11th acc 1.pptx
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This document provides an introduction and overview of the field of accounting. It discusses key topics such as the objectives, functions, importance, branches, and basic terminology of accounting. The main points covered include defining accounting and outlining its role in providing financial information to help decision-making, establishing a systematic record-keeping process, and satisfying various legal requirements. Employment opportunities in accounting are also listed.
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Introduction to Accounting
Accounting has existed since 2600 BC in ancient Babylon, though double-entry accounting originated in 15th century Italy. It involves identifying, measuring, classifying, and communicating an organization's financial information to help decision-making. The key aspects of accounting are assets, liabilities, equity, revenue, and expenses. Financial statements like the income statement, balance sheet, and statement of cash flows are prepared using accounting information.
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Bookkeeping involves routinely recording business transactions, while accounting analyzes a business's financial performance and position. Bookkeeping keeps track of money in and out, like a person's birthday money. Accounting examines the impact of transactions through financial statements. Both require documenting proof of transactions for accuracy and to prevent fraud. Accounting has various types including financial, cost, and management accounting that serve different purposes like external reporting, cost analysis, and internal decision making.
financial accounting
Accounting is the process of identifying, measuring, recording, classifying, summarizing, analyzing, interpreting and communicating financial information about an entity. It involves recording economic events which affect the financial position and performance of a business. The key functions of accounting include identifying transactions, measuring transactions in monetary terms, recording transactions methodically in books of accounts, classifying transactions into appropriate accounts, summarizing transactions periodically into financial statements, analyzing trends and relationships, interpreting financial statements for decision making and communicating essential information to users.
P acc bcs
The document provides an introduction to accounting concepts and principles. It discusses how accounting records and measures financial transactions and provides information to various stakeholders. It defines accounting and outlines its objectives and users. It also describes key accounting terms, concepts and conventions like double-entry system, accounting equation, debits and credits rules. Finally, it discusses various books of accounts like journal, ledger, trial balance and accounting cycle.
Unit+43 +role+and+objectives+of+accounting
This document discusses the role and objectives of accounting. It covers topics such as recording business transactions, the accounting process, objectives of accounting, who uses accounts internally and externally, who produces accounts, and key business statements. Accounting involves systematically recording and managing financial transactions and data to facilitate decision making, evaluate performance, and communicate financial information to internal and external users. The main statements produced are the income statement, balance sheet, cash flow statement, and trial balance.
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The document provides guidance on preparing financial statements from a trial balance. It discusses balancing and closing ledger accounts to prepare the trial balance, statement of profit or loss, and statement of financial position. The key steps are to collect ledger account balances in the trial balance, use the trial balance to prepare the statement of profit or loss by rearranging income and expense accounts, and then prepare the statement of financial position by listing and rearranging the remaining asset, liability, and equity accounts along with the profit or loss for the period. The ledger accounts are then balanced off by inserting balancing figures to make debits and credits equal, and carrying balances forward to the next period.
Introduction to accounting
Meaning Of Accounting.
Accounting as a source of information.
Role of an accountant.
Characteristics of an accounting information.
Objectives of accounting
Basic terms in accounting
FINANCIAL ACCOUNTING
The document discusses key concepts in financial accounting:
1. Accounting has evolved from a record keeping system to an information system that measures and reports on economic events in financial terms.
2. It involves recording, classifying, and summarizing financial data and communicating results to stakeholders.
3. Financial accounting aims to provide information to assess the financial position and performance of a business entity.
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Introduction to Accounting
Accounting has existed since 2600 BC in ancient Babylon, though double-entry accounting originated in 15th century Italy. It involves identifying, measuring, classifying, and communicating an organization's financial information to help decision-making. The key aspects of accounting are assets, liabilities, equity, revenue, and expenses. Financial statements like the income statement, balance sheet, and statement of cash flows are prepared using accounting information.
Accounting Introduction
Bookkeeping involves routinely recording business transactions, while accounting analyzes a business's financial performance and position. Bookkeeping keeps track of money in and out, like a person's birthday money. Accounting examines the impact of transactions through financial statements. Both require documenting proof of transactions for accuracy and to prevent fraud. Accounting has various types including financial, cost, and management accounting that serve different purposes like external reporting, cost analysis, and internal decision making.
financial accounting
Accounting is the process of identifying, measuring, recording, classifying, summarizing, analyzing, interpreting and communicating financial information about an entity. It involves recording economic events which affect the financial position and performance of a business. The key functions of accounting include identifying transactions, measuring transactions in monetary terms, recording transactions methodically in books of accounts, classifying transactions into appropriate accounts, summarizing transactions periodically into financial statements, analyzing trends and relationships, interpreting financial statements for decision making and communicating essential information to users.
P acc bcs
The document provides an introduction to accounting concepts and principles. It discusses how accounting records and measures financial transactions and provides information to various stakeholders. It defines accounting and outlines its objectives and users. It also describes key accounting terms, concepts and conventions like double-entry system, accounting equation, debits and credits rules. Finally, it discusses various books of accounts like journal, ledger, trial balance and accounting cycle.
Unit+43 +role+and+objectives+of+accounting
This document discusses the role and objectives of accounting. It covers topics such as recording business transactions, the accounting process, objectives of accounting, who uses accounts internally and externally, who produces accounts, and key business statements. Accounting involves systematically recording and managing financial transactions and data to facilitate decision making, evaluate performance, and communicate financial information to internal and external users. The main statements produced are the income statement, balance sheet, cash flow statement, and trial balance.
