Conclusion

— Kishore V, SME and ACW at Edumarz

Conclusion:

On the contrary of this particular lesson the “Theory base of accounting” made us learn that it is important to understand the rules and regulation of accounting(that is theory) as important as the concepts and formats present in the accounts.

 We have learnt about: 

1. Accounting Standards 

2. International Accounting Standard

3.  International Financial Report System 

4. (GAAP) Generally Accepted Accounting Principles

5.  Basic Systems of Accounting 

6. The important concepts of accounting 

7. Different kinds of systems in recording a transaction. 

These are the important concepts which are in accounts that we should need to understand before learning the formats present in the accounts.