Mgt101 financial accounting Lesson no 3 Short Notes

Financial accounting Lesson no 3 Short Notes

Mgt101- Systems of Accounting

1 Cash accounting
2 Accural accounting

Definition and Concepts of  MGT101 Financial Accounting short Notes 

Learning Objectives
What is Cash and Accural accounting
What is income Expenses
Profit Or Net Profit
What is Cash in hand and Profit
What is Capital expenses and Revenue Expenses
What is Liability

Cash accounting
It is the accounting system in which event are recorded when actual cash is recieved or paid

Accural accounting
It is the accounting system in which events are recorded as and when they occur

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