Accounting
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Accounting involves recording financial transactions, classifying and summarizing them, then analyzing, interpreting, and communicating the information to users. It is defined as the process of identifying, measuring, and communicating economic information to allow for informed judgments and decisions. The accounting process includes recording transactions, classifying them, summarizing, analyzing and interpreting, then communicating the results. Bookkeeping records transactions at a basic level, while accounting provides summarized and analyzed information for decision making.
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ACCOUNTING BASICS &PRINCIPLES
This document provides an overview of accounting basics and principles. It defines accounting as the process of identifying, recording, and communicating financial information. The objectives of accounting are to provide useful information to decision makers through relevance, reliability, and other qualitative characteristics. The document outlines key accounting principles like the business entity, accrual basis, and matching principles. It also describes the main financial statements - the balance sheet, income statement, statement of cash flows, and statement of owners' equity - and their purpose in communicating financial information to both internal and external users of accounting data.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Basic accounting principles
The document discusses key accounting principles including the four main financial statements, the basic accounting equation, and different types of accounts. It also covers topics like accrual versus cash accounting, depreciation, financial analysis methods, and financial ratios used to evaluate business performance and health. The document is intended to provide an overview of basic accounting concepts.
accounting process
The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.
Financial Accounting
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.
Account
The document defines accounting as recording, classifying, and summarizing financial transactions and events to prepare financial statements. It discusses the basic accounting concepts like the accounting equation, assets, liabilities, equity, revenues and expenses. It also explains the key steps in accounting cycle which includes recording transactions, posting to ledger accounts, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance and financial statements, and closing temporary accounts. The accounting cycle aims to generate useful financial information for decision making in the form of income statement, balance sheet, and other financial reports.
Fundamentals of accounting
Fundamentals of accounting showcased the basic approach to understanding and managing accounting systems in a simplified manner. Personnel in accounting and financial reporting roles would find the presentation a practice and refresher material for successful bookkeeping and financial reports.
Accounting basics
Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.
Recommended
ACCOUNTING BASICS &PRINCIPLES
This document provides an overview of accounting basics and principles. It defines accounting as the process of identifying, recording, and communicating financial information. The objectives of accounting are to provide useful information to decision makers through relevance, reliability, and other qualitative characteristics. The document outlines key accounting principles like the business entity, accrual basis, and matching principles. It also describes the main financial statements - the balance sheet, income statement, statement of cash flows, and statement of owners' equity - and their purpose in communicating financial information to both internal and external users of accounting data.
Introduction to accounting
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.
Basic accounting principles
The document discusses key accounting principles including the four main financial statements, the basic accounting equation, and different types of accounts. It also covers topics like accrual versus cash accounting, depreciation, financial analysis methods, and financial ratios used to evaluate business performance and health. The document is intended to provide an overview of basic accounting concepts.
accounting process
The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.
Financial Accounting
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.
Account
The document defines accounting as recording, classifying, and summarizing financial transactions and events to prepare financial statements. It discusses the basic accounting concepts like the accounting equation, assets, liabilities, equity, revenues and expenses. It also explains the key steps in accounting cycle which includes recording transactions, posting to ledger accounts, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance and financial statements, and closing temporary accounts. The accounting cycle aims to generate useful financial information for decision making in the form of income statement, balance sheet, and other financial reports.
Fundamentals of accounting
Fundamentals of accounting showcased the basic approach to understanding and managing accounting systems in a simplified manner. Personnel in accounting and financial reporting roles would find the presentation a practice and refresher material for successful bookkeeping and financial reports.
Accounting basics
Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.
Journal and Ledger
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
| Accounting Cycle | Double Entry Accounting | Basic Accounting Equation | 8 ...
Principles of accounting, the accounting cycle, double entry accounting, debits and credits, basic accounting equation, ownership structure, steps in accounting cycle, transactions and events, journalizing, techniques of journalizing, posting, trial balance, adjusting entries, classes of adjusting entries, adjusted trial balance, preparing financial statements, closing entries, post-closing trial balance
What Is Debit and Credit
Debit and Credit
Accounting is the systematic recording and organizing of all the financial information of a company. This refers to the bookkeeping function of Accounting; where bookkeepers record accounts in journals and transferring it to a ledger. Accounting also has the reporting function where all the gathered financial information is used to create financial statements to analyze and understand the financial health and performance of the business. It’s pretty straightforward, almost all people can understand this definition at first look, but what confuses everybody is the concept of Debit and Credit. Now to set things clear, let’s define first debit and credit.
