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General Studies: Finance and Economics (SSC CGL2020)

Updated on 26 March 2020
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SSC Preparation Strategies & S
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Updated on 26 March 2020
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The full form of SSC CGL2020 is the Staff Selection Commission Combined Graduate level examination.

SSC CGL2020 preparation requires good knowledge of current affairs.


Finance and Accounting for SSC CGL2020

Finance:

Managing money and investment for individuals, corporate's and government institutions in activities like saving, investment, borrowing, lending, budgeting, and forecasting is known as finance.



There are three types of finances:


  1. Personal Finance: conservation, investment, and protection of individuals
  2. Corporate finance: the finance that deals with the capital structure of a corporation, including its funding, increase in profit, clearance of debt, etc.
  3. Public or Government Finance: It is the process of managing the Finances of a country in the form of revenue, expenditure, aids and debts through various government institutions.


Accounting: The process of recording financial transactions relating to business in a useful way. 


Accounting is essential in various ways: 



Type of users of accounting information



Fundamental Principles for SSC CGL2020


Fundamental Principles of Financial Accounting:



Financial Accounting for SSC CGL2020

It is a specialized branch of accounting that deals with the process of recording, analyzing and reporting financial business transactions over a while. In financial accounting, there are four underlying assumptions. These assumptions are as follows:

  1. Economic Entity
  2. Fiscal Period or the life of an economic entity
  3. Main Concern 
  4. Value in monetary terms


Financial accounting is the recording of commercial information following general accounting principles.


Basic Concepts:



Double Entry System: The core of financial accounting is the Double Entry System of bookkeeping.



All the best to all the aspirants of SSC-CGL2020!


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