Скачать или смотреть Basic Accounting Terms Explained | Class 11 Accountancy (Part 2) | Easy Commerce Learning

Welcome to the second video in our Class 11 Accountancy series! Today, we're building the foundation by learning the most important accounting terms. This is the 'language' of accounting, and mastering these terms is key to understanding the entire subject.
​In this video, we'll cover:
​Business Transaction: What is a recordable event?
​Account: The basic unit of accounting.
​Assets vs. Liabilities: What the business owns vs. what it owes.
​Capital vs. Drawings: The owner's investment vs. personal withdrawals.
​Revenue vs. Expenses: Income vs. Costs.
​Profit & Loss: The final result of a business.
​Debtors vs. Creditors: Who owes the business vs. who the business owes.
​Why this video is important:
​Before we can start solving problems and making journal entries, you need to be comfortable with these terms. They are the building blocks of every single lesson that follows!
​Next Video:
​In our next video, we'll discuss the Theory Base of Accounting and the core principles that govern all financial reporting.
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​Happy Learning!
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