Getting Started With Tally. ERP 9 & Elemental Feature (Page No-2)

Financial Accounting Course Advanced Tally.ERP 9

🔘Fixed assets: Refer to assets that are purchased for the purpose ot business operations and not for
resale; for example, land, building and machinery.
🔘Current assets: Refer to assets that are kept for a short term and then converted into cash examples of current assets are debtors, unsold goods, bank balance, and bills receivables. 
🔘Tangible assets: Refer to assets that have physical existence, that is, they can not be seen and
touched, such as land, building, plant, machinery, and computer.
🔘Intangible assets: Refer to assets that do not have any physical existence, that is, they cannot
be seen and touched, such as goodwill, trademarks, patents, and copyrights.
🔘Wasting assets: Refer to assets that are natural resources consumed at the time of their use such as mines and quarries.
🔘Liability: Refers to the amount that a business owes to outsiders. Liabilities consist of obligations
to pay money or assets, or render services to an individual, business, or firm. According to Finny
and Miller, Liabilities are debts; they are amounts owed to creditors.
Liabilities can be categorized as follows:
1️⃣Long-term liability: Refers to the liability that is owed for a long period of time, generally more than one year, such as long-term loans and debentures.
2️⃣Short-term liability: Refers to the liability that is owed for a short period of time (usually for a year). Examples of short-term liabilities are creditors, bank overdratts, bill payables, and short-term loans.
🔘Capital: Refers to the amount that an owner has invested in a business. It is also known as owner's
equity, which can be defined as the owner's claim against the assets of the business.
🔘Income: Refers to the profits earned over a given period of time.
Revenue: Refers to the amount of income before any deductions, such as interest, dividends, and
royalties, have been made.
🔘Expense: Refers to the money expended to produce and sell goods and services for profit.
Debtors: Refer to entities to which goods or services have been sold on credit.
🔘Creditors: Refer to entities that provide goods or services to another entity on credit.
🔘Purchase: Refers to the goods that are purchased by a business to produce finished products.
These products are then sold to customers.
🔘Sales: Refer to the goods that are sold out by a business. Goods sold by cash are known as cash
sales and those sold on credit are known as credit sales.
🔘Transaction: Refers to business activities involving the transfer of money, goods, or services
between two individuals or accounts. A transaction is a financial activity that is done by business
parties and recorded in the books of account.
🔘Discount: Refers to a reduction in the price of goods or services. Discournts are of two types: trade
discount and cash discount. The discount allowed on the price of goods on the basis of sales is known as a trade discount, while the discount allowed by debtors on the price of goods for timely payment is known as a cash discount.
🔘Debit: Refers to a transaction that either increases the assets or decreases the liabilities or decreases the liabilities of a business.

🔘Entry: Refers to a process of recording transaction in books of account.

🔘Creadit:Refers to a transaction that either increases the liabilities or decreases the assets of a business. 

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Getting Started With Tally. ERP 9& Elemental Feature. (page No-1)

Page No-1

Accounting is one of the earliest and valued profesiorts in the world. The purpose of accounting is to mantain and update the financial records a company throughout the year. These
financial  records are useful while presenting the clients, partners, and shareholder. Accounting prevides the foundation upon which organizations
can make daily and longg-term decisions. The acrourting department is responsible for the
budgets of investment decisions, sales and marketing acuvities, and other business operations of an organization.
  
  As the size of business organizations has been expanding, shareholders, creditors, supplier, potential investors, and various government  agencies seek to get the financial disclosure of the oganization.This can be fulfilled by proper maintenance of accounts, which helps the credibility of the organisation. Besides, accounting is needed for supporting funtional transparencies in various business operations. Therefore, accounting is the basic requirement for a smooth working and growth of an organization.
In this chapter, you learn about accounting and its basic terms. You also learn about the accounting principles and concept.  Further, the chapter discusses the concept of double entry system. After this, you learn about account and its type. Next, the chapter discribes the golden rules of accounting. You then learn about source documents used in accounting. Toward the end of the chapter, you learn about accotinting equations and financial  statements.
Let us start the chapter by learning about accounting terms.

Accounting Terms:
It necessary to understand the basic accouting terms that are used in a business. The following is a brief
description of the important accounting terms:

💠Asset: Refurs to the property,items, or legal right owned by an entity, , such as an individual  or a business , and can be converted  into cash. Some examples of assets are securities, inventory, and office
equipment. According to Finny and Miller. Assets are fiature ecorionic benefits, the rights which are owned or controlled by organizations or individual.
Assets can be categorized as follows :

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Financial Accounting Courae Advance Tally. ERP 9

Financial Accounting Courae

Advance Tally. ERP9

VOLUME-1

Table Of Contens

Chapter:

1.Getting Started With Tally. ERP 9& Elemental Feature. 
2.Tally. ERP 9 & Elemental Feature. 
3.Creating Master in Tally. ERP 9. 
4.Voucher Entry and Invoicing. 
5.Voucher Class. 
6.Bill-wise Details. 
7.Credit Limits. 
8. Basics of Banking. 
9.Interest Calculation-Simple Interest. 
10.Cost Categories and Cost Centres. 
Multi-Currency. 
11.Report in Tally. ERP 9.

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