accountig ppt
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This document discusses two types of discounts: trade discount and cash discount. Trade discount is a deduction from the list price usually given by wholesalers to retailers on bulk purchases. It is deducted from the invoice and not recorded in accounts. Cash discount is a reduction given by creditors to debtors for prompt payment, acting as an expense and income respectively. The document provides examples of journal entries for both discounts. The key difference is that trade discount is deducted from price at sale while cash discount is given and recorded at time of payment.
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Accounting Terms
This document provides definitions for 49 accounting terms. It is from a chapter that outlines key terms used in accounting. Some of the terms defined include assets, liabilities, revenue, expenses, profit, loss, transactions, capital, and accounts. For each term, a brief definition or explanation is given in bullet point form. The document serves to introduce foundational concepts and vocabulary for accounting.
Source document or voucher
This document discusses different types of accounting vouchers used to record business transactions. It explains that a transaction voucher contains one debit and one credit and is used for simple transactions. A compound voucher contains multiple debits or credits and is used for more complex transactions. It also describes debit vouchers, credit vouchers, and complex/journal vouchers which are used for transactions with multiple debits and credits. The vouchers contain details of the transaction such as date, accounts, amounts, and approvals. Vouchers must be properly prepared, approved, and preserved for audit purposes.
Bills of exchange
This document defines and explains bills of exchange. It notes that a bill of exchange is a written order from a drawer directing a drawee to pay a specified sum to the payee. It provides an example of how a bill of exchange works to settle a debt between parties. The key parts, features, parties involved and processes related to bills of exchange like acceptance, discounting, endorsement and maturity are described.
Presentation of subsidiary books
This document discusses subsidiary books, which are books of original entry where transactions are first recorded. It provides examples of common subsidiary books like purchase books, sales books, cash books, bills receivable books and bills payable books. It also discusses the advantages of using subsidiary books and their various formats.
Trial balance ppt
A trial balance is a financial statement that lists the debit and credit balances of all accounts in the general ledger. It is prepared to check the arithmetic accuracy of the ledger accounts and help detect errors. The trial balance is not a conclusive proof of accuracy as certain errors may remain undetected even if the debit and credit totals match. Common errors include omissions, incorrect postings, or wrong account balances. If errors cannot be found, a suspense account is used to temporarily balance the trial balance.
Accounting vouchers - in Tally ERP.9
Accounting vouchers - A Presentation to what are the Vouchers in TALLY Accounting. Commonly used Vouchers are mentioned here.
Bad debts
Bad debts and Provision for Bad debts. Bad Debts. When the firm finds that it is impossible to collect a debt, that debt should be written off as a bad debt.
CASH BOOK
The document discusses the key aspects of a cash book, which is used to record all cash receipts and payments. It notes that a cash book has two parts - cash receipts and cash payments. Transactions are recorded chronologically with receipts on the debit side and payments on the credit side. The cash book serves as both a journal and ledger. It allows the business owner to ascertain cash and bank balances without physically counting amounts. The document also discusses features of double-column and triple-column cash books, which include additional columns for discounts, and contra entries that affect both cash and bank balances.
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Accounting Terms
This document provides definitions for 49 accounting terms. It is from a chapter that outlines key terms used in accounting. Some of the terms defined include assets, liabilities, revenue, expenses, profit, loss, transactions, capital, and accounts. For each term, a brief definition or explanation is given in bullet point form. The document serves to introduce foundational concepts and vocabulary for accounting.
Source document or voucher
This document discusses different types of accounting vouchers used to record business transactions. It explains that a transaction voucher contains one debit and one credit and is used for simple transactions. A compound voucher contains multiple debits or credits and is used for more complex transactions. It also describes debit vouchers, credit vouchers, and complex/journal vouchers which are used for transactions with multiple debits and credits. The vouchers contain details of the transaction such as date, accounts, amounts, and approvals. Vouchers must be properly prepared, approved, and preserved for audit purposes.
Bills of exchange
This document defines and explains bills of exchange. It notes that a bill of exchange is a written order from a drawer directing a drawee to pay a specified sum to the payee. It provides an example of how a bill of exchange works to settle a debt between parties. The key parts, features, parties involved and processes related to bills of exchange like acceptance, discounting, endorsement and maturity are described.
Presentation of subsidiary books
This document discusses subsidiary books, which are books of original entry where transactions are first recorded. It provides examples of common subsidiary books like purchase books, sales books, cash books, bills receivable books and bills payable books. It also discusses the advantages of using subsidiary books and their various formats.
