ACCOUNTING - Pearson

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Basic AccountingSupplement for Using Simply ACCOUNTING Version for WindowsbyM. Purbhoo and D. PurbhooBasic ACCOUNTING Supplement for Using Simply ACCOUNTING Version 8Page 2 of 13Purbhoo & PurbhooBasic AccountingContents: ACCOUNTING Theory 3Basic ACCOUNTING 3Balance Sheet 3Income Statement 4Debits and Credits 5Journal Entries 6Ledgers 6Trial Balance 8Audit Trail 9Generally Accepted ACCOUNTING Principles (GAAP) 9Summary: ACCOUNTING Transactions 13Basic ACCOUNTING Supplement for Using Simply ACCOUNTING Version 8Page 3 of 13Purbhoo & PurbhooACCOUNTING THEORYBasic AccountingAccounting is a systematic method (it follows rules) of recording the economic transactions of abusiness so that the information can be used by both insiders (owners and managers) andoutsiders (investors, suppliers and creditors) to make financial information

Basic Accounting Supplement for Using Simply Accounting Version 8 Page 4 of 13 Purbhoo & Purbhoo The following is a typical example of a Balance Sheet.

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