ACCOUNTING FOR BEGINNERS Principles of Accounting Meaning of Accounting Features of Accounting Objectives of Accounting Limitations of Accounting Branches of Accounting ---Financial Accounting ----Cost Accounting ----Managerial Accounting What is Book-Keeping? What is Accounting? What is Accountancy? Systems of Accounting ---Double Entry System ---Single Entry System BASIC ACCOUNTING TERMS --Business Transaction --Capital --Drawings --Assets --Liabilities --Expenses --Income --Profit --Sales --Returns --Discounts --Purchases --Inventory --Payables --Bad Debts --Receivables ACCOUNTING EQUATION ---Meaning of Accounting Equation ---Effect of Transactions on Accounting Equation ---Transactions Affecting Two Items ---Transactions Affecting More Than Two Items ---Practical Part of Accounting Equation with Examples