I am a commerce student in India preparing for my board exams. I am having a lot of trouble understanding and remembering the concepts in accountancy subjects like financial accounting and cost accounting. The ledger entries and journal entries are very confusing for me. Preparing for practical subjects like auditing has been very difficult because of the theoretical concepts I don’t properly understand. Can anyone help explain the basic concepts in a simple manner? I want to score well in these subjects for my exams but they seem so complicated.
Accounting is all about rules and procedures. You need to learn the basic accounting concepts and master the rules and methods for recording transactions. Focus on basics like the accounting equation, debits and credits, ledger accounts. Then move on to journals, subsidiary ledgers and trial balance. Practice plenty of journal entries and ledger examples.
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