Trial balance ppt
A trial balance is a financial statement that lists the debit and credit balances of all accounts in the general ledger. It is prepared to check the arithmetic accuracy of the ledger accounts and help detect errors. The trial balance is not a conclusive proof of accuracy as certain errors may remain undetected even if the debit and credit totals match. Common errors include omissions, incorrect postings, or wrong account balances. If errors cannot be found, a suspense account is used to temporarily balance the trial balance.
Accounting vouchers - in Tally ERP.9
Accounting vouchers - A Presentation to what are the Vouchers in TALLY Accounting. Commonly used Vouchers are mentioned here.
Bad debts
Bad debts and Provision for Bad debts. Bad Debts. When the firm finds that it is impossible to collect a debt, that debt should be written off as a bad debt.
CASH BOOK
The document discusses the key aspects of a cash book, which is used to record all cash receipts and payments. It notes that a cash book has two parts - cash receipts and cash payments. Transactions are recorded chronologically with receipts on the debit side and payments on the credit side. The cash book serves as both a journal and ledger. It allows the business owner to ascertain cash and bank balances without physically counting amounts. The document also discusses features of double-column and triple-column cash books, which include additional columns for discounts, and contra entries that affect both cash and bank balances.
Revenue presentation
This document discusses the concept of revenue in accounting. It defines revenue as the gross income received from normal business activities before expenses are deducted. Revenue arises from the sale of goods or services and is measured in monetary terms. The document outlines the key principles of revenue recognition and matching revenues with related expenses. It also discusses the differences between recording revenue for service companies versus merchandising companies.
Source documents powerpoint
A business usually pays other parties by cheque, with information written on both the cheque itself and a corresponding cheque counterfoil. A deposit slip is filled out when depositing money including cash, cheques, and money orders into a bank account, with the depositor keeping a duplicate and the bank keeping the original. When a customer pays a business through various methods like cash, cheque, or credit/debit card, the business can provide a receipt, cash register receipt, or credit card slip to acknowledge receiving payment.
What is an invoice ?
An invoice is a document that specifies products or services provided and amounts owed. It contains key information like the billing department, invoice number, payment terms, dates, supplier and receiver details, item descriptions, quantities, prices, charges, and applicable taxes. Invoices should be legible, avoid dark paper or staples, and use scan-friendly ink colors. Common invoice types include pro-forma, debit note, credit note, and bill. Invoices are typically sent after delivery or completion of work and can be sent electronically or via mail. The invoice date is important for determining payment due dates.
Speaking skill presentation
Speaking involves the vocalized production of language in real time through the use of the speech organs. It is the hardest of the four language skills due to the limited time for planning. Speaking requires conceptualizing ideas, formulating them syntactically and lexically, articulating sounds, self-monitoring, and employing fluency strategies like pausing, fillers and prefabricated language chunks. Fluency depends on factors like speech rate, length of pauses, and use of fillers. Successful speaking also requires turn-taking skills and knowledge of genres, contexts, and social relationships.
Market Structure
This document discusses market structure and its various forms. It defines a market and lists its key features such as buyers and sellers, competition, interaction, existence of commodities, price, and knowledge. The document then classifies markets based on area, nature of transactions, volume of business, time period, level of regulation, and sellers. It also discusses different forms of market structure from perfect competition to monopoly based on the number of firms and level of product differentiation. Concentration and its effect on competition are explained. Finally, some Hindi translations of market structure terms are provided.
Macro objectives
This document discusses macroeconomics and key macroeconomic policy objectives in the UK. The objectives of macroeconomic policy are to achieve price stability, economic growth, low unemployment, higher living standards, and a stable balance of payments. Additional objectives include balancing the budget, improving well-being, regional balance, access to public services, and environmental sustainability. Charts show actual and forecast UK economic indicators such as GDP growth, inflation, employment and earnings. Forecasts suggest continued growth with a low risk of recession. International data compares the shares of world GDP, with China now the largest economy based on purchasing power parity.
Monetary Systems
The document discusses the functions and types of money, how banks create money through fractional-reserve banking, and how the money supply is affected. It explains that money serves as a medium of exchange, unit of account, and store of value. Banks hold reserves and make loans, increasing the money supply through the money multiplier effect. The Federal Reserve uses tools like open market operations and reserve requirements to influence the money supply and inflation.