We seriously do appreciate you examining this slide share. Just in case you want to study more about other important accounting theories, our company, TrendStatic Business Solutions delivers different Basic Accounting for Non-Accountants training programs. Educating regular individuals without Accounting qualifications all the stuff that they have to properly recognize to start out on accounting.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Fundamentals of Accounting / Introduction of Accounting
1.01 Meaning and Definition of Accounting
1.02 Attributes (Characteristics) of Accounting
1.03 Functions of Accounting
1.04 Accounting Process
1.05 Book Keeping
1.06 Objectives of Accounting
1.07 Advantages of Accounting
1.08 Limitations of Accounting
1.09 Users of Accounting Information
1.10 Systems of Accounting
1.11 Basis of Accounting
Financial accounting
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Topic 3 Double entry book keeping
Double entry bookkeeping is a method of recording accounting transactions where every transaction has two equal and opposite accounting entries. The key principle is that for every debit, there must be an equal and opposite credit. Luca Pacioli introduced this system in 1494. It provides more accurate, complete recording of transactions compared to conventional single-entry bookkeeping systems. Accounts are classified as personal, real, or nominal depending on what type of asset, person, or expense/income they represent. Debits and credits follow set rules according to these account types.
Accounting concept
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
Presentation on accounting cycle
The document provides an overview of the accounting cycle, which is the process of recording business transactions from source documents into journals, then posting them to ledgers and preparing financial statements. It includes examples of 10 transactions recorded in the general journal and corresponding ledger accounts. It concludes with the preparation of a trial balance, income statement, capital statement, and balance sheet from the ledger accounts.
Simple Bookkeeping & Accounting
This document provides an overview and agenda for a refresher course on simple bookkeeping that will take place from September 18-20, 2019 at the Hotel Ariana in Bauang, La Union. The course will cover topics like the definition of accounting and bookkeeping, their importance, basic accounting concepts and principles, the accounting equation, double-entry bookkeeping system, accounting cycle, chart of accounts, books of accounts, and basic financial statements. It will also include workshops and presentations on accounting and bookkeeping definitions, principles, and processes.
Role of Accounting
The document provides an overview of accounting, including distinguishing between financial and managerial accounting. It describes typical accounting activities such as identifying, recording, and reporting financial transactions. It explains that accounting provides important information to various stakeholders, including owners, lenders, managers, and government agencies. It also outlines different career paths for accountants in fields like auditing, taxation, and financial planning.
accounting
This document provides an overview of accounting concepts and principles. It defines accounting as identifying, recording, classifying and summarizing financial transactions and interpreting the results. The key characteristics are that accounting is an art that involves recording transactions in money terms and interpreting results. The main objectives of accounting are to provide financial information to various stakeholders like owners, creditors, and tax authorities.
Accounting for managers
This document provides an overview of accounting concepts for managers. It defines accounting as recording, classifying, and summarizing financial transactions and events. Accounting serves to guide and control business activities, analyze results, and provide information for decision making. It distinguishes between bookkeeping and accounting, and describes the branches of accounting. The accounting cycle and basic principles like the accounting equation and double-entry system are also summarized.
Introduction to Accounting
This document provides a brief introduction to accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events in terms of money. Accounting is necessary for businesses to track their finances and is useful for various stakeholders like owners, investors, creditors, employees and the government. The document outlines the accounting process, including books of original entry, ledger, trial balance, financial statements, and the accounting cycle. It describes accounting as both an art and a science, and discusses the objectives and functions of accounting for businesses.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to allocate revenues and expenses to the appropriate period. This is necessary because under the accrual basis of accounting, revenues are reported in the period they are earned and expenses in the period they are incurred. Some accounts, like prepaid expenses and unearned revenue, require adjustment to adhere to the revenue recognition and matching principles. The document provides examples of accounts that need adjustment, the cash versus accrual accounting methods, and the purpose of adjusting entries in ensuring financial statements reflect the proper period's financial activity.
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.
Accounting equation
The accounting equation states that assets are equal to liabilities plus owner's equity. It represents the relationship between what a business owns (assets), what it owes (liabilities), and the owner's claim on the assets (owner's equity). Every transaction affects at least two accounts to maintain the balance of the accounting equation. The equation ensures that the sources of a business's assets are identified as either belonging to creditors (liabilities) or the owner (owner's equity).
