered by the

state with articles

of incorporation;

legally separate

from owners

(stockholders)

Stockholders enjoy

limited liability Life of corporation

is unlimited


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According to this concept, every businesstransaction involves two aspects, namely for

every receiving of benefit and there is a

corresponding giving of benefits. Every debit there is an equal and corresponding

credit.

Capital + Liabilities = Assetsor

Assets = Equities (Capital)

Dual Aspect concept


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Accounting Equation

Assets are the economic resources

of a business that are expected to

produce a benefit in the future.Liabilitiesare outsider claims,

or economic obligations

payable to outsiders.Owners equity represents the

insider claims of a business.


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Building the Accounting Equation

Economic Resources = Creditors Equities

+ Stockholders Equity

In accounting

terms

Assets = Liabilities + Stockholders Equity

The two sides of the equation must always be in balance.


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Accounting Equation.


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Assets

Economicresources expected

to benefit the

companys future

operations

Patents, trademarks, copyrights (nonphysical)

Inventory, land,equipment,

buildings (physical

items)

Cash, accounts receivable (monetary items)


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Liabilities

Obligations to pay cash, transfer assets, or

provide services to other entities in the future

May take the form of

accounts payable,

taxes payable, loans,

or wages owed to

employees

Liabilities are claims

recognized by law


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Stockholders Equity

Claims of the owners of a corporation to

the assets of the business

Stockholders Equity

Contributed Capital Retained Earnings (RE)

Amount that

stockholders invest in

the business

Generated by business

operations and kept for use

in the business

Par value

Addl paid-in capital

Revenuesincrease RE

Expenses anddividendsdecrease

RE

Share Capital


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In all Accounting Equation.

Assets

OwnersEquity

Liabilities

Assets = Liabilities + OwnersEquity


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Expansion of the Accounting Equation.

Assets

Owners

Equity

Liabilities

+Equity shares

+

Retained Earnings

Dividends

+Revenues

Expenses


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Assigns revenue and expenses to a specific time

period.

Time periods are of equal length.

Financial statements may be prepared for anytime period.

The 12-month accounting period is called a fiscal

year (does not have to correspond with the

calendar year).

Monthly or quarterly periods are called interim

periods.

Accounting Period Concept


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Suitable accounting period In India accounting period starts on

1st April 2005 to 31st march 2006

In USA accounting period start on1st Jan 2005 to 31st December 2005

All the statements are prepared at the end of the

accounting period.

Accounting Period Concept


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Continue of Activity concept. Business concern will continue for a long period

to exist.

Entities have a life of infinite duration, unlessfacts are known that indicate otherwise.

The basis of valuation of resources is influenced

more by their future utility to the business entitythan by their current market valuation.

Organisation accountant feel that.

Going concern Concept


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Unless there is evidence to the contrary, theaccountant assumes that the business will

continue to operate indefinitely.

Going concern Concept

Balance Sheet

The cost of

certain assets

may be held

until a future

year

Income

Statement

when it will

become an

expense.

Rs.


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It implies that assets acquired are recorded in theaccounting books at the cost or price paid to

acquire it.

For Example:

Plant & Machinery @ Rs. 2 crores

So Accountant has to enter Rs. 2 crores in the books

of accounts.

Cost Concept


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Accounting transactions are measured, expressed andrecorded in terms of money.

Only money terms are used.

Concept excludes those transactions or events which

cannot be expressed in terms of money

For Example:

Skill of the supervisor, product policies, employer-

employee relationship.

Money measurement Concept


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Business concern is to ascertain the profit periodically.

Expenses must be assigned to the accounting period inwhich they are used to produce revenue.

To measure the profit for a particular period it is

essential to match accurately the cost associated with therevenue.

Matching Concept

Recognize expenses and related

revenues in same period.

Allocate costs in a systematic way to

accounting periods that benefit from the

costs.

If cause and effect

relationship exists

If no cause and effect

relationship exists

A ti d th M t hi R l


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Assumptions and the Matching Rule


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Are the traditions, usage and customs which arein the use in preparation of accounting.

Methods

Methods of depreciation

Valuation of inventories

Treatment of retirement benefits

Conversion of foreign currency items

PracticesGuidelines for preparation of accounting statements

GAAP

Accounting Conventions


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All the accounting statements should be honestlyprepared and all the facts and figures must be

disclosed.