Introduction to final accounts
This document introduces the key financial statements prepared at the end of an accounting period: the trading account, profit and loss account, and balance sheet. It explains that the trial balance is prepared first using debit and credit columns to show asset/expense and liability/income balances. The trading account calculates gross profit by subtracting the cost of goods sold from net sales. The profit and loss account then calculates net profit by subtracting total expenses from total profits including gross profit and other income. Finally, the balance sheet presents the financial position by showing assets, liabilities, and capital/net assets.
Xii acc chapter 1 Income and Expenditure Account
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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.
Theory base of accounting, AS & IFRS
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly. Regular exercise may help the brain work better and may reduce the risk of developing Alzheimer's disease or other dementias.
Accounting Process & Procedure
The document provides information about accounting processes and procedures. It discusses transactions and events recorded in the general ledger. It describes different types of vouchers like supporting, journal, receipt, and payment vouchers. It also explains steps to prepare journal entries and the utility and limitations of journals. Furthermore, it discusses subsidiary books, ledger, trial balance and various financial statements like trading account, profit and loss account and balance sheet. It provides details about preparing bank reconciliation statements and their benefits.
Basics of accounting
The document provides an overview of basic accounting concepts, including:
- Accounting is the process of recording, classifying, and summarizing financial transactions to prepare financial statements.
- Key accounting concepts include business entity, money measurement, dual aspect, cost, accounting period, conservatism, realization, and matching.
- Accounting conventions include going concern, consistency, and accrual.
- The document also discusses classifying accounting events as capital, revenue, or deferred revenue expenditures.
The Title Search Process Rundown
The title search process begins with accessing public land records held by the county government. A title professional then collects legal documents related to the property to create a Property Abstract or Title Report. This establishes ownership and identifies any title defects. Next, a Title Commitment is issued which outlines what defects need fixing and what will be covered by the title insurance policy. Finally, the title insurance policy is issued based on the results of the search and commitment.
Bill of exchange
The document defines a bill of exchange as a written instrument containing an unconditional order from a creditor (drawer) to a debtor (drawee) to pay a specified amount of money to a person (payee). There are three parties to a bill of exchange: the drawer, drawee, and payee. The drawer makes the order, the drawee is directed to pay, and the payee receives the money. A bill of exchange must be in writing, contain an express order to pay, specify three definite parties, state a certain amount of money payable in legal tender, and comply with formalities like date and stamp.
Journal
Meaning
Features
Functions
Advantage
Limitations
Format of journal
Steps in journalising
Rules of journalising
Meaning of goods
Illustration
Exercise
What are accounting source documents
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
Beginners guide to speaking in correct english
The document provides tips for improving one's English pronunciation to sound like a native speaker. It recommends practicing by watching TV and imitating mouth movements and intonation. One should speak slowly at first for clarity and record themselves to compare with native recordings. With regular practice of reading aloud, listening to oneself, and removing influences from one's mother tongue, one can improve their English pronunciation over time through persistent effort.
Speaking Skills
This document discusses various aspects of effective speaking. It covers topics like psycholinguistics, the four language skills, aspects that impact speaking like context and purpose, vocal production elements like volume and clarity, barriers to speaking like perceptual and emotional barriers, and techniques to improve speaking like commanding the topic, analyzing the audience and context, and feeling confident.
Sales and Purchase Entry in Tally ERP9
Creating Sales and Purchase vouchers in Tally is extremely easy and simple. They are often referred to as purchase entry in Tally and sales entry in Tally. Learn how to do it in this video by Attitude Academy Yamuna vihar, Delhi.
Unit 1 introduction to accounting
1. The document provides an introduction to accounting and explores careers in accounting and the world of business. It discusses how personal skills and interests affect career choices and describes different types of businesses and organizations that hire accountants.
2. The document then examines the role of profit, risk-taking, and entrepreneurship in business. It describes the three main types of business operations and three forms of business organization. The importance of accounting for both internal and external users is discussed.
3. Finally, the document presents an ethics case study involving an employee considering starting their own competing daycare business using ideas from their current employer. It prompts the reader to consider the ethical issues and impacts on stakeholders.
Green house effects & the impact on bangladesh economy power point presentation
This document summarizes a presentation on the impacts of greenhouse effects and climate change on Bangladesh's economy. It discusses how climate change is predicted to increase global temperatures by 1.8-4°C by 2100, threatening food production and biodiversity. For Bangladesh, it may reduce agricultural output, increase flooding from sea level rise, heavy rainfall and glacier melt. This would negatively impact GDP, with the agricultural sector most affected. The document then outlines some mitigation and adaptation strategies Bangladesh is taking, such as using renewable energy, agroforestry, disaster preparedness, and climate-resistant agriculture and aquaculture.