Accounting for non accounting professionals
This document provides an overview of basic accounting concepts for non-accounting professionals. It defines accounting as the process of recording, analyzing, and communicating financial transactions. It then outlines key accounting concepts like the basic accounting equation of assets equaling liabilities plus equity, the different accounting cycles like purchase, sales, and payroll, and basic financial statements including the balance sheet, income statement, and cash flow statement. It concludes with explaining tools for analysis like ratio analysis and an introduction to cost accounting, financial planning, and taxation.
Accounting Presentation
This document provides an overview of the history and origins of accounting. It discusses how accounting dates back to early civilizations like Sumerians and Egyptians who used accurate records of agricultural products. Double-entry bookkeeping was first published and introduced by Luca Pacioli in 1494 in his book Summa de Arithmetica where he laid out the framework for the modern practice of double-entry bookkeeping using debits and credits. The document also discusses key accounting books like the memorandum, journal, and ledger that form the basis of the double-entry system.
Mca i fma u 1.2 double entry system
This document discusses double entry bookkeeping, which is a system used in accounting to maintain financial records. It ensures that every financial transaction is recorded in at least two different accounts to maintain a balance between debits and credits. The document provides references for further reading on double entry systems and accounting principles.
Accounting equation and account classification 06052013
The document discusses the basic accounting equation of Assets = Liabilities + Owner's Equity. It defines key accounting concepts such as assets, liabilities, owner's equity, and how transactions affect accounts. Assets are resources owned, liabilities are amounts owed, and owner's equity is the residual claim. The accounting equation is expanded to track increases and decreases in owner's equity from revenues, expenses, investments, and withdrawals. Transactions are analyzed to show their dual effects on at least two accounts.
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Journal and Ledger
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
| Accounting Cycle | Double Entry Accounting | Basic Accounting Equation | 8 ...
Principles of accounting, the accounting cycle, double entry accounting, debits and credits, basic accounting equation, ownership structure, steps in accounting cycle, transactions and events, journalizing, techniques of journalizing, posting, trial balance, adjusting entries, classes of adjusting entries, adjusted trial balance, preparing financial statements, closing entries, post-closing trial balance
What Is Debit and Credit
Debit and Credit
Accounting is the systematic recording and organizing of all the financial information of a company. This refers to the bookkeeping function of Accounting; where bookkeepers record accounts in journals and transferring it to a ledger. Accounting also has the reporting function where all the gathered financial information is used to create financial statements to analyze and understand the financial health and performance of the business. It’s pretty straightforward, almost all people can understand this definition at first look, but what confuses everybody is the concept of Debit and Credit. Now to set things clear, let’s define first debit and credit.
We seriously do appreciate you examining this slide share. Just in case you want to study more about other important accounting theories, our company, TrendStatic Business Solutions delivers different Basic Accounting for Non-Accountants training programs. Educating regular individuals without Accounting qualifications all the stuff that they have to properly recognize to start out on accounting.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Fundamentals of Accounting / Introduction of Accounting
1.01 Meaning and Definition of Accounting
1.02 Attributes (Characteristics) of Accounting
1.03 Functions of Accounting
1.04 Accounting Process
1.05 Book Keeping
1.06 Objectives of Accounting
1.07 Advantages of Accounting
1.08 Limitations of Accounting
1.09 Users of Accounting Information
1.10 Systems of Accounting
1.11 Basis of Accounting
Financial accounting
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Topic 3 Double entry book keeping
Double entry bookkeeping is a method of recording accounting transactions where every transaction has two equal and opposite accounting entries. The key principle is that for every debit, there must be an equal and opposite credit. Luca Pacioli introduced this system in 1494. It provides more accurate, complete recording of transactions compared to conventional single-entry bookkeeping systems. Accounts are classified as personal, real, or nominal depending on what type of asset, person, or expense/income they represent. Debits and credits follow set rules according to these account types.
Accounting concept
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
Presentation on accounting cycle
The document provides an overview of the accounting cycle, which is the process of recording business transactions from source documents into journals, then posting them to ledgers and preparing financial statements. It includes examples of 10 transactions recorded in the general journal and corresponding ledger accounts. It concludes with the preparation of a trial balance, income statement, capital statement, and balance sheet from the ledger accounts.
Simple Bookkeeping & Accounting
This document provides an overview and agenda for a refresher course on simple bookkeeping that will take place from September 18-20, 2019 at the Hotel Ariana in Bauang, La Union. The course will cover topics like the definition of accounting and bookkeeping, their importance, basic accounting concepts and principles, the accounting equation, double-entry bookkeeping system, accounting cycle, chart of accounts, books of accounts, and basic financial statements. It will also include workshops and presentations on accounting and bookkeeping definitions, principles, and processes.
