The video tells us about the basics of accounting, the various financial statements that are prepared through the accounting process, the procedures involved in accounting and the major accounting elements. The video mentions that all the transactions in a business company are noted in a journal, chronologically and date wise. At the end of a period, all the journal entries are then posted in a ledger according to different accounts. There can be numerous numbers of accounts for different nature of transactions and their collection is called chart of accounts. Every transaction is posted into ledger using double book ...
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