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Financial Accounting University of New York Prague - Martin KolmhoferKolmhofer Martin
Course Objectives:
Terminology and definitions used in the accounting language.
Identify why accounting is a necessary skill.
Summarize the history of accounting.
Identify and describe assets, liabilities and owners' equity.
Demonstrate the effects of business transactions on the accounting equation
Recognize and compare the major financial reports.
Describe and create a company's Income Statement.
Compare and contrast a company's revenue, expenses, income, and retained earnings.
Identify the key elements of a Balance Sheet.
Balance the accounting equation and properly chart debits and credits.
Describe the accounting cycle.
Define key terms: inventory, FIFO, LIFO, Cost of Goods Sold.
Summarize cash flow, identify fixed assets, and describe depreciation.
Know what to expect in an audit.
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.
Introduction to Accounting
By. Prof Navneet Saxena
IBS Gurgaon
Objective:
At the end of this session you should be able to understand
Distinction among Financial Accounting, Cost Accounting and Management Accounting
Evolution of Accounting
Basic Concepts of Financial Accounting
Conventions of Accounting
Stages of Preparing Accounting Statements
From Input to Output
Users of Financial Statements
Advantages of Accounting
Generally Accepted Accounting Principles
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
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Accounting is a process that holds a record about financial aspects in written method or bookkeeping. In other words, we can say that Accounting is a process that keeps the information about the money being exchanged in any organization or business in writing.
Financial Accounting University of New York Prague - Martin KolmhoferKolmhofer Martin
Course Objectives:
Terminology and definitions used in the accounting language.
Identify why accounting is a necessary skill.
Summarize the history of accounting.
Identify and describe assets, liabilities and owners' equity.
Demonstrate the effects of business transactions on the accounting equation
Recognize and compare the major financial reports.
Describe and create a company's Income Statement.
Compare and contrast a company's revenue, expenses, income, and retained earnings.
Identify the key elements of a Balance Sheet.
Balance the accounting equation and properly chart debits and credits.
Describe the accounting cycle.
Define key terms: inventory, FIFO, LIFO, Cost of Goods Sold.
Summarize cash flow, identify fixed assets, and describe depreciation.
Know what to expect in an audit.
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.
Introduction to Accounting
By. Prof Navneet Saxena
IBS Gurgaon
Objective:
At the end of this session you should be able to understand
Distinction among Financial Accounting, Cost Accounting and Management Accounting
Evolution of Accounting
Basic Concepts of Financial Accounting
Conventions of Accounting
Stages of Preparing Accounting Statements
From Input to Output
Users of Financial Statements
Advantages of Accounting
Generally Accepted Accounting Principles
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
http://www.actanimation.com
"ACT Academy provides training in web designing , Graphic Designing, CAD Designing, .NET, JAVA, PHP. We also have advance diploma courses in Web Designing, CAD Designing, Financial Accounting & Graphic Designing with 100% job assurance."
Accounting is a process that holds a record about financial aspects in written method or bookkeeping. In other words, we can say that Accounting is a process that keeps the information about the money being exchanged in any organization or business in writing.
Finance is the language of business. To make effective business decisions, you have to understand and speak the terms in which business is measured. Top management decides on the basis of numbers. So, do you have a choice but to make the effort to start talking numbers confidently. This FREE eguide helps you take the first steps to financial intelligence.
Act Academy provides Industrial training in PHP, .Net, graphic designing, web designing and many more. Also provides diploma courses in CAD designing, Financial accounting with 100% job assurances.
Act Academy provides Industrial training in PHP, .Net, graphic designing, web designing and many more. Also provides diploma courses in CAD designing, Financial accounting with 100% job assurances.
Act Academy provides Industrial training in PHP, .Net, graphic designing, web designing and many more. Also provides diploma courses in CAD designing, Financial accounting with 100% job assurances.
Act Academy provides Industrial training in PHP, .Net, graphic designing, web designing and many more. Also provides diploma courses in CAD designing, Financial accounting with 100% job assurances.
Act Academy provides Industrial training in PHP, .Net, graphic designing, web designing and many more. Also provides diploma courses in CAD designing, Financial accounting with 100% job assurances.
ACT Academy provides training in web designing , Graphic Designing, CAD Designing, .NET, JAVA, PHP. We also have advance diploma courses in Web Designing, CAD Designing, Financial Accounting & Graphic Designing with 100% job assurance
ACT Academy provides training in web designing , Graphic Designing, CAD Designing, .NET, JAVA, PHP. We also have advance diploma courses in Web Designing, CAD Designing, Financial Accounting & Graphic Designing with 100% job assurance
ACT Academy provides training in web designing , Graphic Designing, CAD Designing, .NET, JAVA, PHP . We also have advance diploma courses in Web Designing, CAD Designing, Financial Accounting & Graphic Designing with 100% job assurance
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
This presentation includes basic of PCOS their pathology and treatment and also Ayurveda correlation of PCOS and Ayurvedic line of treatment mentioned in classics.