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Revenue presentation
This document discusses the concept of revenue in accounting. It defines revenue as the gross income received from normal business activities before expenses are deducted. Revenue arises from the sale of goods or services and is measured in monetary terms. The document outlines the key principles of revenue recognition and matching revenues with related expenses. It also discusses the differences between recording revenue for service companies versus merchandising companies.
Source documents powerpoint
A business usually pays other parties by cheque, with information written on both the cheque itself and a corresponding cheque counterfoil. A deposit slip is filled out when depositing money including cash, cheques, and money orders into a bank account, with the depositor keeping a duplicate and the bank keeping the original. When a customer pays a business through various methods like cash, cheque, or credit/debit card, the business can provide a receipt, cash register receipt, or credit card slip to acknowledge receiving payment.
What is an invoice ?
An invoice is a document that specifies products or services provided and amounts owed. It contains key information like the billing department, invoice number, payment terms, dates, supplier and receiver details, item descriptions, quantities, prices, charges, and applicable taxes. Invoices should be legible, avoid dark paper or staples, and use scan-friendly ink colors. Common invoice types include pro-forma, debit note, credit note, and bill. Invoices are typically sent after delivery or completion of work and can be sent electronically or via mail. The invoice date is important for determining payment due dates.
Speaking skill presentation
Speaking involves the vocalized production of language in real time through the use of the speech organs. It is the hardest of the four language skills due to the limited time for planning. Speaking requires conceptualizing ideas, formulating them syntactically and lexically, articulating sounds, self-monitoring, and employing fluency strategies like pausing, fillers and prefabricated language chunks. Fluency depends on factors like speech rate, length of pauses, and use of fillers. Successful speaking also requires turn-taking skills and knowledge of genres, contexts, and social relationships.
Market Structure
This document discusses market structure and its various forms. It defines a market and lists its key features such as buyers and sellers, competition, interaction, existence of commodities, price, and knowledge. The document then classifies markets based on area, nature of transactions, volume of business, time period, level of regulation, and sellers. It also discusses different forms of market structure from perfect competition to monopoly based on the number of firms and level of product differentiation. Concentration and its effect on competition are explained. Finally, some Hindi translations of market structure terms are provided.
Macro objectives
This document discusses macroeconomics and key macroeconomic policy objectives in the UK. The objectives of macroeconomic policy are to achieve price stability, economic growth, low unemployment, higher living standards, and a stable balance of payments. Additional objectives include balancing the budget, improving well-being, regional balance, access to public services, and environmental sustainability. Charts show actual and forecast UK economic indicators such as GDP growth, inflation, employment and earnings. Forecasts suggest continued growth with a low risk of recession. International data compares the shares of world GDP, with China now the largest economy based on purchasing power parity.
Monetary Systems
The document discusses the functions and types of money, how banks create money through fractional-reserve banking, and how the money supply is affected. It explains that money serves as a medium of exchange, unit of account, and store of value. Banks hold reserves and make loans, increasing the money supply through the money multiplier effect. The Federal Reserve uses tools like open market operations and reserve requirements to influence the money supply and inflation.
Introduction to final accounts
This document introduces the key financial statements prepared at the end of an accounting period: the trading account, profit and loss account, and balance sheet. It explains that the trial balance is prepared first using debit and credit columns to show asset/expense and liability/income balances. The trading account calculates gross profit by subtracting the cost of goods sold from net sales. The profit and loss account then calculates net profit by subtracting total expenses from total profits including gross profit and other income. Finally, the balance sheet presents the financial position by showing assets, liabilities, and capital/net assets.
Xii acc chapter 1 Income and Expenditure Account
How to prepare Income and Expenditure Account and Differences between Receipt and Payment account and Income and Expenditure account
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.
Theory base of accounting, AS & IFRS
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly. Regular exercise may help the brain work better and may reduce the risk of developing Alzheimer's disease or other dementias.
Accounting Process & Procedure
The document provides information about accounting processes and procedures. It discusses transactions and events recorded in the general ledger. It describes different types of vouchers like supporting, journal, receipt, and payment vouchers. It also explains steps to prepare journal entries and the utility and limitations of journals. Furthermore, it discusses subsidiary books, ledger, trial balance and various financial statements like trading account, profit and loss account and balance sheet. It provides details about preparing bank reconciliation statements and their benefits.