Lý thuyết Eng Ver (đã mở khoá).pdf
The document provides guidance on preparing financial statements from a trial balance. It discusses balancing and closing ledger accounts to prepare the trial balance, statement of profit or loss, and statement of financial position. The key steps are to collect ledger account balances in the trial balance, use the trial balance to prepare the statement of profit or loss by rearranging income and expense accounts, and then prepare the statement of financial position by listing and rearranging the remaining asset, liability, and equity accounts along with the profit or loss for the period. The ledger accounts are then balanced off by inserting balancing figures to make debits and credits equal, and carrying balances forward to the next period.
Introduction to accounting
Meaning Of Accounting.
Accounting as a source of information.
Role of an accountant.
Characteristics of an accounting information.
Objectives of accounting
Basic terms in accounting
FINANCIAL ACCOUNTING
The document discusses key concepts in financial accounting:
1. Accounting has evolved from a record keeping system to an information system that measures and reports on economic events in financial terms.
2. It involves recording, classifying, and summarizing financial data and communicating results to stakeholders.
3. Financial accounting aims to provide information to assess the financial position and performance of a business entity.
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This document provides an overview of key accounting concepts including bookkeeping, accounting, financial accounting, cost accounting, management accounting, accounting cycle, accounting equation, types of accounts, rules of accounting, analysis of transactions, and journal entries. It defines accounting as the process of collecting, recording, classifying, and summarizing financial transactions. It also describes the different types of accounts (asset, liability, capital, income, expense), users of accounting information, and the steps in the accounting cycle.
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Accounting provides essential financial information about a business and helps with budgeting, cash flow management, and cost cutting. It has two main branches: financial accounting for external reporting to banks and shareholders, and managerial accounting for internal decision making. Accounts can be personal or impersonal, real or nominal depending on whether they represent people, assets, expenses/incomes, or other intangible items. The three main financial statements are the balance sheet, which provides a snapshot of assets, liabilities and equity on a given date; the income statement, which measures revenue and expenses over a period of time; and the statement of cash flows.
Austin Journal of Accounting, Audit and Finance Management
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
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
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
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
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 is a peer reviewed open access journal in publishes manuscripts from all the areas of accounting, accountancy, finance, auditing.
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Accounting provides essential financial information to both internal and external users of a business. It involves systematically recording, classifying, and summarizing financial transactions, as well as communicating the results of business operations and financial position. The key purposes of accounting are to maintain records, determine profits and losses, ascertain the financial position, and provide information to stakeholders like managers, investors, and tax authorities for decision making.
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- 2. EMPLOYMENT OPPORTUNITIES Accounts assistant Audit assistant Investment consultant Tax practitioner Company secretary Teaching Accountant Cost analyst Financial advisor Chartered a/c Cost and management a/c State and Central Government jobs
- 3. INTRODUCTION TO ACCOUNTING Today accounting is used by everyone and a good understanding of it is beneficial to all. The introduction of accounting helps the decision makers of a company to make effective choices, by providing information on the financial status of the business. Accountancy act as a language of finance. To understand accounting efficiently it is important to understand the aspects of accounting
- 10. MEANING AND DEFINITION OF ACCOUNTING
- 13. ACCOUNTING CYCLE
- 14. OBJECTIVES OF ACCOUNTING To ascertain the profit or loss of the business enterprise To ascertain the financial position To keep a systematic record of financial transactions To provide information to various stakeholders To protect the properties of an enterprise
- 15. FUCTIONS OF ACCOUNTING Measurement Forecasting Comparison Decision making Control Assistance to government
- 16. IMPORTANCE OF ACCOUNTING Systematic records Preparation of financial statements Assessment of progress Aid to decision making Satisfies legal requirements Information to interested groups Legal evidence Settlement during manager
- 19. USERS OF ACCOUNTING INFORMATION
- 20. ROLE OF AN ACCOUNTANT Role Of an Accountant • Record keeper • Provide information • Protector of business assets • Financial advisor • Tax manager • Public relation officer
- 21. BASIC ACCOUNTING TERMINOLOGIES Transactions : An activity which involves transfer of money or money’s worth from one person to another (Buying and selling)
- 22. CASH AND CREDIT TRANSACTIONS
- 23. ACCOUNT It is the basic unit for measurement in accounting . I t is used for identify a person. Or an item in Accounting. An account is opened individually for a person, asset, expense, income, etc…
- 24. CAPITAL It is the amount invested by the owner or proprietor in an organisation.
- 25. DRAWINGS An amount withdrawn for personal use of the owner
- 26. VOUCHER Any written or printed document in support of a business transactions is called a voucher. (Ex. Cash receipt, Cash memo, Bank pay–in- slip
- 27. INVOICE It is a statement prepared by a seller of goods to be a sent to the buyer. It shows details of quantity, price, value, etc…and discount
- 28. PURCHASES Buying of goods with the intention of resale ia called purchases.
- 29. SALES When goods meant for resale are sold, it is called sales.
- 30. STOCK Unsold goods lying in a business on a particular date are known as stock
- 31. INCOME It is the amount receivable from sale of goods and earnings interest, discount, commission, etc..
- 32. EXPENSE It is the amount incurred in order to produce and sell the goods and services Salary Wages E.B charges Rent Travelling expenses
- 33. ASSETS Any physical thing or right owned tht has a monetary value is called assets.
- 34. LIABILITY It refers to the financial obligation of the business
- 35. DEBTORS A person who receives a benefit without giving money but liable to pay in future
- 36. CREDITORS A person Who gives a benefit without receiving money or money’s worth immediately but to claim in future.