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Topics include the meaning and nature of accounting and of accounts, the accounting process of recording transactions and summarizing, analyzing, and reporting them. Key concepts cover double-entry versus single-entry systems, journal, ledger, and trial balance, along with golden rules, debit-credit relations, and introductory accounting principles such as cost, accrual, matching, and full disclosure. Includes classifications and an illustration for personal, real, and nominal accounts.",{"@graph":69,"@context":126},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/18k3bb05-financial-and-management-accounting-double-entry-single-entry-fundamentals/663696/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/18k3bb05-financial-and-management-accounting-double-entry-single-entry-fundamentals/663696.png","ImageObject",300,407,{"name":92,"@type":93},"Alex Sinclair","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-30","2026-10-28",true,{"@type":102,"interactionType":103,"userInteractionCount":8},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118,122],{"name":109,"@type":110,"acceptedAnswer":111},"What is an account and what role does accounting play in business?","Question",{"text":112,"@type":113},"Accounting is the process of recording business transactions and then summarizing, analyzing, and reporting them. An account represents classified information used to prepare financial statements.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What is the difference between the single entry system and the double entry system?",{"text":117,"@type":113},"The single entry system records transactions with a single entry and is suitable for small businesses, typically on a cash basis. The double entry system records transactions in two aspects with dual effects using debit and credit.",{"name":119,"@type":110,"acceptedAnswer":120},"How are debit and credit used in the double entry system?",{"text":121,"@type":113},"The double entry system follows the basic rule DEBIT = CREDIT. Golden rules further specify how different types of accounts are treated (personal, real, and nominal).",{"name":123,"@type":110,"acceptedAnswer":124},"Which accounting principles are discussed in the unit and what do they focus on?",{"text":125,"@type":113},"The unit lists cost principle, accrual accounting principle, matching principle, and full disclosure principle. It explains how assets and revenues are recognized under accrual and how expenses relate to the revenues they help generate, while full disclosure ensures relevant information is reported.","https://schema.org",{"og:url":83,"og:type":128,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":130,"canonical":83},"index,follow",{"doc_id":132,"site_id":62},663696,1793230388,{"code":4,"msg":5,"data":135},{"doc_id":132,"user_id":136,"nickname":92,"user_avatar":137,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":138,"file_id":139,"file_url":140,"file_type":141,"file_size":142,"view_count":8,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":143,"language":144,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":145,"faqs":146,"seo_title":147,"seo_description":67,"update_tm":133,"read_time":148},1099523882182,"https://ap-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","KUNTHAVAI NAACHIYAR GOVERNMENT ARTS COLLEGE FOR WOMEN(A)THANJAVUR-7DEPARTMENT OF BUSINESS ADMINISTRATION  \nCode:18K3BB05-FINANCIAL AND MANAGEMENT ACCOUNTING  \nUNIT-I  \nConcepts-Double Entry Vs single entry-Journal-Ledger-Trial Balance.Definition of Account-Accounting  \nprinciples-Nature of Accounting.  \n# Definition of Account:\n\nAccounting is the process of recording financial transactions pertaining to a business.The accounting processincludes summarizing,analyzing,and reporting these transactions to oversight agencies,regulators,and tax collectionentities.  \n# Basics of Accounting:\n\n\n| Systematic record ofbusiness transaction;  \u003Cbr>1.Capital-Amount Invested By Owner  \u003Cbr>2.Asset-Economic benefit  \u003Cbr>3.Liability-Obligations of business  \u003Cbr>4.Income/Revenue -Earnings in Business  \u003Cbr>5.Expenses -in conducting business  \u003Cbr>incidental to business  \u003Cbr>6.Gain  \u003Cbr>7.Loss-No benefit in return  \u003Cbr>8.Debtors-Who owe us money?  \u003Cbr>9 Creditors-we owe to others.   | Basics Accounting Concepts:  \u003Cbr>1.Business Entity concept  \u003Cbr>oneV CSJrcmn c0DCg  \u003Cbr>3.Cost concept  \u003Cbr>4.Revenue Recognition concept  \u003Cbr>5.Going Concern concept  \u003Cbr>6.Accounting period concept  \u003Cbr>7.Full disclosure concept  \u003Cbr>8.Consistency concept  \u003Cbr>9.Conservation concept  \u003Cbr>10.Materiality concept  \u003Cbr>11.Objecivity concept   |\n| --- | --- |\n\n# Single Entry system of Accounting:\n\nIt refers to the accounting system where the business transactions are recorded in a single entry in a journal ortransactional log.  \nSingle entry system of accounting is suitable only for the smallbusinesses and which effectively reports only ona cash basis of accounting.  \nIt is also called as“accounts from incomplete Records”.  \n# Determination of profit &Loss Account in SINGLE ENTRY SYSTEM:\n\nThe Balance sheet Approach or Statement of Affairs Approach or Net-Worth Approach.The Transaction Approach or Conversion Approach.  \n# Double Entry system of Accounting:\n\nSource:Financial Accounting-S.Manikandan &R.Rakesh Shankar  \nDouble Entry system of Book-keeping is a system of Book-keeping where the transactions are recorded in twoaspects and will have dual entry effects in the books of accounts.  \nIt is the system of accounting where most of the businesses maintain their business transactions.  \nDEBIT=CREDIT  \n# Accounting principles:\n\n·Cost Principle  \n·Accrual Accounting Principle  \n·Matching Principle  \n·Full Disclosure Principle.  \n# Accrual Principle\n\nCost Principle  \n·Record and report assets based on ther actual·Record and report revenue at the time it iscost incurred to acquire them,not the free-earned and realized by the business,notmarket value of the acquired assets themselves.when the cash for the revenue is received  \n·This principle is reliable and lessens theby the business.opportunity for factors such as biased market·Known as accrual basis accounting.Thevalues to interfere with the accounting.purpose of this principle is to actually show  \n·However,this principle may be viewed aswhat work has been completed and not whatirrelevant as it relates to the actual value ofis to be done in the future.assets.  \nAccountingCorner.orgAccountingCorner.org  \n# Matching Principle\n\nDisclosure Principle  \n·This principle allows for real time analysis of·The accounting records of a businessthe expenses and revenues.must be disclosed so that judgment about·Using this principle will show just how well thethe financial status of a business can bebusiness has done financially and how effectiveeasily made.it was.  \n·However,the disclosure of accounting  \n·Somewhat like the Accrual Principle,expensesand financial information should not causein this case can only be recorded and reportedthe business to accrue unreasonablewhen revenue is to which such expenses arerelated was earned.expenses or cause erroneous opinions.AccountingCorner.org  \nAccountingCorner.org  \n# Nature of Accounting:\n\nNature of Accounting:We know Accounting is the systematic recording of financial transactions andpresent","cbCaiot5djnsSVtH","https://ap.wps.com/l/cbCaiot5djnsSVtH","pdf",7070497,15,"English","# Definition of Account\n# Basics of Accounting\n# Single Entry System of Accounting\n## Determination of Profit & Loss Account in Single Entry System\n# Double Entry System of Accounting\n# Accounting Principles\n## Accrual Principle\n## Matching Principle\n# Nature of Accounting\n## Journal, Ledger, Trial Balance\n# Accounting Cycle\n## Golden Rules of Double Entry System\n# Illustration: Classify Accounts","[{\"question\":\"What is an account and what role does accounting play in business?\",\"answer\":\"Accounting is the process of recording business transactions and then summarizing, analyzing, and reporting them. An account represents classified information used to prepare financial statements.\"},{\"question\":\"What is the difference between the single entry system and the double entry system?\",\"answer\":\"The single entry system records transactions with a single entry and is suitable for small businesses, typically on a cash basis. The double entry system records transactions in two aspects with dual effects using debit and credit.\"},{\"question\":\"How are debit and credit used in the double entry system?\",\"answer\":\"The double entry system follows the basic rule DEBIT = CREDIT. Golden rules further specify how different types of accounts are treated (personal, real, and nominal).\"},{\"question\":\"Which accounting principles are discussed in the unit and what do they focus on?\",\"answer\":\"The unit lists cost principle, accrual accounting principle, matching principle, and full disclosure principle. It explains how assets and revenues are recognized under accrual and how expenses relate to the revenues they help generate, while full disclosure ensures relevant information is reported.\"}]","18K3BB05 - Financial and Management Accounting - Double Entry - Single Entry Fundamentals | PDF",38]