Basics of accounting
The document provides an overview of basic accounting concepts, including:
- Accounting is the process of recording, classifying, and summarizing financial transactions to prepare financial statements.
- Key accounting concepts include business entity, money measurement, dual aspect, cost, accounting period, conservatism, realization, and matching.
- Accounting conventions include going concern, consistency, and accrual.
- The document also discusses classifying accounting events as capital, revenue, or deferred revenue expenditures.
The Title Search Process Rundown
The title search process begins with accessing public land records held by the county government. A title professional then collects legal documents related to the property to create a Property Abstract or Title Report. This establishes ownership and identifies any title defects. Next, a Title Commitment is issued which outlines what defects need fixing and what will be covered by the title insurance policy. Finally, the title insurance policy is issued based on the results of the search and commitment.
Bill of exchange
The document defines a bill of exchange as a written instrument containing an unconditional order from a creditor (drawer) to a debtor (drawee) to pay a specified amount of money to a person (payee). There are three parties to a bill of exchange: the drawer, drawee, and payee. The drawer makes the order, the drawee is directed to pay, and the payee receives the money. A bill of exchange must be in writing, contain an express order to pay, specify three definite parties, state a certain amount of money payable in legal tender, and comply with formalities like date and stamp.
Journal
Meaning
Features
Functions
Advantage
Limitations
Format of journal
Steps in journalising
Rules of journalising
Meaning of goods
Illustration
Exercise
What are accounting source documents
The article gives an overview of what are accounting source documents and what are their goals, content, and examples.
#manufacturing #manufacturer #accountingsource #mrpeasy #manufacturingsoftware #mrp #erp #erpsystem #mrpsoftware
Beginners guide to speaking in correct english
The document provides tips for improving one's English pronunciation to sound like a native speaker. It recommends practicing by watching TV and imitating mouth movements and intonation. One should speak slowly at first for clarity and record themselves to compare with native recordings. With regular practice of reading aloud, listening to oneself, and removing influences from one's mother tongue, one can improve their English pronunciation over time through persistent effort.
Speaking Skills
This document discusses various aspects of effective speaking. It covers topics like psycholinguistics, the four language skills, aspects that impact speaking like context and purpose, vocal production elements like volume and clarity, barriers to speaking like perceptual and emotional barriers, and techniques to improve speaking like commanding the topic, analyzing the audience and context, and feeling confident.
Sales and Purchase Entry in Tally ERP9
Creating Sales and Purchase vouchers in Tally is extremely easy and simple. They are often referred to as purchase entry in Tally and sales entry in Tally. Learn how to do it in this video by Attitude Academy Yamuna vihar, Delhi.
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Unit 1 introduction to accounting
1. The document provides an introduction to accounting and explores careers in accounting and the world of business. It discusses how personal skills and interests affect career choices and describes different types of businesses and organizations that hire accountants.
2. The document then examines the role of profit, risk-taking, and entrepreneurship in business. It describes the three main types of business operations and three forms of business organization. The importance of accounting for both internal and external users is discussed.
3. Finally, the document presents an ethics case study involving an employee considering starting their own competing daycare business using ideas from their current employer. It prompts the reader to consider the ethical issues and impacts on stakeholders.
Green house effects & the impact on bangladesh economy power point presentation
This document summarizes a presentation on the impacts of greenhouse effects and climate change on Bangladesh's economy. It discusses how climate change is predicted to increase global temperatures by 1.8-4°C by 2100, threatening food production and biodiversity. For Bangladesh, it may reduce agricultural output, increase flooding from sea level rise, heavy rainfall and glacier melt. This would negatively impact GDP, with the agricultural sector most affected. The document then outlines some mitigation and adaptation strategies Bangladesh is taking, such as using renewable energy, agroforestry, disaster preparedness, and climate-resistant agriculture and aquaculture.
Introduction and History of Tally Accounting Software
Tally.ERP 9 has all the features required for high-performance business management including remote access, audit & compliance services, an integrated support centre and security management, all focused on delivering peace of mind.
Types of accounts
The document describes various account types offered by Silk Bank including individual, joint, partnership, and foreign currency accounts. It provides details on current accounts like Online Express and BVA accounts, savings accounts like PLS and Super Saver accounts, and new accounts from Silk Bank like Salary Premium, Ready Line, Foree Transfer, Munafa Rozana, and IBFT. Key features and benefits of each account type are mentioned such as free banking facilities, profit rates, insurance coverage and cash withdrawal limits.
