Introduction to financial accounting

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Introduction to financial accounting

  1. 1. Prof. Anjali KumarProf. Anjali Kumar Topic 1 (31/07/07)Topic 1 (31/07/07) Introduction to accountingIntroduction to accounting && Financial statement analysisFinancial statement analysis
  2. 2. Prof. Anjali Kumar Topic 1 (31/07/07) IntroductionIntroduction Accounting – “lingua franca” of business Grammar of accounting
  3. 3. Prof. Anjali Kumar Topic 1 (31/07/07) The art of recording, classifying and summarizing in a significant manner and in terms of money transactions and events which are in part , at least of a financial character and interpreting the results thereof’ Definition of accounting
  4. 4. Prof. Anjali Kumar Topic 1 (31/07/07) Accounting ProcessAccounting Process Identification of transaction Preparation of business documents Recording of transaction Posting to the ledger Continued…..
  5. 5. Prof. Anjali Kumar Topic 1 (31/07/07) Accounting ProcessAccounting Process Passing of adjusting entries Preparation of adjusted trial balance Preparation of unadjusted trial balance Profit and Loss account Balance sheet Continued……
  6. 6. Prof. Anjali Kumar Topic 1 (31/07/07) Users of accountingUsers of accounting • External users • Internal users
  7. 7. Prof. Anjali Kumar Topic 1 (31/07/07) Kinds of Accounting ActivitiesKinds of Accounting Activities • Financial accounting • Income tax accounting • Cost Accounting • Management accounting • Management Reporting
  8. 8. Prof. Anjali Kumar Topic 1 (31/07/07)
  9. 9. Prof. Anjali Kumar Topic 1 (31/07/07) “Books should be closed each year , especially in a partnership, because frequent accounting makes for long friendship”– Luca Pacioli(1494)
  10. 10. Prof. Anjali Kumar Topic 1 (31/07/07) “Books should be closed each year , especially in a partnership, because frequent accounting makes for long friendship”– Luca Pacioli(1494)

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