Summary of Dr. Nayyar's Lecture on Accounting on 2.2.12

Summary of Dr. Nayyar’s Lecture on Thursday 2nd February 2012

Topic: Accounting

Accounting Heads:

1. Assets : Anything that belongs to you, important characteristics of an asset:
- You have the ownership
- Its gives you future benefits
- It has got monitory value

Types of Assets:

- Fixed Assets: The life of such assets is longer than one financial year and are known as long term assets
- Current Assets: The life of such assets is shorter than one financial year.

2. Liabilities: the ownership is not with you, not future benefits and future expenditures are attached.

Types:

i. Current Liabilities: Which will be fulfilled in one or less than one year.
ii. Long term Liabilities: Which will be fulfilled in more than one financial year.
3. Equity: Owners capital which gets invested in the business for future profit.

4. Expenses: Money flows away from you for which you have already taken the benefit.

Example: You use electricity and takes its benefit for a month and the bill comes. Payment against that bill is known as expense.

5. Revenue: Money that flows to you as part of your job done or services delivered.

Important to remember:

Accounting Equation: Assets = Liabilities + Equity
An increase in the asset is Debit
A decrease in the asset is Credit
An increase in the liability is Credit
A decrease in the Liability is Debit

Thanks for updating and sharing with me the summary of the lecture hold on 2 Feb , though i have the detials of the subject in the CD but still the summray of the lecture is helping me

best regards

Zahida Stanekzai

Thanks Miss, This is basically an attempt to update regular fellows who occasionally fail to attend the class. I know narrations on the CD are explicit but honestly the extracts of the actual lecture delivered by Dr. Nayyar means a lot when it comes to attempting the paper under very well controlled settings.

After following all lectures, the only thing that one can do to properly attempt paper is to look UP for INSPIRATION, look DOWN for CONCENTRATION and no need to look AROUND for INFORMATION

Thank you very much Naeem Sahib,

Finally I was successful in opening this site, it was really pleasurefull for me when i find both the summaries on the forum. it would really prove benificial for all of us.

thanks

Dr.Latifullah Hadaf