Bank Account Types
This document discusses various types of bank accounts including current accounts, savings accounts, fixed/term deposit accounts, and special purpose accounts. It provides details on the key features and characteristics of each type of account, how they are treated in financial statements, eligibility requirements, and debit and credit rules. Special purpose accounts are established to pool funds for specific public welfare projects and are exempt from certain taxes.
Principles of insurance
Insurance involves the equitable transfer of risk, where an insurer agrees to compensate an insured for a potential loss in exchange for a premium payment. The key parties are the insurer (the company), the insured (the policyholder), and the premium (the amount charged). Insurance is governed by acts and involves a contract between the insurer and insured regarding a specific insurable risk, with defined terms and conditions. For a risk to be insurable, it must be measurable, accidental in nature, and not catastrophic. Common types of insurance include life, property, liability, and guarantee policies.
Insurance sector ppt
The document discusses the history and development of insurance in India. It provides definitions of insurance and describes different types of insurance like life, health, automobile, fire insurance. It summarizes the key players in the insurance sector including LIC, private insurers, and the regulatory body IRDA. It also outlines the products offered by LIC and investment policies of insurance companies.
FUNCTIONS OF INSURANCE
Insurance is defined both functionally and contractually. Functionally, it is a cooperative device to spread risk over multiple individuals exposed to the same risk. Contractually, it is an agreement where an insurer takes on the risk of a large loss in exchange for regular premium payments. The primary functions of insurance are providing protection from economic loss, collective risk bearing by sharing losses among policyholders, evaluating risks, and providing certainty. Secondary functions include preventing losses, covering larger risks with small capital contributions, and facilitating development of large industries. Insurance also serves as a savings/investment tool, earns foreign exchange, enables risk-free trade, and provides indemnification for unanticipated losses.
Insurance
This document discusses insurance, including its definition, history in Nepal, types of insurance, and effects on daily life. It begins by defining insurance as a legal contract between three parties that distributes risks by having the insurer assume the risk of loss in exchange for premiums from the insured. The document then covers the historical development of insurance in Nepal starting in 2004, describes the main types of insurance like life, marine, fire, and miscellaneous, and explains how insurance works by sharing losses among many. It concludes by discussing the positive effects insurance has on families, business, employment, the economy, and society by providing compensation against losses and encouraging risk-taking.
insurance sector ppt
1. The document discusses the history and development of the insurance sector in India. It traces insurance in India back to 1818 and discusses key developments like nationalization of insurance in 1956 and privatization in 1999.
2. The roles, types (life, general, health etc.), and major players (both public and private) of insurance are described. It also compares the market share and business of public sector giant LIC versus private insurers.
3. Benefits of insurance planning and investment opportunities in insurance are highlighted. Laws and regulations governing the insurance sector in India are also briefly outlined.
types of accounts in a bank
The document discusses the four main types of bank accounts in India - current accounts, savings accounts, fixed deposits, and recurring deposits. It provides details on the features, pros and cons of each type of account. Current accounts are for businessmen and allow transactions without interest but with service charges. Savings accounts encourage personal savings and provide interest but have withdrawal limits. Fixed deposits require depositing money once for a set time at high interest rates but cannot withdraw funds early. Recurring deposits allow investing smaller amounts monthly over years at slightly lower interest.
Ppt insurance ...
The Insurance Act of 1938 was the first legislation governing all forms of insurance in India and provided strict state control over the insurance business. It aimed to safeguard policyholder interests and establish norms for smoothly conducting the insurance business and minimizing disputes. Subsequent acts like the Insurance Regulatory and Development Authority Act of 1999 established regulatory authorities to further protect policyholders, regulate the industry, and ensure its orderly growth.
Types of Insurance
This document provides an overview of the many different types of insurance. It lists and describes several major categories of insurance including life insurance, home insurance, property insurance, auto insurance, and health insurance. Within each category, it outlines specific types of insurance such as term life, whole life, and annuities for life insurance or fire, flood, and earthquake insurance for property insurance. The document serves as an exhaustive reference for the various risks that can be insured against.
Life insurance ppt
The document discusses the history and types of life insurance in India. It notes that life insurance can be traced back to ancient texts and the first insurance companies were established in the late 19th century. It then summarizes different types of life insurance policies including term insurance, endowment plans, whole life plans, and unit linked insurance plans. The document also briefly outlines how life insurance claims are processed.