Role of Accounting
The document provides an overview of accounting, including distinguishing between financial and managerial accounting. It describes typical accounting activities such as identifying, recording, and reporting financial transactions. It explains that accounting provides important information to various stakeholders, including owners, lenders, managers, and government agencies. It also outlines different career paths for accountants in fields like auditing, taxation, and financial planning.
accounting
This document provides an overview of accounting concepts and principles. It defines accounting as identifying, recording, classifying and summarizing financial transactions and interpreting the results. The key characteristics are that accounting is an art that involves recording transactions in money terms and interpreting results. The main objectives of accounting are to provide financial information to various stakeholders like owners, creditors, and tax authorities.
Accounting for managers
This document provides an overview of accounting concepts for managers. It defines accounting as recording, classifying, and summarizing financial transactions and events. Accounting serves to guide and control business activities, analyze results, and provide information for decision making. It distinguishes between bookkeeping and accounting, and describes the branches of accounting. The accounting cycle and basic principles like the accounting equation and double-entry system are also summarized.
Introduction to Accounting
This document provides a brief introduction to accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events in terms of money. Accounting is necessary for businesses to track their finances and is useful for various stakeholders like owners, investors, creditors, employees and the government. The document outlines the accounting process, including books of original entry, ledger, trial balance, financial statements, and the accounting cycle. It describes accounting as both an art and a science, and discusses the objectives and functions of accounting for businesses.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.
This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Adjusting Entries
Adjusting entries are journal entries made at the end of an accounting period to allocate revenues and expenses to the appropriate period. This is necessary because under the accrual basis of accounting, revenues are reported in the period they are earned and expenses in the period they are incurred. Some accounts, like prepaid expenses and unearned revenue, require adjustment to adhere to the revenue recognition and matching principles. The document provides examples of accounts that need adjustment, the cash versus accrual accounting methods, and the purpose of adjusting entries in ensuring financial statements reflect the proper period's financial activity.
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.
Accounting equation
The accounting equation states that assets are equal to liabilities plus owner's equity. It represents the relationship between what a business owns (assets), what it owes (liabilities), and the owner's claim on the assets (owner's equity). Every transaction affects at least two accounts to maintain the balance of the accounting equation. The equation ensures that the sources of a business's assets are identified as either belonging to creditors (liabilities) or the owner (owner's equity).
Accounting for non accounting professionals
This document provides an overview of basic accounting concepts for non-accounting professionals. It defines accounting as the process of recording, analyzing, and communicating financial transactions. It then outlines key accounting concepts like the basic accounting equation of assets equaling liabilities plus equity, the different accounting cycles like purchase, sales, and payroll, and basic financial statements including the balance sheet, income statement, and cash flow statement. It concludes with explaining tools for analysis like ratio analysis and an introduction to cost accounting, financial planning, and taxation.
Accounting Presentation
This document provides an overview of the history and origins of accounting. It discusses how accounting dates back to early civilizations like Sumerians and Egyptians who used accurate records of agricultural products. Double-entry bookkeeping was first published and introduced by Luca Pacioli in 1494 in his book Summa de Arithmetica where he laid out the framework for the modern practice of double-entry bookkeeping using debits and credits. The document also discusses key accounting books like the memorandum, journal, and ledger that form the basis of the double-entry system.
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Fundamentals of Accounting / Introduction of Accounting
Fundamentals of Accounting / Introduction of Accounting
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTS
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This document discusses double entry bookkeeping, which is a system used in accounting to maintain financial records. It ensures that every financial transaction is recorded in at least two different accounts to maintain a balance between debits and credits. The document provides references for further reading on double entry systems and accounting principles.
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After reading this topic you should be able to understand
1-Double Entry System
2- Accounts and their classification
3- Rules of Debit and Credit
Double entry system
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
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Topic 1 introduction of book keeping and accountancy
This document provides an overview of bookkeeping and accounting. It defines bookkeeping as the art of recording business transactions and accounting as the process of identifying, measuring, recording, and communicating economic information. The key differences between bookkeeping and accounting are that bookkeeping has a limited scope and is clerical work, while accounting has a wider analytical scope. Accounting provides information to various users and has branches like financial, cost, management, and forensic accounting. It also discusses the accounting cycle, objectives, bases, advantages, and limitations of accounting.
