This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
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
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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
It is now very easy for accounting students to get detailed and logical solutions to accounting assignments or problems at a very reasonable cost and within a deadline. Our expert accounting tutors delivered excellent accounting help services to you. You 100% sure that we deliver what we promise!
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Kilcoyne & Co Accountants are a firm of professionals Dublin Accountants, working to provide a range of accountancy services to Companies & Private Individuals.
Definition of accounting, what is accounting cycle? And how to record business transactions, it consist on various series which started from journal entries, ledger, and trial balance. key terms of accounting. The Accounting Rules of debit and credit, Debit money, assets and liabilities, Bad Debits, Balance Sheet, Double-entry, bad debts, inventory, Expenses, depreciation , Accumulated Depreciation , types of ledger account, categories of general ledger account, Assets and Liabilities, Owners’ Equity, Revenue Expansion of the Basic Equation and Expense, and examples.
A Quick Guide to Understanding Double Entry Accounting System.pdfPay10
Double-entry bookkeeping is a fundamental concept in accounting that involves recording every financial
transaction with two corresponding entries in different accounts. This system ensures accuracy and
balance in a company's financial records, presenting a clear picture of its financial position.
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Kilcoyne & Co Accountants are a firm of professionals Dublin Accountants, working to provide a range of accountancy services to Companies & Private Individuals.
Definition of accounting, what is accounting cycle? And how to record business transactions, it consist on various series which started from journal entries, ledger, and trial balance. key terms of accounting. The Accounting Rules of debit and credit, Debit money, assets and liabilities, Bad Debits, Balance Sheet, Double-entry, bad debts, inventory, Expenses, depreciation , Accumulated Depreciation , types of ledger account, categories of general ledger account, Assets and Liabilities, Owners’ Equity, Revenue Expansion of the Basic Equation and Expense, and examples.
A Quick Guide to Understanding Double Entry Accounting System.pdfPay10
Double-entry bookkeeping is a fundamental concept in accounting that involves recording every financial
transaction with two corresponding entries in different accounts. This system ensures accuracy and
balance in a company's financial records, presenting a clear picture of its financial position.
Accounting is the language of business. It records business transactions taking place during the accounting period. Accounting communicates the result of the business transactions in the form of final accounts
Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.
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তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
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4. The double entry system of accounting or bookkeeping means that every business
transaction will involve two accounts (or more). For example, when a company
borrows money from its bank, the company's Cash account will increase and its
liability account Loans Payable will increase. If a company pays $200 for an
advertisement, its Cash account will decrease and its account Advertising Expense
will increase.
Double entry also allows for the accounting equation (assets = liabilities + owner's
equity) to always be in balance.
In our example involving Advertising Expense, the accounting equation remained in
balance because expenses cause owner's equity to decrease.
In that example, the asset Cash decreased and the owner's capital account within
owner's equity also decreased.
A third aspect of double entry is that the amounts entered into the general ledger
accounts as debits must be equal to the amounts entered as credits.
DOUBLE ENTRY SYSTEM :
5. SINGLE ENTRY SYSTEM :
This system ignores the two fold
aspect of each transaction as
considered in double entry system.
Under single entry system, merely
personal aspects of transaction i.e.
personal accounts are recorded. This
method takes no note of the
impersonal aspects of the transaction
other than cash. It offers no check on
the accuracy of the posting and no
safeguard against fraud because it
does not provide any check over the
recording of cash transaction.
Therefore, it is called as "Imperfect
accounting".
According to Kohler: "Single entry
system is a system which records each
transactions and transactions relating
to personal accounts."
6. Features of double entry
system :
The features of double entry system are as follows:
1) Two parties: transaction takes place only if there are two parties- one party
receiving the benefit other party giving or parting with the benefit.
2) Each party is affected (by the transaction) in opposite direction but with the
same amount.
3) Each transaction affects at least two items in an accounting equation.
Accounting equation is composed of three elements namely Assets, Liabilities and
Capital.
4) Account receiving the benefit is debited and recorded on the left hand side and
the account rendering the benefit is credited and recorded on the right hand side.
5) For each transaction debit amount is equal to the credit amount.
7. Advantages of Double Entry System
i) Scientific system: This system is the only scientific system of recording
business transactions in a set of accounting records. It helps to attain the objectives of
accounting.
ii) Complete record of transactions: This system maintains a complete
record of all business transactions.
iii) A check on the accuracy of accounts: By use of this system the accuracy
of accounting book can be established through the device called a Trail balance.
iv) Ascertainment of profit or loss: The profit earned or loss suffered during
a period can be ascertained together with details by the preparation of Profit and Loss
Account.
v) Knowledge of the financial position of the business: The financial
position of the firm can be ascertained at the end of each period, through the
preparation of balance sheet.
8. vi) Full details for purposes of control: This system permits accounts to be
prepared or kept in as much detail as necessary and, therefore, affords significant
information for purposes of control etc.
vii) Comparative study is possible: Results of one year may be compared
with those of the precious year and reasons for the change may be ascertained.
viii) Helps management in decision making: The management may be also
to obtain good information for its work, specially for making decisions.
ix) No scope for fraud: The firm is saved from frauds and misappropriations
since full information about all assets and liabilities will be available.
