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Basic Accounting Principles

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5.0 INTRODUCTION We have studied economic activities which have been converted into business activities. In business activity a lot of “give & take” exist which is known as transaction. Transaction involves transfer of money or money’s worth. Thus exchange of money, goods & services between the parties is known to have resulted in a transaction. It is necessary to record all these transactions very systematically & scientifically so that the financial relationship of a business with other ...

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  •  • 23 pages • 
  • by ogunmefunolajumoke • 
  • uploaded  07-01-2019
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