basic concepts of accounts & inventory management
In this topic, we will learn about the basic concepts of accounts & inventory management along with some basic knowledge of Sales Tax & VAT.
Accounting
- Business Entity Concept
- Dual Aspect Concept
- Accounting Period Concept
- Business Entity Concept
- Dual Aspect Concept
- Accounting Period Concept
- Convention of Consistency
- Convention of Conservatism
- Convention of Consistency
- Convention of Conservatism
- Account
- Debit & Credit
- Assets
- Liabilities
- Capital
- Income
- Expense
- Debtor
- Creditor
- Stock
Golden Rules of Accounting
Rule 1: Debit the receiver and credit the giver
Rule 2: Debit what comes in and credit what goes out
Rule 3: Debit all expenses and losses and credit all income and gains
Inventory
- Sales Tax & VAT
- Tax Payers Identification Number (TIN)
- Input Tax
- Output Tax
- Input Tax Credit
- Net Tax Payable / Receivable
- Invoice
- Tax Payers Identification Number
- Input Tax
- Output Tax
- Input Tax Credit
- Net Tax Payable / Receivable
- Invoice
There are primarily two types of invoices:
- Tax Invoice
- Retail Invoice
