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Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
Accounting by anis & azyan
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Accounting by anis & azyan

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this is an introduction to accounting by Hanis Amirah bt Haron

this is an introduction to accounting by Hanis Amirah bt Haron

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  • 1. ACCOUNTING
    By
    HanisAmirahbtHaron (2009604032)
    AzyanAzilahbtHalimi (2009466372)
    E-BUSINESS (ITS450)
  • 2. Table of content
  • 3. What is accounting?
    Accounting is 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 financial character and interpreting with the result thereof.
    - defined by AICPA
    Accountancy also means branch of mathematical sciences that is useful in discovering the causes of success and failure in business.
  • 4. 4 basic types of accountancy
  • 5. Division in principles of accountancy
    • Keeps track of all the funds ;
    money paid, money paid out, assets
    • goals : keep the ledgers of the company balance.
    • 6. Setting up a system of recording
    • 7. summarizing financial transaction
    • 8. protects employees, investors, owner from accounting fraud.
    • 9. performs by outside agencies.
    • 10. accountant will examine the ledgers.
  • Basic ways to record your financial transaction
    *Balance Sheet : financial statement that reports the amount of company’s
    assets, liabilities and owners equity at a specific point in time
  • 11. Basic accounting concepts
    1. The Basic Accounting Equation
    2. Debit = Credit
    Very important double entry bookkeeping rule!
    • In a transaction : all debits must equal all credits
  • Basic account types
  • 12. How accounting helps in business sectors
    Record keeping
    recording business transactions
    measuring results of financial changes
    projecting financial effects of future transactions
    preparing internal reports in a user-friendly format
    Planning and control
    collecting cash
    controlling stocks
    controlling expenses
    co-ordination and monitoring of strategy/performance
    monitoring gross margins
    Decision making
    using cost information for pricing, capital investment and marketing
    evaluating market and product profitability
    evaluating the financial effect of strategies and plans
  • 13. Importance of accounting system
    Accurate reporting of business transactions. 
    Easy access to financial statements.
    Up to date reports on accounts payable, accounts receivables.
    Excellent management tool.
    Minimize problems with IRS & other tax authorities.
    Compare your accounts with original budgets or forecasts.
    Manage your resources better.
    Identify trends in your business.
    Highlight variations in your income or spending which may require attention.

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