accounting cycle intro

2. INTRODUCTION
GHANWA ASIF
(Accounting tutor)
MBA (Finance & accounts)
• NUMBER # 03081012669
• GMAIL: ghanwaasif1@gmail.com

4. WHAT IS ACCOUNTING

6. SYLLABUS
• 1 The fundamentals of accounting
• 2 Sources and recording of data
• 3 Verification of accounting records
• 4 Accounting procedures
• 5 Preparation of financial statements
• 6 Analysis and interpretation
• 7 Accounting principles and policies
• 8 Revision

7. THE PURPOSE OF ACCOUNTING

8. OBJECTIVE OF PROFIT & LOSS A/C
• The very purpose of profit and loss account is to
ascertain whether the business is making profit or loss
for a given period. In other words, Profit & Loss Account
reveals money spent or cost incurred in an
organization’s effort to generate revenue, representing
the cost of doing business.
• The purpose of the profit and loss account is to give you
an idea about whether a company has made a profit or
loss more than a financial year. An income and loss
account begins with the trading account and then takes
into account all the other outcome associated with the
company.