For Finance and Account process 1 what are the golden rules of accounting 2 Difference b/w accrual and cash accounting concept 3 Some journal entries 4 Bank reconciliation 5 Prepaid and Accrued 6 Depreciation vs Amortization

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Basic accounting concepts and journal entries explained

Golden rules of accounting are: Debit the receiver, Credit the giver; Debit what comes in, Credit what goes out; Debit expenses and losses, Credit income and gains
Accrual accounting recognizes revenue and expenses when they are incurred, regardless of when cash is exchanged. Cash accounting recognizes revenue and expenses when cash is actually received or paid.
Journal entries are used to record transactions in the accounting system. For example, a journal entry for a sale would be: Debit Accounts Receivable, Credit Sales Revenue
Bank reconciliation is the process of comparing the balance in the company's bank statement with the balance in its accounting records
Prepaid expenses are expenses paid in advance, while accrued expenses are expenses that have been incurred but not yet paid
Depreciation is the allocation of the cost of a tangible asset over its useful life, while amortization is the allocation of the cost of an intangible asset over its useful life

For Finance and Account process 1 what are the golden rules of accounting 2 Difference b/w accrual and cash accounting concept 3 Some journal entries 4 Bank reconciliation 5 Prepaid and Accrued 6 Depreciation vs Amortization

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