Financial Accounting
best ppt for all students pursuing MBA
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Topic 1 introduction of book keeping and accountancy
Topic 1 introduction of book keeping and accountancy
Similar to Accounting
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Chap 1-final
Accounting has evolved from a process focused on financial record-keeping to an information system that collects and communicates economic data to both internal and external users. The role of accountants has shifted from recorders of transactions to providers of relevant information to aid decision-making. Accounting now encompasses more than just bookkeeping, including new areas like forensic accounting, e-commerce, financial planning, and environmental accounting. As an information system, accounting identifies, measures, records, and communicates the financial activities of an organization so various users can make informed decisions.
accounting introduction
The document provides an introduction to the key concepts of accounting, including:
1. Accounting is defined as the process of recording, classifying, summarizing and communicating financial information to allow for informed decision making.
2. The main branches of accounting are financial accounting, cost accounting, and management accounting. Financial accounting provides financial statements, cost accounting determines product costs, and management accounting aids decision making.
3. The accounting process involves identifying transactions, recording them, classifying posts in ledger accounts, summarizing, analyzing, and communicating results. Double-entry bookkeeping is the standard system used.
4. Accounting objectives are to maintain records, determine profit/loss, financial position, assist management
Accounting conceptual framework ppt
This document provides an introduction to accounting and bookkeeping. It defines accounting as recording, classifying, and summarizing financial transactions and events to determine a business's financial position. Bookkeeping is the fundamental process of accurately recording business transactions, while accounting analyzes and interprets the summarized financial information. The key users of accounting information are internal management as well as external potential investors, creditors, and tax authorities. The objectives and advantages of accounting are maintaining financial records, calculating profits and losses, and providing information to users about a business's performance and financial position.
Tsgrewal
This document provides an introduction to accounting, including definitions and key concepts. It discusses bookkeeping and accounting, explaining that bookkeeping is the process of recording financial transactions, while accounting additionally involves classifying, summarizing, analyzing and interpreting the recorded data.
The document outlines the main attributes and steps of accounting as recording transactions, classifying data, summarizing, and analysis/interpretation. It also discusses the objectives of accounting such as keeping systematic records, ascertaining results and financial position, and facilitating decision making.
Finally, the document covers the importance and functions of accounting. It explains that accounting provides valuable financial information to various stakeholders like owners, managers, creditors, and governments to understand performance and assess financial health
Introduction to Accounting- class 11
First chapter of 11th Accounts is discussed in details. All contents are according to 11th Accounts (CBSE) syllabus.
CHAPTER 1_Introduction To Accounting.pptx
Accounting is defined as the process of recording, classifying, summarizing and interpreting financial information about an entity's economic activities. It involves quantifying transactions and events in monetary terms, and communicating this information to interested users externally and internally to help them make informed economic decisions. The key functions of accounting are to maintain records of financial transactions, prepare financial statements, meet legal requirements, and assist management in decision making. Some major branches of accounting include financial accounting, management accounting, cost accounting, government accounting, auditing and tax accounting.
Acc
1. Accounting is the process of recording, classifying, and summarizing financial transactions and interpreting the results. Bookkeeping involves specifically recording transactions, while accounting also analyzes and communicates the results.
2. The key difference between bookkeeping and accounting is that bookkeeping records transactions, while accounting analyzes and interprets the results to determine profit/loss and financial position.
3. Financial statements like the income statement and balance sheet provide accounting information to various users to make informed decisions.
Acc
1. Bookkeeping is the process of recording financial transactions and events, while accounting involves summarizing and interpreting the results of bookkeeping.
2. The key differences between bookkeeping and accounting are that bookkeeping is routine and focuses on maintaining records, while accounting is analytical and focuses on interpreting results and communicating them to interested parties.
3. The objectives of accounting are to maintain systematic financial records, ascertain profits and losses, ascertain the financial position, assist management decision making, and prevent fraud. Accounting provides reliable and relevant financial information to both internal and external users.
Financial accounting
This document provides an overview of key concepts in financial accounting, including:
- Definitions of accounting, bookkeeping, and accountancy. Accounting involves recording, classifying, summarizing, and communicating financial information, while bookkeeping is the process of recording transactions.
- The objectives of accounting, which include maintaining business records, ascertaining profit/loss, determining financial position, facilitating management control, and providing information to users.
- The advantages of accounting, such as providing financial information about a business and assisting management decision making.
- The limitations of accounting, as it does not provide an exact measure and ignores qualitative factors.
Financial accounting
Accounting involves recording, classifying, and summarizing financial transactions and events. It has several objectives, including maintaining business records, ascertaining profit/loss, determining financial position, and providing information to users. The accounting process involves identifying transactions, recording them, classifying records, summarizing data, and interpreting results. Principles like the business entity concept, money measurement concept, and matching concept guide the accounting process. Accounting provides useful information but has limitations like not reflecting qualitative factors or price changes.