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.
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
2. BUSINESS
Businesses are everywhere. They are the units that perform
most of the economic activity in our economy. Businesses exist
to generate a profit. The traditional definition of a business is an
entity that brings together time, effort and capital in order to
produce a profit.
Following are the characteristics of a business:
Human Activity
Financial Nature
Profit Motive
Continuously
4. WHAT IS ACCOUNTING
Up to 1974, accounting was done the same way that the Egyptians did it
3,000 years before. Accounting is the art of systematic recording,
reporting,
and analysis of financial
transactions of
a business.
The person in charge of accounting is known as an accountant.
WHAT IS BOOK KEEPING
Bookkeeping is the recording of financial transactions. Transactions include
sales, purchases, income, receipts and payments by an individual or
organization. Bookkeeping is usually performed by a bookkeeper.
10. Financial Accounting
It is the original form of accounting.
It is mainly confined to the preparation of financial
statements for the use of outsiders like creditors,
banks and financial institutions etc.
The chief purpose of financial accounting is to
calculate profit or loss made by the business during
the year and exhibit financial position of the business
as on a particular date.
11. Cost Accounting
Function
of cost accounting is to ascertain
the cost of the product and to help the
management in the control of cost.
12. Management Accounting
It
is accounting for management.
Accounting
which provides necessary
information to the management for
discharging its functions.
It is the reproduction of financial accounts in
such a way as will enable the management
to take decisions and to control various
business activities
14. Single Entry System
It
means to record one side of entry.
Suppose, we sell our furniture, we have not
to record furniture sale but we just record
total cash received from furniture. So, in
single entry accounting, we records cash,
account receivables,
15. Double Entry System
Invented by………………. “Lucas Pasioli”
of………………………… ‘Italy’
In …………………………’1494’
[ He said that every transaction have two sides……….. ]
Transactions:
Receiver……..…. Giver
Comes in………….….Goes Out
Expenses/ Losses …. Incomes/ Gains
16. Double Entry System
In this system, both cash and credit transactions are recognized.
The double entry system was first used in Genoa, Italy around the 13th
century and was further polished in Venice.
all transactions will have dual aspects (debit and credit) and that is why
it’s called Double Entry System.
The word Debit comes from the Latin word "debita" (Italian "debito“).
The word Credit comes from the Latin word "credo" (Italian "credito“).
17. What is Tally
Tally is used to store and maintain daily business transactions
like purchases, sales, receipts, payments, purchase returns,
sales returns, deposits and withdrawals etc.
popular FA software packages are Tally, Busy etc.
Tally is the number one financial accounting package in India
and is also used abroad.
With tally you could be the owner, the financial controller,
accountant, manager, auditor or anyone connected with
accounts. The fundamentals behind tally are simple enough for
learn accounting
18. Essential Feature
Tally is the software of
Tally Solution Pvt Ltd.Co.
The initial name of Tally
Peutronics Pvt. Ltd.
developer of tally software
Late Shri S. S. Goenka
finishing touch to the tally
Bharat (son of S.S. Goenka)
tally software launched
In 1986
double entry system is started
In 1494
double entry system Inventor
Benedetto Cotrugli, Lucas
Pacioli
defaults groups in tally
28 Groups
Item- wise detail of goods
Inventory
19. GROUPS
Groups are collection of Ledgers of the same
nature. Account Groups are maintained to
determine the hierarchy of Ledger Accounts which is
helpful in determining and presenting meaningful and
compliant reports.
Choosing a correct group for a ledger account help
in viewing the financial position in a better way
otherwise the financial statements will not give a true
and correct picture.
21. Tangible Asset
Fixed Asset
Assets that have a physical form.
Tangible assets include both fixed assets, such as machinery, buildings and
land, and current assets, such as inventory.
Assets are property or economic resources that are expected to provide a
future benefit to a business
Current Asset
Definition of Current Assets: assets in the form of cash (or easily
convertible into cash)
22. Intangible Asset
An asset that is not physical in nature.
Corporate intellectual property (items such as patents, trademarks,
copyrights, business methodologies)
Goodwill and brand recognition are all common intangible assets in
today's marketplace.
An intangible asset can be classified as either indefinite or definite
depending on the specifics of that asset. A company brand name is
considered to be an indefinite asset, as it stays with the company as
long as the company continues operations.
23. Liability
Current liabilities — these liabilities are reasonably expected to be
liquidated within a year. They usually include payables such as
wages, accounts, taxes,
and accounts
payables,
unearned
revenue
when adjusting entries, portions of long-term bonds to be paid this year,
short-term obligations.
