PPT : Meaning and scope CA Foundation Notes | EduRev
Fundamentals of Accounting for CA CPT
Created by: SrspsCA Foundation : PPT : Meaning and scope CA Foundation Notes | EduRev
Page 2 CPT Section A Chapter – 1 Unit 1 CA.S.S.Prathap Page 3 CPT Section A Chapter – 1 Unit 1 CA.S.S.Prathap What is a River ? River is a flow of water. What is Accounts ? At one level , it can be said as tracking the flow of money through a business. Page 4 CPT Section A Chapter – 1 Unit 1 CA.S.S.Prathap What is a River ? River is a flow of water. What is Accounts ? At one level , it can be said as tracking the flow of money through a business. It starts with what is called a Transaction . Transaction is an exchange. Example : You go to a shop and buy a pen . The money is exchanged for a pen. Example : You go to a doctor .The money is exchanged for service. Page 5 CPT Section A Chapter – 1 Unit 1 CA.S.S.Prathap What is a River ? River is a flow of water. What is Accounts ? At one level , it can be said as tracking the flow of money through a business. It starts with what is called a Transaction . Transaction is an exchange. Example : You go to a shop and buy a pen . The money is exchanged for a pen. Example : You go to a doctor .The money is exchanged for service. Based on the above understanding can you make some rules for a transaction ? 1. Transaction must have two sides . This is called Dual Aspect. That’s why we called accounts as double entry book-keeping.It was invented by Lucio Paciolio.Read More
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