BASIC ACCOUNTING PRINCIPLES
DIPLOMA IN INSURANCE SERVICESMODULE - 1NotesBasic ACCOUNTING PRINCIPLES Business Environment 605BASIC ACCOUNTING INTRODUCTIONWe have studied economic activities which have been convertedinto business activities. In business activity a lot of give &take exist which is known as transaction. Transaction involvestransfer of money or money s worth. Thus exchange of money,goods & services between the parties is known to have resultedin a transaction. It is necessary to record all these transactionsvery systematically & scientifically so that the financialrelationship of a business with other persons may be properlyunderstood, profit & loss and financial position of the businessmay be worked out at a particular date.
DIPLOMA IN INSURANCE SERVICES MODULE - 1 Notes Basic Accounting Principles Business Environment 62 5.1 OBJECTIVES At the end of this lesson you will be able
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