Dear Friends, welcome back to the study of Financial Accounting. Please recall that we used a fictitious case study for an intuitive understanding of the three fundamental accounting statements. Next we undertook a more detailed understanding of the principles behind them, so that we may be able to apply them in our different circumstances. We followed the earlier pattern, where Bala Sir interacts with the ladies of a Self Help Group (SHG) to explain the theory. We learned in some detail the ‘Balance Sheet Equation’. In this lesson, we shall learn to recognise assets more precisely.
Financial Accounting – 6
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