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Green house effects & the impact on bangladesh economy power point presentation
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Introduction and History of Tally Accounting Software
Introduction and History of Tally Accounting Software
Similar to accountig ppt
Week 9
The document discusses special journals that can be used for specific transaction types when an expanded general journal is no longer practical. It describes sales, cash receipts, and sales returns and allowances journals. For sales, accounts receivable is debited and sales and sales tax payable are credited. For cash receipts, cash is always debited and accounts are credited based on the transaction. Sales returns and allowances have a normal debit balance and are contra accounts that reduce the sales account.
FuA I C - 3 Accounting for Merchandise.pdf
This document discusses accounting for merchandising businesses. It explains that merchandising businesses buy goods for resale to customers. The key aspects covered include: recording purchases and sales of merchandise, calculating cost of goods sold, accounting for purchase returns and discounts, sales returns and discounts, and inventory systems. It provides examples of journal entries for typical merchandising transactions.
Journal notes
The document discusses journal entries for various types of business transactions including purchases, sales, expenses, banking transactions, and discounts. It provides examples of journal entries for purchasing goods for cash or credit, selling goods for cash or credit, paying expenses like salaries and wages, banking activities like depositing and withdrawing cash, and allowing trade or cash discounts to customers. It also discusses complex entries for bad debts, bad debts recovered, withdrawals by the owner, and various types of common banking transactions.
CLASSIFICATION OF ACCOUNTS AND ACCOUNTING STANDARD
FOR ANY HELP CONTACT ME ON INSTAGRAM OR MY MAIL ARYASHASHWAT34 SHASHWATARYA013@GMAIL.COM
The modern approach views finance function in broader sense. It includes both rising of funds as well as their effective utilization under the purview of finance. The finance function does not stop only by finding out sources of raising enough funds; their proper utilization is also to be considered. The cost of raising funds and the returns from their use should be compared.
Acct chapter 14
The document discusses the accounting process for merchandising businesses, including recording purchases and sales, calculating sales tax, tracking accounts receivable, recording cash receipts including payments from customers and cash sales, and providing sales discounts to customers. It introduces new accounts needed for merchandising businesses like merchandise inventory and sales, and explains how to record various sales and cash receipt transactions in the general journal.
08
(1) The Allowance for Doubtful Accounts is a contra-asset account subtracted from accounts receivable on the balance sheet.
(2) The actual write-off entry does not reduce net receivables.
(3) The estimation error inherent in the allowance method is more acceptable than violating the matching principle with the direct write-off method.
Accounts
Accounting involves recording financial transactions and preparing financial statements. It uses concepts like duality, accrual, matching and consistency. Transactions are recorded in journals like purchase, sales and cash books. The trial balance shows debit and credit balances of all accounts. The trading account calculates gross profit/loss and the profit and loss account calculates net profit/loss. The balance sheet presents the assets, liabilities and capital of a business at a point in time, with assets and liabilities ordered by liquidity or permanence. Adjustments to the trial balance ensure items are fully reflected in the final accounts.
Acct chapter 14
The document discusses the operating cycle and accounting process for merchandising businesses that purchase inventory for resale, including how to record sales, cash receipts, accounts receivable, sales returns, and cash/sales discounts. It introduces the merchandise inventory, sales, and sales returns and allowances accounts, and explains how to maintain an accounts receivable subsidiary ledger to track customer accounts.
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encourage customers to make purchases. They serve as valuable tools in the world of commerce, benefiting both consumers and sellers
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This document provides an overview of accounting concepts including:
1) Accounting is defined as the systematic recording, analysis, and reporting of financial transactions pertaining to a business. It involves recording revenues, expenses, assets, liabilities, and equity over time.
2) Accounting rules include debiting assets and expenses, and crediting liabilities, equity, revenues, and gains. Personal accounts are either debited as receivers or credited as givers.
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44894768-FMA-PPT-3-Accounting-Cycle-Journal-Entries.ppt
The accounting cycle has four main steps: 1) Recording transactions, 2) Classifying transactions by posting them to ledger accounts, 3) Summarizing by preparing a trial balance and final accounts, and 4) Closing the books. Journalizing is the process of recording transactions in the journal, or book of original entry. The journal contains details of debit and credit amounts, account names, and page references. Key terms in accounting include capital, drawings, bad debts, discounts, and classification of accounts. Opening entries are needed to transfer account balances from the prior year.
