Austin Journal of Accounting, Audit and Finance Management is a peer reviewed open access journal in publishes manuscripts from all the areas of accounting, accountancy, finance, auditing.
Austin Journal of Accounting, Audit and Finance Management Original Articles, Review, Discussion, Editorials, Letter, type of manuscripts from all the areas of the accounting, accountancy, finance, auditing.
Austin Journal of Accounting, Audit and Finance Management
1.
2. ACCOUNTING?
Accounting is a language of business.
The affairs and the results of the
business are communicated to others
through accounting information, which
has to be systematically recorded and
presented
3. Help you prepare a budget and keep on
target.
Realize how much cash you have and if
there is enough to pay bills.
Uncover places where costs can be cut.
HOW ACCOUNTING
HELPS YOU?
8. Accounts in the name of persons are known
as personal accounts.
Eg: Babu A/C,
Babu & Co. A/C,
Outstanding Salaries A/C, etc.
PERSONALACCOUNTS
9. These are accounts of assets or properties. Assets
may be tangible or intangible. Real accounts are
impersonal which are tangible or intangible in
nature.
Eg:- Cash a/c, Building a/c, etc are Real
Accounts related to things which we can
feel, see and touch.
Goodwill a/c, Patent a/c, etc Real Accounts
which are of intangible in nature.
REALACCOUNTS
10. These accounts are impersonal, but invisible and
intangible. Nominal accounts are related to those
things which we can feel, but can not see and
touch. All “expenses and losses” and all “incomes
and gains” fall in this category.
Eg:- Salaries A/C, Rent A/C, Wages A/C, Interest
Received A/C, Commission Received A/C,
Discount A/C, etc.
NOMINALACCOUNTS
12. The balance sheet is an accountant’s
snapshot of the firm’s accounting value on a
particular date, as though the firm stood
momentary still.
The balance sheet states what the firm owns
and how it is financed.
Assets Liabilities + Stockholders’ equity
THE BALANCE SHEET
13. The income statement measures performance
over a specific period of time, say, a year.
The accounting definition of income is:
Revenue – Expenses is Income
THE INCOME
STATEMENT
14. 14
STATEMENT OF CASH
FLOWS
Sources of Funds
Assets
Liabilities and
Stockholders’ Equity
Uses of Funds
Assets
Liabilities and
Stockholders’ Equity