CA Foundation Exam > CA Foundation Videos > Principles and Practice of Accounting > Basic Accounting Terms
Basic Accounting Terms Video Lecture | Principles and Practice of Accounting - CA Foundation
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FAQs on Basic Accounting Terms Video Lecture - Principles and Practice of Accounting - CA Foundation
| 1. What are some basic accounting terms that I should know for the CA Foundation exam? |  |
Ans. For the CA Foundation exam, it is important to be familiar with basic accounting terms such as assets, liabilities, equity, revenue, expenses, debit, credit, journal entries, balance sheet, income statement, and cash flow statement. These terms form the foundation of accounting principles and concepts that are essential for the exam.
| 2. Can you explain the concept of assets in accounting? | |
Ans. Assets in accounting refer to the resources owned by a business that have economic value and can be used to generate future benefits. These can include cash, accounts receivable, inventory, property, equipment, and investments. Assets are usually recorded on the balance sheet and are categorized as current assets (expected to be converted into cash within one year) or non-current assets (expected to provide benefits over a longer period).
| 3. What is the difference between revenue and expenses in accounting? | |
Ans. Revenue represents the income earned by a business from its primary activities, such as sales of goods or services. It is recorded on the income statement and contributes to the overall profitability of the business. On the other hand, expenses are the costs incurred by a business in generating revenue. Expenses can include salaries, rent, utilities, and various other operating costs. They are also recorded on the income statement and reduce the overall profitability of the business.
| 4. How do debit and credit work in accounting? | |
Ans. Debit and credit are fundamental concepts in accounting that are used to record transactions. Debit refers to the left side of an account, while credit refers to the right side. In double-entry bookkeeping, every transaction affects at least two accounts, with one account being debited and another being credited. Debits and credits are used to ensure that the accounting equation (assets = liabilities + equity) remains in balance.
| 5. What is the purpose of a balance sheet in accounting? | |
Ans. A balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time. It shows the company's assets, liabilities, and equity, and helps stakeholders evaluate the financial health and stability of the business. The balance sheet follows the accounting equation, where total assets must equal the sum of liabilities and equity. It is an important tool for understanding a company's liquidity, solvency, and overall financial performance.
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Nov 21, 2024 Last updated |
Video Description: Basic Accounting Terms for CA Foundation 2024 is part of Principles and Practice of Accounting preparation.
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