only cash transaction are recorded.
 dual entry is done.
 one year a/c's are prepared.
 B/S is prepared once's in year end.

Fundamentals of 'Accounting' are Debit & Credit

Accounting system is based on the golden rule of debit and 
credit in respect of various accounts such as personal 
account, real account and nominal account.

FUNDAMENRALS OF ACCOUNTING :

1.PERSONAL A/C,
2. NOMINAL A/C,
3. REAL A/C.

PERSONAL A/C :

DEBIT THE RECEIVER
CREDIT THE GIVER.

NOMINAL A/C:

DEBIT ALL EXPENDITURE
CREDIT ALL INCOMES.

REAL A/C:

WHAT COMES IN
WHAT GOES OUT.

SO VERY IMPORTANT POINT DEBIT AND CREDIT.

This system is called double-entry because each transaction 
is recorded in at least two accounts. Each transaction 
results in at least one account being debited and at least 
one account being credited, with the total debits of the 
transaction equal to the total credits.

Fundamental Accounting means, the procedure follows right 
from the Cash Book entry to till Balance Sheet - whatever 
the procedure follows that is called fundamentals of 
accounting

FUNDAMENRALS OF ACCOUNTING : VERY IMPORTANT IS DEBIT & 
CREDIT.
THERE IS THREE TYPES

1.PERSONAL A/C, 2. NOMINAL A/C, 3. REAL A/C.

IN PERSONAL A/C :(DEBIT THE RECEIVER
                  CREDIT THE GIVER).

NOMINAL A/C: (DEBIT ALL EXPENDITURE
              CREDIT ALL INCOMES).

REAL A/C:(WHAT COMES IN
          WHAT GOES OUT).

FINALLY WE GOT THAT DEBIT & CREDIT IS MAIN FUNDAMENTAL OF 
ACCOUNTING.

ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING 
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A 
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF"

Fundandamentals of accounting is record of Opening, 
closing, incoming and outgoing of goods and cash.

ACCOUNTING IS DEFINED AS "THE ART OF RECORDING. CLASSIFYING 
AND SUMMARISING IN TERMS OF TRANSACTIONS AND EVENTS OF A 
FINANCIAL CHARACTER AND INTERPRETING THE RESULTS THEREOF

Fundamentals of accounting is to find out the change in position of assets and liabilities in a given time frame say one year period to ascertain the effects of business transactions. for this purpose we use a systematic method of keeping books of accounts which are prepared of generally accepted accounting principles.

Fundmentals of accounting systems is cash system or accural 
system and Mercantile system