Introduction to Financial Accounting & Basic Terms | JKSSB Finance Accounts Assistant | J&K

Описание: In this video, we introduce Financial Accounting and explain its basic terms
specifically for the JKSSB Finance Accounts Assistant examination.

This lecture is part of our fresh Accounts batch and is designed exclusively
for aspirants of Jammu & Kashmir preparing for JKSSB and other Accounts-related exams.

Course Link: https://www.pragyaanias.com/courses/7...

📌 Topics Covered in This Video:
• Meaning of Financial Accounting
• Objectives of Financial Accounting
• Important Accounting Terms
• Exam relevance for JKSSB Finance Accounts Assistant

🎯 This video is useful for:
• JKSSB Finance Accounts Assistant
• Accounts Assistant
• Junior Assistant (Accounts)
• Other J&K Government Exams

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🔑 KEY TERMS – INTRODUCTION TO FINANCIAL ACCOUNTING

(JKSSB Finance Accounts Assistant Exam)

1️⃣ Financial Accounting

The branch of accounting that records, classifies, summarizes, and reports financial transactions of a business to ascertain profit/loss and financial position.

2️⃣ Business Transaction

Any economic activity involving transfer of money or money’s worth that affects the financial position of a business.

3️⃣ Accounting

The process of identifying, recording, classifying, summarizing, and interpreting financial transactions in monetary terms.

4️⃣ Bookkeeping

The systematic recording of financial transactions in the books of accounts on a day-to-day basis.

5️⃣ Accounting Year

The period for which financial statements are prepared (generally 12 months).

6️⃣ Assets

Resources owned by a business that have economic value and will provide future benefits.
📌 Example: Cash, Building, Machinery, Debtors

7️⃣ Liabilities

Obligations or debts payable by a business to outsiders.
📌 Example: Creditors, Loans, Outstanding Expenses

8️⃣ Capital

The amount invested by the owner in the business. It represents the owner’s claim on assets.

9️⃣ Revenue (Income)

Amount earned by a business from its normal operations.
📌 Example: Sales, Commission Received, Interest Received

🔟 Expenses

Costs incurred to earn revenue during an accounting period.
📌 Example: Rent, Salary, Wages, Electricity Charges

1️⃣1️⃣ Profit

Excess of income over expenses during a specific period.

1️⃣2️⃣ Loss

Excess of expenses over income during a specific period.

1️⃣3️⃣ Drawings

Amount or goods withdrawn by the owner for personal use from the business.

1️⃣4️⃣ Goods

Items purchased or manufactured for the purpose of resale.

1️⃣5️⃣ Debtors

Persons or entities who owe money to the business (amount receivable).

1️⃣6️⃣ Creditors

Persons or entities to whom the business owes money (amount payable).

1️⃣7️⃣ Cash

Money in hand and money at bank available for immediate use.

1️⃣8️⃣ Vouchers

Written evidence or documents supporting a business transaction.
📌 Example: Bills, Receipts, Invoices

1️⃣9️⃣ Financial Statements

Formal records showing financial performance and position of a business.
📌 Includes: Trading Account, Profit & Loss Account, Balance Sheet

2️⃣0️⃣ Accounting Information

Financial data processed and presented to users for decision-making.