For Example: Global Trust Bank

Now Merged with Oriental Bank of Commerce

Disclosure of all the information is one of the

important accounting conventions.

Convention of Disclosure


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Policy of playing safe or cautious approach. Company can make provision for possible loss, it

should be taken into account.

For Example:Reserves and surplus or Retained earnings

For distribution of dividends or interest payment

Bad debts provisions

Inventory valuationcost price or market price

whichever is lower.

Convention of Conservatism

C i f C i


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Accounting policies and methods should remainunchanged for preparation of financial statements

from one period to another period.

For Example:

Straight line method of depreciation to Reducing

Balance of Depreciation.

Meaningful comparison in the performance of

different periods.

Current year profit and last year profit

Current year growth and last year growth

Convention of Consistency

C i f M i li


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Only those events should be recorded which havea significant bearing and insignificant thingsshould be ignored while preparing the profit andloss account and balance sheet.

For Example:Leakage of oil in the oil factory

Loss of raw material due to bad handling

Wastage of raw material due to bad handling Usually accountant will take the decision in this

regards. He/she should follow some steps in thisregard.for example

Convention of Materiality

M i B i T ti


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Measuring Business Transactions

Economic Event

Affects the financial position of an entity

When to

record?

Recognition Valuation

What value

to record?

Classification

How to

categorize?

S t f A ti


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There are two systems of accounting

1) Single entry system

All transactions relating to a personal aspect are

recorded in the books of account.

It is incomplete and inaccurate system of

accounting.

2) Double entry system

Every transactions has two aspects and accordingto this system, both the aspects are recorded in the

books of account.

System of Accounting

D bl E t A ti


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Double-Entry Accounting

Double-entry bookkeeping means to record

the dual effects of each business transaction.

S stem of Acco nting for recording


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1) Cash system of accounting

2) Mercantile or Accrual system of

Accounting

3) Mixed system of Accounting

System of Accounting for recording

Cash system of accounting


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Only actual cash receipts and cash payments are

recorded.

No credit transactions is made

Receipts and Payment account is prepared

For Example:

Government Organizations

Pan shops

Kirana shops and etc

Cash system of accounting

Mercantile system of accounting


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All the business transactions are recorded in the

books of accounts for a particular period

inclusive of cash receipts and cash payments or

any amount having become due for payment or

receipt. Cash and credit transaction are recorded.

For Example:

Big Business organisation or corporates.

Pan shops

Kirana shops and etc

Mercantile system of accounting

Mixed system of accounting


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It is a combination of Cash system and

Mercantile system.

All the cash payments and receipts are recorded

All the credit and cash transaction are recorded

in the books.

For Example:

Whole sale shops

Big Business organisation or corporates.

Retail shops and etc

Mixed system of accounting

M i l t f ti


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Main element of accounting

Income Expenses

Assets Liabilities

1) Personal account

2) Real account

3) Nominal account

T f A t


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Types of Accounts

Types Accounts

Personal Account Impersonal Account

Natural persons A/c Artificial Persons A/c RepresentativePersonal A/c

Nominal AccountsReal Account

Tangible Real Account Intangible Real Account

T f A t


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Personal accountThis account relates to a person or a group of personsor a firm in which the business concern either

receives something from the individual or institutions

or pay something to the individual or institutions.Personal accounts involve future relationship.

Personal accounts appears in the Balance sheet of the

concern.Rule for recording Personal Account are

Types of Accounts.

P l A t


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Debit the receiver

&

Credit the giver

Personal Accounts

P l A t


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The personal account further divided into 3types.

Natural Persons Account:

Recording transactions of business deals with

individual person.

For Example:

Ram Account, Krishna Account, Sita account and

Radha Account

Personal Accounts.

P l A t


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Artificial Persons or legal bodies:

An artificial person or legal bodies created by law.

Transaction related to business entity

For Example:

Reliance Industries Ltd Account

ABC company ltd account

Societys account

Personal Accounts.

P l A t


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Representative Personal Account:

An account, indirectly representing a person or

persons.

Records all the transaction related to outstanding

expense, prepaid expenses and accrued expenses.

For Example:

Salaries outstanding

Wages outstandingRent outstanding

Prepaid Insurance and etc

Personal Accounts.