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The document discusses accounts receivable and notes receivable. It defines receivables as amounts due from individuals and companies. It identifies the main types of receivables as accounts receivable, notes receivable, and other receivables. It then covers accounting issues related to recognition, valuation, and estimation of uncollectibles for accounts receivable. Finally, it discusses the processes of assigning or factoring accounts receivable, including examples of journal entries for assigning receivables as collateral for a loan.
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The document discusses key concepts in accounting and bookkeeping. It defines accounting as the recording, classifying, and summarizing of financial transactions and events to assess the results of operations and financial position of a business. Bookkeeping is described as merely recording transactions in books and ledgers, while accountancy provides compiled accounts to understand the state of business affairs. Key accounting concepts discussed include cost, money measurement, business entity, realization, and double entry principles.
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Article theme accrual_vs_cash
The document discusses the differences between accrual and cash basis accounting. Under the accrual method, revenues are recorded when earned and expenses are recorded when incurred, rather than when cash is received or paid out. This provides a more accurate picture of a company's financial activities. The document uses examples of recording sales and inventory purchases to illustrate the journal entries under accrual accounting versus cash accounting. While accrual basis is required for GAAP financial statements, cash basis can be used for tax reporting purposes if the accrual accounts are adjusted at year-end.
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This document discusses accounting for accounts receivable. It defines accounts receivable as amounts owed to a company from credit sales. There are three main methods to value accounts receivable: 1) record them at invoice price and reduce for returns and allowances, 2) use an allowance method to estimate uncollectible amounts each period to match expenses to revenues, 3) use the direct write-off method to record losses directly to the receivable when the amount is known to be uncollectible. The document also discusses how to record accounts receivable transactions in journal entries.
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This document discusses accounting concepts and principles including invoices, books of prime entry, the cash book, VAT, financial statements, discounts, the trial balance, and payroll. It provides details on purchase invoices, sales invoices, books of prime entry like sales day books and purchase day books, how the cash book records receipts and payments, double-entry for VAT transactions, components of the statement of financial position, trade and cash discounts, the trial balance, and payroll accounting including wages, salaries, taxes, and benefits.
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Accounting errors can occur unintentionally when recording transactions or preparing financial statements. There are two types of accounting errors: errors not affecting the trial balance, and errors affecting the trial balance. Errors not affecting the trial balance include errors of commission, principle, original entry, omission, and compensating errors. Errors affecting the trial balance result in an unbalanced trial balance, requiring the use of a suspense account to balance. Correcting entries must be made to clear the suspense account and properly reflect transactions in individual accounts. Corrections may also require adjustments to the income statement and balance sheet to accurately report profit and account balances.
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accountig ppt
- 3. TYPES OF DISCOUNT TRADE DISCOUNT & CASH DISCOUNT
- 4. trade discount It is the deduction from the list price or catalogue price, usually allowed by wholesalers to retailers on bulk purchases. It is deducted in the invoice from the list price and the net amount only is recorded in the books of accounts.
- 5. TREATMENT OF TRADE DISCOUNT WITH EXAMPLE A sold to B goods of the catalogue price of R.s. 10000 at a tade discount of 10%. * The journal entry in the book of A : B's A /c Dr. 9000 Sales A/c 9000 ( sold goods on credit) ( 10000-10% discount= 9000)
- 6. *journal entry in books of B is : Purchase A/c Dr. 9000 A's A/c 9000 ( Bought goods on credit)
- 7. cash discount It is the reduction allowed by the creditor to the debtor, usually on making prompt payment. Such a reduction is an expense to the creditor who allows it and an income to the debtor who make the payment at a lesser amount.
- 8. TREATMENT OF CASH DISCOUNT WITH EXAMPLE X owes an amount of R.s.1000 to Y. X makes the payment promptly and Y allows a reduction of R.s.50. The reduction of R.s.50 is the cash discount, it is an income to X and expense to Y.
- 9. *journal entry in the books of Y, on receipt of the amount : Cash A/c Dr. 950 Discount A/c Dr. 50 X’sA/c 1000 (cash received &discount allowed) *journal entry in the books of X on payment: Y’sA/c Dr. 1000 CashA/c 950 DiscountA/c 50 (cash paid and discount earned)
- 10. Differences between trade discount & cash discount Trade discount • It is allowed by the wholesalers to the retailers. • The main purpose is to increase sales. • Given at the time of sales. • Not recorded in the books. • Deducted from the invoice price. Cash discount • It is allowed by the creditor to the debtor. • The main purpose is to ensure prompt payment. • Given at the time of payment. • Recorded in the books. • Not deducted from the invoice price.
- 11. Assignment Prepare a short note on discount and its differences.