Accounting Tutorial

Accounting is a business language. We can use this language to communicate financial transactions and their results. Accounting is a comprehensive system to collect, analyze, and communicate financial information.


This tutorial has been designed to help beginners pursuing education in financial accounting or business management. Any enthusiastic reader with basic mathematics knowledge can comprehend this tutorial. After completing this tutorial, you will find yourself at a moderate level of expertise from where you can take yourself to next levels.

Before you start proceeding with this tutorial, we assume that you have a basic understanding of commerce.

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Classification of Accounts

Personal Accounts

  • Natural Person
  • Artifical Person
  • Representative Person

Impersonal Accounts

  • Real Accounts
    • Tangible Real Accounts
    • Intangible Real Accounts
  • Nominal Accounts
    • Expenses
    • Incomes

Golden Rules

  • Personal A/c: Debit the Receiver; Credit the Giver
  • Real A/c: Debit what comes in; Credit what goes out
  • Nominal A/c: Debit all expenses & losses; Credit all incomes & gains

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Accounting Standards Description Of Standards Objective
AS-1 Disclosure of Accounting Policies
AS-2 Valuation Of Inventories
AS-3 Cash Flow Statements
AS-4 Contingencies and Events Occuring after the Balance Sheet Date
AS-5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS-6 Depreciation Accounting
AS-7 Construction Contracts
AS-9 Revenue Recognition
AS-10 Accounting for Fixed Assets
AS-11 The Effects of Changes in Foreign Exchange Rates
AS-12 Accounting for Govt. Grants
AS-13 Accounting for Investments
AS-14 Accounting for Amalgamations
AS-15 Employee Benefits
AS-16 Borrowing Costs
AS-17 Segment Reporting
AS-18 Related Party Disclosure
AS-19 Leases
AS-20 Earning Per Share
AS-21 Consolidated Financial Statements
AS-22 Accounting for Taxes on Income
AS-23 Accounting for Investments in Associates in Consolidated Financial Statements
AS-24 Discontinuing Operations
AS-25 Interim Financial Reporting
AS-26 Intangible Assets
AS-27 Financial Reporting of Interests in Joint Ventures
AS-28 Impairment of Assets
AS-29 Provisions, Contingent Liabilities and Contingent Assets

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