Real Accounts


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Transactions which are connected with Assets is

known as Real Accounts.

The real account may be tangible or intangible

Tangible: Assets which can be touched, felt and

measured.

For Example:

Land and Building

Goods

Furniture

Plant and Machinery

Real Accounts

Real Accounts


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Intangible: Asset which cannot be touched and

measured physically.

For Example:

Trade mark

Goodwill

Patent,

Copy Rights and etc

Rule for recording Real Account are

Real Accounts

Real Accounts


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Real Accounts

Debit what comes in

&

Credit what goes out

Nominal Accounts


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Transaction related to business connected with

expenses, incomes, profit or losses.

Payment made/Income received do not acquire

any Asset or create any Future Relationship.

For Example:

Rent

Salaries

Interest

Taxi fair & Stationary and etc

Rule for recording Nominal Account are

Nominal Accounts

Nominal Accounts


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Nominal Accounts

Debit all expenses and losses

&

Credit all incomes and gains

Journal


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Book of original entry or prime entry or First

entry.

All the business transactions are recorded in

chronological order.

In simple meaning Journal is a daily record.

The transactions are not written directly in the

accounts. They are, first of all recorded in the

journal.

Then they are transferred to ledger.

Journal

Format of Journal


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Format of Journal

Date Particulars L.F Debit Credit

Accounts and

Explanation or

( narration )

Journal of Mr. Khan & Jain as on 31st Jan 2006

R di T ti i th J l


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Recording Transactions in the Journal

Identify the transaction and

specify each account affected.

Use the rules of debits and credits.

Enter the transaction in the journal,

including a brief explanation for the entry.

Ledger


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Book of a final entry. Second state in the accounting cycle.

Summary statement of all transactions relating to

a person, asset, expenses or income which havetaken place during a given period of time and

showing their net effect.

All the recorded transactions which are classifiedand grouped into different heads of accounts.

Ledger

Format of Ledger


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Date Particulars JF Amount Date Particulars JF Amount

To By

Format of Ledger

Capital AccountDr. Cr.

The T-Account


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The T-Account

Account Title

Debit

LEFT SIDE RIGHT SIDE

Credit

The T-Account


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Title of Account

Debit(left) side

Credit(right) side

Three parts

2. A left side, called the debit side

3. A right side, called thecredit side

1. A title that describes the account

The T Account.

Increases and Decreases in the Accounts


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Increases and Decreases in the Accounts

Assets Liabilities

Rules of

Debit and

Credit: Debit

+

Debit

Debit

+

Credit

Credit

+

Credit

-

Expenses

Posting from Journal to Ledger


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The ledgeris a grouping of all the

accounts; it shows their balances.

Data must be copied to the ledger

a process calledposting.

Thejournal is a chronological record

of all transactions listed by date.



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Ledger

Allaccountscombinedmake up

the ledger.

Share capital accounts

Capital

Cash asset accounts

AccountsPayable

liability accounts


Trial Balance


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Trial Balance

A trial balance lists all accounts with

their balancesassets first, followed by

liabilities, and then share capital.

DEBITS CREDITS

Trial Balance


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Trail Balance is the list of all debit and creditbalances of accounts taken out from the ledger at

any given date.

Helps in preparation of final accounts

Trading Account

Profit & Loss account

Balance sheet

Trial Balance

Format of Trial Balance


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Sl. No Name of accounts Debit Credit

Format of Trial Balance

Trial Balance of Khan & Jain as on 31st Jan 2006

Trial Balance


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For every amount debited, an equal amount must

be credited

Result: The total of debits and credits for all the T

accounts must be equal

Trial balance is prepared to test this

Usually prepared at the end of a month or an

accounting period

Can be prepared anytime

Trial Balance

Subsidiary Books


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For practical convenience the journal is

maintained by using a number of books called

the subsidiary books.

Also called as Special Journals

Suitable for big organisation

Totally 7 subsidiary books, namely

Subsidiary Books

Subsidiary Books.


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Subsidiary Books.

Subsidiary

Books

Sales Book

Purchase Book

Sales return Book

Purchase Return Book

BP Book BR Book

Cash Book

Simple cash

BookCash with

D/S book

Petty cash

bookCash with Bank

& D/s Column

Final Accounts


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Final Accounts

Final accounts include

Trading account

Profit & Loss account

Balance sheet.