Long-term liabilities — these liabilities are reasonably expected not to be
liquidated within a year. They usually include issued long-term bonds, notes
payables, long term leases, pension obligations, and long-term product
warranties.
24. TYPE OF DISCOUNT
It is rebate or allowance from the scheduled price granted by the seller to the
buyer. Trade discount is usually granted in the following circumstances:
When selling to a fellow trader.
When the buyer is an old customer.
When sales are made in bulk.
As the Custom of trade
Cash Discount
It is deduction or allowance allowed by creditor to a debtor. If a person pays
his debit before the due date of payment the recipient may grant him an
allowance for doing so. This allowance is known as cash discount
25. Primary and Subgroups
15 Primary Groups
Branch / Divisions
Capital Account
Current Assets
Current Liabilities
Direct Expenses
Direct Incomes
Fixed Assets
Indirect Expenses
Indirect Incomes
Investments
Loans (Liability)
Misc. Expenses (ASSET)
Purchase Accounts
Sales Accounts
Suspense A/c
13 Sub Groups
Bank Accounts
Bank OD A/c
Cash-in-hand
Deposits (Asset)
Duties & Taxes
Loans & Advances (Asset)
Provisions
Reserves & Surplus
Secured Loans
Stock-in-hand
Sundry Creditors
Sundry Debtors
Unsecured Loans
26. Pre defined Groups
Pre defined Sub Groups
Under
Bank Accounts
Current Assets
Bank OD A/c
Loans (Liability)
Cash-in-hand
Current Assets
Deposits (Asset)
Current Assets
Duties & Taxes
Current Liabilities
Loans & Advances (Asset)
Current Assets
Provisions
Current Liabilities
Reserves & Surplus
Capital Account
Secured Loans
Loans (Liability)
Stock-in-hand
Current Assets
Sundry Creditors
Current Liabilities
Sundry Debtors
Current Assets
Unsecured Loans
Loans (Liability)
27. Cash Flows
During the business cycle, you will have more money flowing in
than flowing out.
This will allow you to build up cash balances with which to plug
cash flow gaps, seek expansion and reassure lenders and
investors about the health of your business.
Your aim must be to speed up the inflows and slow down the
outflows
28. Cash Flows
Payment for goods or services from your customers.
Receipt of a bank loan.
Interest on savings and investments.
Shareholder investments.
Increased bank overdrafts or loans.
Cash Outflows
Purchase of stock, raw materials or tools.
Wages, rents and daily operating expenses.
Purchase of fixed assets - PCs, machinery, office furniture, etc.
Loan repayments.
Dividend payments.
Income tax, corporation tax, VAT and other taxes.
29. OVERSTATED
Overstated is that amount which is more than correct
amount in the account.
It is error of commission and it can rectify by passing
rectify entry. For instance, if outstanding wages are
wrongly written Rs. 12000 but actual outstanding
wages are Rs. 10,000, then Rs. 2000 is overstated and
its bad effect will be on wages account because wage
account will also overstated with Rs. 2000 and our
profit will reduce with Rs. 2000. So, to rectify to
overstated error is must.
30. What is Tax
A fee charged by a government on a product, income, or
activity.
If tax is levied directly on personal or corporate income, then it
is a direct tax.
If tax is levied on the price of a good or service, then it is called
an indirect tax.
The purpose of taxation is to finance government expenditure.
One of the most important uses of taxes is to finance public
goods and services, such as street lighting and street cleaning.
31. Taxes in Tally
Value Added Tax
Tax Deducted at Source
Service tax
Tax Collected at Source
Central sales tax
Fringe benefit Tax
Excise tax
32. Value Added Tax
Value added tax is a consumption tax.
This is a simple method of multiple taxes on an individual product.
VAT system levies tax on every level of value addition to the product or
goods.
This is the new system being implemented from April 1, 2005.
VAT is calculated based on Input & Output variation.
Input tax is paid on purchases.
Output tax is paid on sales.
Input credit is the excess amount of input tax over output tax
33. VAT rates
There are three main rates for Input and Output Vat
tax.
0% for Agriculture products.
1% for Jewellery
4% for Pharma, Computers, Soaps etc.
12.5% for Cement, Automobile
34. Tax Deducted at Source
Tax deducted at source (TDS) is one of the modes of
collecting income tax.
The buyer (deductor) deducts the tax from the payment made
to the seller (deductee) and remits the tax to the Income Tax
Department within the stipulated time.
The buyer makes payments (such as salary, rent, Interest on
securities, dividends, insurance, commission, Professional
fees, commission on brokerage, commission on lottery tickets,
etc) to the seller.