Accounts 1.pdf
This document discusses the role and scope of accounting. It states that accounting has evolved from simple record keeping to providing important information to both internal and external users for decision making. Accounting identifies, measures, records and communicates financial information about an organization's economic events. This information is used by managers, investors and other stakeholders to evaluate performance and make informed decisions. The document also outlines the key branches of accounting including financial accounting, cost accounting, and management accounting which provide different types of information to various users.
Accounts 1.pdf
This document discusses the role and scope of accounting. It begins by stating the learning objectives of understanding the meaning, need, users, objectives, and terms of accounting. It then explains how the role of accountants has expanded from simple record keeping to providing relevant information to decision makers. Accounting now provides both financial and non-financial quantitative and qualitative information for internal and external users. The document outlines the identification, measurement, recording and communication processes involved in accounting and how it generates information for interested users through financial statements and reports.
Introduction to accounts
I have made a PPT on introduction to accounting and basic accounts..
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Hope this will be useful for non-accounts student..
THEORY BASE OF ACCOUNTING.pptx
Accounting is the process of recording, classifying, and summarizing financial transactions and interpreting the results. It involves maintaining systematic records, ascertaining profits and losses, determining financial position, providing information to users, and assisting management. The accounting cycle includes recording transactions in source documents and journals, posting to ledger accounts, preparing a trial balance, and ultimately financial statements. Accounting provides quantitative and qualitative information to internal and external users for decision making.
Pp ts accountancy-unit-1
Meaning and definition of Accounting, Book-Keeping, Accounting, Accountancy, difference between Accounting and Book-keeping, Systems of accounting, Characteristics of accounting, objectives of accounting, functions of accounting, process of accounting, types of accounts, golden rules of accounting. concepts and conventions of accounting.
Fundamenatls of Book-Keeping & Accountancy by Sachin Bhurase
This document provides an overview of bookkeeping and accounting. It defines bookkeeping as the process of systematically recording all business transactions. As business activities grew more complex, the need arose to record transactions to remember dealings and ascertain profits. Accounting builds upon bookkeeping by classifying, summarizing, and interpreting recorded data to assess a business's financial performance and position. Key terms like assets, liabilities, income, and expenses are also defined. Overall, the document outlines the basic concepts and purposes of bookkeeping and accounting systems.
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Accounting Concepts and conventions ppt.
This document discusses the concepts and conventions of accounting. It provides background on the history and development of accounting, from its origins in 15th century Italy to its modern role as a tool for business management and decision making. The key functions of accounting are outlined as recording, classifying, and summarizing financial transactions to provide useful information to various stakeholders. Some of the fundamental accounting concepts discussed include separate entity, going concern, money measurement, dual aspect, accounting period, and realization.
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Introduction to objective, scope and outcome the subject
Chapter 2
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Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
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Chapter 6
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Accounting
- 2. 1. Meaning of Accounting 2. Definition of Accounting 3. Accounting process 4. Need of Accounting 5. Difference b/w book keeping & Accounting
- 4. Accounting is a primary concerned with recording of financial transaction , summarising them information are proprietors, creditors , debtors etc . Since accounting is a medium of communication , it is called the LANGUAGE OF BUSINESS .
- 6. Accounting is the process of identifying ,measuring & communicating economic information to permit informed judgments and decisions by users of the information. -AMERICAN ACCOUNTING ASSOCIATION
- 8. STEPS OF ACCOUTING PROCESS Recording Classifying Summarising Analysing & Interpreting Communicating
- 9. ACCOUNTING PROCESS ↓ ↑ ↑ Financial transaction or event Recording Journal •Cash book •Sales book •Purchase return book •Sales return book •Journal proper Communicatin g to user Analysing & interpretation Summarising Trial balance Balance sheet Classifying
- 10. In ancient times , wants of men were very limited due to which the number of business transitions was also limited. Nevertheless , with the invention of money the speed of production & distribution got momentum , which has increased business activities.
- 11. BOOK KEEPING Book keeping is concerned with financial transaction . It is primary stage . The objective of book keeping is to maintain systematic records of financial transactions. this job routine is nature. Junior staff do this. ACCOUNTING Accounting is concerned with summarising the recorded transaction. It is a secondary stage The objective is of accounting is to ascertain net of operation. This is analytical & dynamic . Senior staff performs this function.