Adjustment entries

Financial soundness of a concern as a whole

during the particular period.

Trading Account


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g

It shows the results of the purchasing and selling

of goods.

It determines Gross profit or Gross Loss.

It records all Direct Expenses. Helps in calculation of Cost of Goods Sold

COGS = Opening stock + PurchasesPurchases

return + direct expensesClosing stock.

Trading Account.


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g

Particulars Amount Particulars Amount

To Opening stock By Gross Sales

Less: Returns

Net SalesTo Purchases By Closing stock

To Direct

Expenses

By Gross Loss C/d

( Transfer to P & L

Account)

To Gross Profit

C/d ( transfer to P

& Account )

Dr. Cr.

Trading Account.


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Important Elements of Trading Accounts

Opening stock

Purchases & Purchases Return

Direct Expenses

Gross Profit is the excess value of sales over the cost

of sales.

Sales & Sales return

Closing stock

Gross Loss is the excess of cost of sales over the sales

revenue.

g

Profit & Loss Account


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Was it a good year or bad year? What was the volume of operations?

What was the margin available on sales realization?

The answer




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It records all indirect Expenses.

Helps in determining Net Profit or Net Loss of

the firm.

A profit & Loss Account shows a company's

earnings and expenses over a given period of

time.

It exclusively summarizes revenue and expenses

of the period and shows the net difference i.e.,

profit or loss of the period.



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Particulars Amount Particulars AmountTo Gross Loss

B/d

By Gross

Profit B/d

To All IndirectExpenses

By Non-operating

Incomes

To Net Profit c/d By Net Loss

C/d

Dr. Cr.

Balance sheet


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Balance sheet

Balance sheet is a statement of assets andliabilities prepared with a view to ascertain the

financial position of a business on a certain fixed

date.

It is a statement not an account.

Helps in knowing the financial position of the

firm.

Reports value of assets, liabilities and owners

equity at a particular point in time.

Balance sheet.


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Liabilities Amount Assets Amount

Capital / Fixed

Liabilities

Fixed Assets

Non- current

liabilities

Current Assets

Current

liabilities

Factious Assets

Liabilities


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It is an economic obligations of an enterprise.

Business enterprise has to pay in case of

discontinuation of business.

Repayment of capital invested by the owner or

investor.

For Example:

Capital / Equity shares

Preference shares

Non-current Liabilities


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Payable after a certain number of years.

Liabilities which are become due for payment

beyond period of one year.

For Example:

Long term debt

Debenture

Long term loan from Bank

Long term loan from Financial Institutions

Long term loan raised by Issue of Public deposits

Long term debt raised by issue of securities.

Current Liabilities


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Are obligations due within one year or

Any amount owing by the business which are currently

due for payment.

For Example:

Bills payable

Sundry Creditors

Short term loans

Dividend payable

Provision for Taxes payable

Short term bank Overdraft

Outstanding expenses

Assets


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have a useful life of more than one year.

are acquired for use in the business.

are not intended for resale to customers.

Assets which are acquired for permanent use inthe business.

Information about long-term acquisitions can be

found under investing activities in the statementof cash flows.

For Example:

Assets.


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Current Assets


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It is also called as floating Assets.

Assets which can be easily realised or converted in to

cash.

Shorter period say, less than one year

For Example: Cash or cash at Bank

Inventories

Debtors

Bill Receivable

Short term investment

Prepaid Expanses

Fictitious Assets


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They are useful because of the special rights that

they carry.

Do not have a physical form.

For Example:

Patents

Copyrights

Trademarks

Preliminary Expenses

Share issue expenses

Adjustment entries


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1) Closing stock

2) Outstanding expenses3) Prepaid Expenses

4) Accrued Income

5) Income received in Advance

6) Depreciation

7) Interest on Capital

8) Interest on Drawings

9) Bad Debts10) Provision for Doubtful debts

11) Provisions for Discount on debtors

12) Provision for Discount on creditors.

Accounting Cycle


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Accounting Cycle


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Describe the

accounting cycle, andexplain the purposes

of closing entries.

C i f i i


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Class is open for the discussion


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Thank u

Documents

57518391 Financial Accounting 1