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Accounting-Understanding-the-Language-of-Business.pptx
- 1. Accounting: Understanding the Language of Business Starting a business? Expanding your knowledge? This presentation will cover everything you need to know about accounting. bn by bawar nariman
- 2. Introduction to Accounting Definition Learn what accounting is and why it's essential for decision-making in business. History Discover how accounting evolved over time and how it influenced economic growth. Functions Understand the roles and responsibilities of accounting and its contribution to a business's success.
- 3. Basic Accounting Principles Accrual basis Learn how revenue and expenses are recorded under the accrual basis and why it's important for financial reporting. Materiality Understand the concept of materiality and how it affects financial statements and decision-making. Consistency Discover why consistency is an important principle of accounting and how it affects financial statement comparability. Prudence Learn about the prudence principle and how it affects the recognition of revenue and expenses in financial statements.
- 4. Types of Accounting 1 Financial Accounting Understand the role and purpose of financial accounting and how it relates to external stakeholders. 2 Managerial Accounting Discover how managerial accounting helps internal stakeholders make strategic business decisions. 3 Tax Accounting Learn about the complexities of tax accounting and how it affects a business's tax liability.
- 5. Financial Statements Balance Sheet Understand the components of a balance sheet and how it represents a company's financial position at a specific point in time. Income Statement Discover how an income statement shows a company's profitability over a period of time through revenue and expenses. Cash Flow Statement Learn how a cash flow statement tracks a company's inflows and outflows of cash and
- 6. Auditing and Assurance Audit Processes Understand the role and purpose of auditing and how it provides assurance to stakeholders. Risk Assessment Discover how risk assessment is conducted and how it affects the nature, timing, and extent of audit procedures. Audit Reports Learn about different types of audit reports and the opinions that auditors express based on their findings.
- 7. Ethics in Accounting 1 Professionalism Understand the importance of ethics in maintaining professionalism and public trust in accounting. 2 Confidentiality Learn about the confidentiality requirements in accounting and how they protect sensitive financial information. 3 Integrity Discover how integrity is an essential component of ethical behavior in accounting and how it involves honesty and fairness.
- 8. Emerging Trends in Accounting 1 Data Analytics Learn how data analytics is transforming accounting and how it can provide valuable insights for decision-making. 2 Cloud Computing Discover how cloud computing is changing the way accounting information is stored and shared and how it can increase efficiency. 3 Sustainability Reporting Understand the importance of sustainability reporting and how it can help businesses make responsible decisions.