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(7) PRIME ENTRY BOOKS

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Introduction to prime entry books  There may be issues in recording the business transactions in the ledger accounts directly as they take place' Hence, before the transactions are recorded in ledger accounts, they should be recorded in a separate set of books known as ''the prime entry books.''  The prime entry books are the books in which the transactions of a business are recorded at first, according to the order in which each transaction had occurred by using a generally accepted method before recording them in the ledger accounts.  Prime entry books are also named as journals, day books, and subsidiary books.  It is not suitable to record all the transactions in a single prime entry book. Hence, the transactions have to be classified and recorded based on their nature and other common characteristics. Accordingly, the transactions which are similar in nature and occur recurrently should be recorded in different prime entry books.  The following table shows ...
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(2) BUSINESS ENVIRONMENT

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 Business environment Any business has an environment related to it. The factors within the business or outside the business affect the existence of a business either directly or indirectly. Hence, the business environment can be defined as the environment in which the factors affecting businesses are activated. The businesses require undergoing changes continuously due to the fact that environmental forces are also dynamic and businesses need to adhere to them.  For a business to be successful, it is essential to pay constant attention to its environment. New business opportunities can be identified through the changes in environmental forces and different trends arising in the environment.Therefore, successful businesses continuously study the business environment and adopt their business activities accordingly.  Classification of business environment  The business environment can be classified mainly as follows.  Internal environment  External environmen...
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(5) ACCOUNTING EQUATION

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  Accounting equation  The assets and the ownership of those assets of a business are shown in accounting records of that business. All assets should belong to some party of the business. Therefore, assets of a business should be equal to the total ownership of those assets. To show this relationship, an equation is used, which is called as the Accounting Equation.  Construction of accounting equation  If all assets are financed by the owner of the business, the accounting equation can be presented as follows.   Assets = Equity  Example :-  Amal started a business investing Rs.500 000 in cash. Here, assets (cash) of the business is equal to Rs. 500 000 and this total amount belongs to the owner, Amal. Accordingly,   Assets = Equity   Rs. Cash 500 000 = Rs. Capital 500 000  When a business expands, the resources invested by owners would not be adequate. Therefore, the business will have to obtain resources from extern...
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