Accounting conceptual framework ppt
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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.
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The document discusses conceptual frameworks for accounting. It provides definitions and explanations of key concepts:
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Desc
ribe
and
inter
the f
relate
inan
cial
.
5
state
men
ts o
fa
corp
orat
ion
and
expl
ain
how
they
c. 2014 Cengage Learning. All
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Leader:
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Adem, Angelie Lyka L.
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Desc
ribe
and
inter
the f
relate
inan
cial
.
5
state
men
ts o
fa
corp
orat
ion
and
expl
ain
how
they
c. 2014 Cengage Learning. All
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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.
presentation_1_fundamentals_of_accountancy_1597688113_368971.pptx
This document provides an introduction to the topics of accounting, bookkeeping, and their relationship. It defines accounting as identifying, measuring, recording, and communicating financial information about a business. Bookkeeping is described as the routine recording of business transactions and is a part of the accounting process. Accounting involves further analysis and interpretation to provide information to internal and external users of the financial statements, such as owners, creditors, and regulators. The accounting cycle and processes are also outlined which involve recording transactions, preparing financial statements, and communicating the results.
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.
Accounting.pptx
This document provides an overview of accounting. It defines accounting as identifying, measuring, and communicating economic information to allow for informed decisions. It outlines the objectives and scope of accounting and distinguishes between bookkeeping, accounting, and accountancy. It also discusses the interested parties in accounting information, the branches of accounting including financial, cost, and management accounting, and the advantages and limitations of accounting.
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.
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 terminology basic accounting concept prepared by Prof.Satish R.Tajane
The document summarizes key aspects of bookkeeping and accounting. It defines bookkeeping as the process of recording business transactions systematically. It outlines the objectives of bookkeeping such as maintaining permanent records and knowing the profit/loss and capital. Accountancy is defined as including bookkeeping, classifying, summarizing, and interpreting transactions. The basic types of accounts and double-entry bookkeeping system are also introduced. Sources of accounting documents that support bookkeeping entries are discussed, including vouchers, receipts, debit/credit notes, and bank documents.
Book keeping and accounting
The document defines key accounting terms and concepts, including:
- Book keeping is recording business transactions, while accounting also involves preparing financial statements and interpreting results.
- Accounting principles include business entity, money measurement, going concern, and matching to provide standardized financial reporting.
- The double entry system is more accurate and complete than single entry as every transaction has a corresponding debit and credit.
- Key accounts are classified as personal, impersonal, real or nominal and follow rules for debits and credits depending on the type.
accounting .pptx
Accounting involves systematically identifying, recording, classifying, summarizing, and communicating financial information about a business entity to users. It includes recording all money transactions, analyzing the financial positions and results of the business, classifying financial information, and communicating the financial position to users of financial statements. The key purpose is to provide useful information to managers and stakeholders.
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.
Accounting terminology
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
Winning Notes - Accounts - Basics1
This document provides an introduction to bookkeeping and accounting. It defines bookkeeping as recording business transactions involving money. The objective is to calculate profit/loss and assets/liabilities. Advantages include permanent records, accuracy, and financial planning. Accounting is defined as identifying, measuring, and communicating economic information to allow informed decisions. It discusses the accounting cycle and the differences between accountancy, accounting, and bookkeeping. It also covers the branches of accounting and some basic accounting terms and concepts.
BA5103 Accounting for Management
Accounting serves as a language of business by communicating results of business operations to stakeholders like owners, creditors, investors, and the government. It records, classifies, and summarizes financial transactions and events in a meaningful manner using money values. Accounting provides quantitative financial information to allow informed decisions by users. It is defined as an information system that measures and reports on the resources controlled by a business and the financing of its operations.
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 basics
This document provides an overview of accounting basics and terminology. It defines business transactions, books of accounts, bookkeeping, and accounting. It distinguishes between bookkeeping and accounting, noting that bookkeeping records transactions while accounting analyzes and interprets records. The accounting cycle and functions of accounting are described as identifying, recording, classifying, summarizing, analyzing, interpreting, and communicating transactions and financial information. Key accounting concepts like assets, liabilities, equity, revenue, expenses, and drawings are defined. Account types like personal, impersonal, real, and nominal accounts are also classified.