9. Procedure of Identifying Debit and Credit:
The term ‘debit’ is supposed to have derived from ‘debit’ and the
term ‘credit’ from ‘creditable’. For convenience ‘Dr’ is used for debit
and ‘Cr’ is used for credit. Recording of transactions require a
thorough understanding of the rules of debit and credit relating to
accounts. Both debit and credit may represent either increase or
decrease, depending upon the nature of account.
The main elements of accounting equation are asset,
liability, and owner’s
equity. The income of the business increases owner’s
equity while the expense
decreases the same.
10. ASSETS: INCREASE IN DEBIT- DECREASE IN
CREDIT.
LIABILITIES: INCREASE IN CREDIT- DECREASE IN
DEBIT.
EXPENSE: INCREASE IN DEBIT – DECREASE IN
CREDIT.
INCOME : INCREASE IN CREDIT- DECREASE IN
DEBIT.
CAPITAL : INCREASE IN CREDIT - DECREASE IN DEBIT.
11. BRIEF NOTE ON DUAL ASPECT OF ACCOUNTING :
Dual concept may be stated as "for every debit, there is a credit." Every
transaction should have two sided effect to the extent of same amount.
This concept has resulted in accounting equation which states that at any
point of time the assets of any entity must be equal (in monetary terms) to
the total of owner's equity and outsider's liabilities. This may be expressed
in the form of equation:
A - L = P
Where A stands for assets of the entity.
L stands for liabilities (outsider's claims) of the entity
P stands for proprietor's claim (capital) on the entity.
(The form of presentation of equation A - L = P is consistent with the legal
interpretation of financial position.)
12. BOOK KEEPING VS ACCOUNTING
1) Transactions
Basis of difference Book Keeping Accounting
Recording of
transactions in books
of original entry.
To examine these
recorded
transactions in order
to find out their
accuracy.
2) Posting To make posting in
ledger
To examine this
posting in order to
ascertain its accuracy.
3) Total and Balance
To make total of the
amount in journal and
accounts of ledger. To
ascertain balance in
all accounts.
To prepare trial
balance with the
help of balances of
ledger accounts
13. Preparation of trading,
Profit & loss account and
balance sheet is not book
keeping
Preparation of trading,
profits and loss account
and balance sheet is
included in it.
5) Rectification of
errors
These are not included in
book-keeping
These are included in
accounting.
7) Special skill and
knowledge
It does not require any
special skill and knowledge
as in advanced countries
this work is done by
machines.
It requires special skill
and knowledge.
BOOK KEEPING VS ACCOUNTING
Basis of difference BOOK KEEPING Accounting
4) Income Statement
and Balance Sheet
14. Accounting cycle :
The accounting cycle is a methodical set of rules to ensure the accuracy and
conformity of financial statements. Computerized accounting systems have
helped to greatly reduce mathematical errors in the accounting process, but
the uniform process of the accounting cycle also helps reduce mistakes.
The nine steps of the accounting cycle are:
Collecting and analyzing data from transactions and events.
Putting transactions into the general journal.
Posting entries to the general ledger.
Preparing an unadjusted trial balance.
Adjusting entries appropriately.
Preparing an adjusted trial balance.
Organizing the accounts into the financial statements.
Closing the books.
Preparing a post-closing trial balance to check the accouts.
15. Steps of Accounting cycle:
Transactions
Financial transactions start the process. Transactions can include the sale or return of a
product, the purchase of supplies for business activities, or any other financial activity that
involves the exchange of the company’s assets, the establishment or payoff of a debt, or the
deposit from or payout of money to the company’s owners.
Journal entries
The transaction is listed in the appropriate journal, maintaining the journal’s chronological
order of transactions. The journal is also known as the “book of original entry” and is the first
place a transaction is listed.
Posting
The transactions are posted to the account that it impacts. These accounts are part of the
General Ledger, where you can find a summary of all the business’s accounts.
Trial balance
At the end of the accounting period (which may be a month, quarter, or year depending on a
business’s practices), you calculate a trial balance. It is done to verify the mathematical
accuracy of the accounts.
16. Worksheet
Unfortunately, many times your first calculation of the trial balance shows that the books
aren’t in balance. If that’s the case, you look for errors and make corrections
called adjustments, which are tracked on a worksheet.
Adjustments:
Adjustments are also made to account for the depreciation of assets and to adjust for one-
time payments (such as insurance) that should be allocated on a monthly basis to more
accurately match monthly expenses with monthly revenues. After you make and record
adjustments, you take another trial balance to be sure the accounts are in balance.
Adjusting journal entries
You post any corrections needed to the affected accounts once your trial balance shows the
accounts will be balanced once the adjustments needed are made to the accounts. You don’t
need to make adjusting entries until the trial balance process is completed and all needed
corrections and adjustments have been identified.
Financial statements
You prepare the balance sheet and income statement using the corrected account balances.
17. Closing the books
You close the books for the revenue and expense accounts and begin the
entire cycle again with zero balances in those accounts.
As a businessperson, you want to be able to gauge your profit or loss on month by
month, quarter by quarter, and year by year bases. To do that, Revenue and
Expense accounts must start with a zero balance at the beginning of each
accounting period. In contrast, you carry over Asset, Liability, and Equity account
balances from cycle to cycle.