Accounting Tricks

This is very tricky part of Jaiib ,many aspirants find it difficult to cope with,but these simple and useful tips help you to understand basics of Accounting and help you to be an expert in accountancy.



1-Introduction to Accounting:  As we go through books we find several definitions about accounting ,whats its importance etc.But while we are preparing for JAIIB so we should go through whats important in this part .So here is summary of those points which are essential from this chapter...


1-- This shows the process of Accounting ,one should not remember these steps ,just take a look ....

         Input                                               Process                                                               Output
                                                              Identifying
                                                              Recording
    Business                                            Classifying                                                          Information
   transactions                                      Summarising                                                              to
(monetary value)                                  Analysing                                                               Users
                                                             Interpreting
                                                        Communicating  


2--Accounting Cycle-- This is very important part of Accounting. An accounting cycle is a complete                                        sequence of accounting process, that begins with the recording of  business                                             transaction and ends with the preparation of final accounts.