Accounting- Basic Terms and Financial Statements

Lesson 4 of 5 • 12 upvotes • 10:55mins

Chaitanya Nandrajog

This portion of the lesson basically describes about the basic terms which are very very important to know before starting solving out the questions related to trading account and profit and loss account and I have just tried to explain those basic terms with the explanation of performa of trading and profit and loss account which is not that hard as it looks but if you start practicing out the questions it will look most easiest questions. Basic terms which I have discussed in this lesson are very important and they may be of one line but it carries lots of importance while preparing of the financial statements especially trading and profit and loss account.