35. TDS Deduction Chart
Seller ( Deductee)
Bills/
Services
Buyer (Deducter)
Files Quarterly Returns
electronically in Form
26 and Form 27A
Buyer deducts
TDS and deposit
to the authorized
bank
Bank (Treasury)
Income Tax Department
Form No.16 A
36. Electronic TDS (E-TDS)
E-TDS return is a TDS return prepared in form No.24, 26 or 27 in
electronic media as per prescribed data structure in either a floppy or a
CD ROM.
The floppy or CD ROM prepared should be accompanied by a signed
verification in Form No.27A. As per Section 206 of Income Tax Act all
corporate and government deductors are compulsorily required to file
their TDS return on electronic media.
37. Service Tax
Service tax is indirect tax on services provided. Service tax is
paid by buyer of services to seller of services, who in turn,
deposits the tax with the government.
Some Service Tax categories are- Advertising Agency, Cable
operators, Maintenance and Repair service, Courier , Life
insurance Services, Telephone services, Banking and Financial
Services.
38. Credit Adjustment in Service Tax
The Service Tax paid by you on input services to your business
can be adjusted to the Service Tax payable by you. This is
called 'adjustment of Service Tax Credit.
If your input service (purchase) can be directly related to the
output service (sale) then you can use 100% credit adjustment
on the service tax payable.
If the input service is not solely used for the output service, then
20% credit adjustment is applicable.
39. What is ERP
ERP is an abbreviation for Enterprise Resource Planning.
It is principally an integration of business management
practices and modern technology.
The term ERP originally referred to the way a large
organization planned to use its organizational wide resources.
It is a company-wide computer software system used to
manage
and
coordinate all
the
resources,
information,
and functions of a business from shared data stores.
41. Tax Collected at Source
TCS is Tax Collected at source by the seller on sale of some
specified goods .
Goods are defined under section 206C of the Income Tax Act,
1961 .
Some specific goods under TCS are Tendu leaves, Timber
obtained under a forest lease, Scrap, etc.
Nature Of Goods
Percentage/Rate Of Tax
Alcoholic Liquor
1
Timber Obtained Under Forest Lease
2.5
Timber obtained by any other mode
2.5
Tender Leaves
5
Other Forest Produce, excluding Tender leaves and Timber
2.5
Scrap
1
42. Exemption
A buyer who purchases specified goods for
manufacturing, processing or production of
goods/article or thing and not for trading, no tax
would be deducted. In such cases the buyer would
declare it in Form 27C to the seller.
The seller in turn would deliver one copy of Form
27C
collected
from
buyer
to
Chief
Commissioner/Commissioner of Income tax.
43. Central Sales Tax
This is the system being implemented from 1956.
Central state tax (CST) is Sales Tax arising from Inter-state sales
(when goods sold move from one state to another).
In case of any Inter state sales between two registered dealers, a
prescribed CST declaration Form must be issued to buyers/sellers.
Every dealer who effects inter-state sale is required to register with
State sales tax authorities who are empowered to grant registration
under CST Act. Application should be in form ‘A’. Security has to be
furnished. Certificate of registration will be in form ‘B’.
44. Forms Under CST
Form C, E-I/E-II, F, G, H, I and J have been
prescribed to avail concessional rate of CST.
Form C and E-I/E-II and F are required to be
collected and submitted on quarterly basis.
In case of forms H, I and J, no time limit has been
prescribed.
F form is to be obtained on monthly basis
45. CST (C Form)
A Form issued by the sales tax department to the registered
sales tax payer.
If Person buys any good from another registered sales tax
payer and issues a C form to him. Than that other sales tax
payer will not charge sales tax from him and sales tax will be
collected and deposited by the c form issuer and deposited in
the treasury of the govt.
If C form is lost, indemnity bond in form G is to be given and
then duplicate C form can be issued.
46. Fringe Benefit Tax
Fringe benefit tax (FBT) is a tax on benefits that
employees receive as a result of their employment,
including those benefits provided through someone
other than an employer.
Fringe benefits (perks) include most benefits given to
employees in addition to their salary or wages.
47. Category of FBT
Entertainment
Festival celebrations
Gifts
Use of club facilities
Employee welfare
Use of health club, sports and similar facilities
Sales promotion, including publicity
Use of telephone
Scholarship to the children of the employees.
48. Excise Tax
An excise or excise tax (sometimes called a duty of excise or a
special tax).
It is commonly understood to refer to an inland tax on the sale, or
production for sale, of specific goods within a country.
Excises are distinguished from customs duties.
An excise is considered an indirect tax, meaning that the producer
or seller who pays the tax to the government is expected to try to
recover or shift the tax by raising the price paid by the buyer.
49. Payroll Processing
Having access to employees pay, bonus, and other
special income records can be crucial for managers.
Businesses may even consider choosing a payroll
service systems that offers financial advise and one
that can analyze payroll records.
l