Fundamental of Accounting and Tally Prime Notes

  Fundamental of Accounting and Tally Prime Notes for Self-Study and Computer Coaching classes. Step by Step training Notes with Practice assignment. 

  Definition of Accounting

Accounting is the process of identifying, recording, classifying and reporting information on financial transactions in a systematic manner for the purpose of providing financial information for decision making.

  Types of Accounts  

There are basically three types of Accounts maintained for transactions

 Personal Account:  Any individual person or any firms or any company or a bank is considered in a Personal account. For example:-   Rajesh Singh, Muna Enterprise,    Wipro Pvt Ltd, PNB Bank, Capital etc.

Real Account: Account of any physical things. The cash account or goods account are examples of Real account. For example:-   Cash, Land, Building, Furniture, Computer etc.

Nominal Account: Account of any invisible things that means that things are in terms of cash are examples of Nominal account. For example:-  Discount, Commission, Salary, Wages, Freight etc.

Golden Rules of Accounting