M anagerial accounting-basics
This document provides an overview of the objectives and units covered in a Managerial Accounting course. It discusses the following key points in 3 sentences:
The objectives of the course are to acquaint students with financial, cost, and management accounting principles, to enable students to prepare and analyze financial statements, and to enable students to make decisions using management accounting tools. The course covers topics such as basic accounting, financial statement preparation, ratio analysis, funds flow and cash flow statements, costing techniques, and variance analysis. References for further reading on accounting topics are also provided.
Similar to Accounting conceptual framework ppt (20)
Topic 1 introduction of book keeping and accountancy
Topic 1 introduction of book keeping and accountancy
presentation_1_fundamentals_of_accountancy_1597688113_368971.pptx
presentation_1_fundamentals_of_accountancy_1597688113_368971.pptx
Accounting terminology basic accounting concept prepared by Prof.Satish R.Tajane
Accounting terminology basic accounting concept prepared by Prof.Satish R.Tajane
Fundamenatls of Book-Keeping & Accountancy by Sachin Bhurase
Fundamenatls of Book-Keeping & Accountancy by Sachin Bhurase
Journal entries for accounting students. How to post in journal.
Journal entries for accounting students. How to post in journal.
FABM1 - Lesson 1 - Introduction to Accounting.pptx
FABM1 - Lesson 1 - Introduction to Accounting.pptx
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Accounting conceptual framework ppt
- 1. Accounting
- 2. Introduction Human beings are social beings. We live in a society Society exists due to mutual give and take. This give and take i.e. exchange is termed as “transaction”
- 3. Accounting has been widely and rightly termed as “the language of the business” Language is the means of the communication.
- 4. Book Keeping Science and art of recording the transactions in money or money’s worth so accurately and systematically that the true state of businessman’s affairs can be correctly ascertained.
- 5. Characteristics Of Book Keeping Fundamental activity for recording business transactions. Every transaction is properly analyzed before recording. Transactions recorded relates to transfer of money or money’s worth. Systematic method of recording. Science as well as an art. Provides enough information about the position of various accounts.
- 6. Book Keeping Process Identification of transaction Recording at the first stage Posting in the ledger Ledger account balancing Preparation of trial balance
- 7. Necessity Of Book Keeping –Limitation of human memory –Owners and managers are different persons –Determination of amounts recoverable and payable by the business –Need for financial information –Information needs of various users
- 8. Accounting starts where book keeping ends
- 9. Accounting is defined as “the art of recording, classifying and summarizing in terms of money transactions and events of financial character and interpreting the results thereof.”
- 10. Process Of Accounting 6. Communication of analyzed and interpreted reports 5. Analysis and interpretation of summarized reports 4. Summarization of classified transactions/events 3. Classification of recorded transactions/events 2. Recording of financial transactions/events 1. Identification of financial transactions/events
- 11. Accounting Cycle Journal Ledger Trial Balance Trading A/c Profit & Loss A/c Balance Sheet Analysis of Data Interpretati on of data Communicati on to the users
- 12. Users of accounting INTERNAL USERS EXTERNAL USERS Management Potential investors Workers Present investors Creditors Customers and general public Tax authorities
- 13. Objectives Of Accounting Maintenance of records of business transactions Calculation of profit and loss Depiction of financial position Providing financial information to the users
- 14. Advantages of accounting Provides complete & scientific records Information regarding performance and position Enables comparison Evidence in legal matters Complying with legal formalities Valuation of business
- 15. Limitations of accounting Permits alternative treatments Influenced by personal judgments Ignores non monetary information Does not provide detailed analysis Does not disclose the present value of the business
- 16. Account Personal a/c Natural personal account Artificial personal account Representati ve personal account Impersonal a/c Real a/c Tangible real a/c Intangibl e real a/c Nominal a/c Expenses or loss a/c Profit or gain a/c
- 17. Accounting terminology Proprietor/Owner Capital Drawings Business transactions Debtor Creditor Receivables /payables Goods Purchases/sales Assets Liabilities Profit / Loss