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.
Introduction
Needs and Role of Accounting
System of Accounting
Branches of Accounting
Objectives of Accounting
Generally Accepted Accounting principles : (Accounting Concepts and Conventions)
Documents in Accounting
The PPT consists of all the basics of Financial Accounting like Meaning, Importances, Branches, Users etc.
Accounting is the identifying , recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to various uders of accounting informations
Accounting Cycle.
Introduction
Needs and Role of Accounting
System of Accounting
Branches of Accounting
Objectives of Accounting
Generally Accepted Accounting principles : (Accounting Concepts and Conventions)
Documents in Accounting
The PPT consists of all the basics of Financial Accounting like Meaning, Importances, Branches, Users etc.
Accounting is the identifying , recording of financial transactions pertaining to a business, and it also refers to the process of summarizing, analyzing and reporting these transactions to various uders of accounting informations
Accounting Cycle.
Introduction, Accounting as an Information System, Branches of Accounting, Meaning of Financial Accounting, Users of Accounting Information- GAAPS- Basic Concepts and Conventions- Accounting Standards issued by ICAI and IFRS issued by IASB- Manual Vs Computerized Accounting.
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
This ppt has been prepared keeping in mind to give basic idea on ACCOUNTING. This is meant for CLASS - XI COMMERCE students who are doing education on +2 Commerce under CBSE / ICSE / State board in different states.
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Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
Introduction, Accounting as an Information System, Branches of Accounting, Meaning of Financial Accounting, Users of Accounting Information- GAAPS- Basic Concepts and Conventions- Accounting Standards issued by ICAI and IFRS issued by IASB- Manual Vs Computerized Accounting.
Finance for non finance for employee, business man and corporatete Bibek Prajapati
The ability to effectively read financial reports and data is crucial to the
processes of day-to-day management, strategic planning and
decision-making in any firm.
-The proper understanding of the various
financial concepts and instruments and their implications to the firm’s
health and performance in the market place are indispensable for
managers who typically come from various functions within the firm.
-The comprehensive program of Finance for Non-Finance Managers
has been carefully designed to meet the needs of executives and
managers who come from nonfinancial backgrounds across the
corporate landscape.
-The two-staged program provides theparticipants with a comprehensive understanding of key financial principles and practices and empowers them with the tools to effectively interpret and use financial data in the decision-making process in their respective functions of sales, marketing or planning.
Meaning/ WHY
Benefits
Key Personal Responsibility
Type of business
Financial planning
Three principle of corporate Finance
Why Financial Accounting
Fundamentals of Financial Accounting
Procedural Aspects of Accounting
Objectives of accounting
Function of Accounting
Accounting – Classification
Difference between Management Accounting and Financial Accounting
Bookkeeping &Process of accounting
Steps/Phases of Accounting Cycle
User of accounting Information
BASIC ACCOUNTING TERMS
Types of Accounts
Accounting Equation
ACCRUAL BASIS AND CASH BASIS OF ACCOUNTING
CAPITAL AND REVENUE TRANSACTIONS
Cost Accounting meaning , objective
ROLE OF A COST ACCOUNTANT IN A MANUFACTURING ORGANISATION
COST CONCEPT, TYPES AND CLASSIFICATION
Cost centre and cost unit
ELEMENTS OF COST
CLASSIFICATION OF COST
TYPES / TECHNIQUES OF COSTING
METHODS OF COSTING & THEIR APPLICABILITY
COGS, INVENTRY
Capacity
Budget
Corporate objective
Cost control and variance
Standard costing
Cash flow statement
Annual Report
Ratio analysisis
Capital Budgeting
Risk and Return
Regulators
Constitutional Aspects of Taxation by the Union and States
Financial Relations between the
Union and the States
Indirect Taxes : Union and the States
Taxation by the Union and the States
REVENUE ADMINISTRATION
Gst
Existing Indirect Tax System
ACTIVE INTERFACE WITH IT SYSTEMS
INCOME TAX LAW : AN INTRODUCTION
Income-tax Act
The Finance Act
CONCEPT OF INCOME
Stapes of TOTAL INCOME AND TAX PAYABLE
Deductions from Gross Total Income
RETURN OF INCOME
This ppt has been prepared keeping in mind to give basic idea on ACCOUNTING. This is meant for CLASS - XI COMMERCE students who are doing education on +2 Commerce under CBSE / ICSE / State board in different states.
Acorn Recovery: Restore IT infra within minutesIP ServerOne
Introducing Acorn Recovery as a Service, a simple, fast, and secure managed disaster recovery (DRaaS) by IP ServerOne. A DR solution that helps restore your IT infra within minutes.
This presentation by Morris Kleiner (University of Minnesota), was made during the discussion “Competition and Regulation in Professions and Occupations” held at the Working Party No. 2 on Competition and Regulation on 10 June 2024. More papers and presentations on the topic can be found out at oe.cd/crps.
This presentation was uploaded with the author’s consent.
0x01 - Newton's Third Law: Static vs. Dynamic AbusersOWASP Beja
f you offer a service on the web, odds are that someone will abuse it. Be it an API, a SaaS, a PaaS, or even a static website, someone somewhere will try to figure out a way to use it to their own needs. In this talk we'll compare measures that are effective against static attackers and how to battle a dynamic attacker who adapts to your counter-measures.
About the Speaker
===============
Diogo Sousa, Engineering Manager @ Canonical
An opinionated individual with an interest in cryptography and its intersection with secure software development.
Have you ever wondered how search works while visiting an e-commerce site, internal website, or searching through other types of online resources? Look no further than this informative session on the ways that taxonomies help end-users navigate the internet! Hear from taxonomists and other information professionals who have first-hand experience creating and working with taxonomies that aid in navigation, search, and discovery across a range of disciplines.
This presentation, created by Syed Faiz ul Hassan, explores the profound influence of media on public perception and behavior. It delves into the evolution of media from oral traditions to modern digital and social media platforms. Key topics include the role of media in information propagation, socialization, crisis awareness, globalization, and education. The presentation also examines media influence through agenda setting, propaganda, and manipulative techniques used by advertisers and marketers. Furthermore, it highlights the impact of surveillance enabled by media technologies on personal behavior and preferences. Through this comprehensive overview, the presentation aims to shed light on how media shapes collective consciousness and public opinion.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
2. Structure
Introduction
Accounting--- An Overview
Objectives of Accounting
Definition and Scope of Accounting
Book-keeping, Accounting and Accountancy
Parties Interested in Accounting Information
Branches of Accounting
Advantages of Accounting
Limitations of Accounting
3. Objective of Accounting
1. To maintain systematic records.
2. To ascertain net profit or net loss of the
business.
3. To ascertain the financial position of the
business.
4. To provide accounting information to
interested parties.
4. Definition of Accounting
The subject of accounting has been defined in different
ways by different authorities.
According to the Accounting Association “Accounting is
the process of identifying, measuring, and communicating
economic information to permit informed judgements and
decisions by users of the information”.
In the words of the committee on terminology, appointed
by the American Institute of Certified Public Accountants, “
Accounting is the art of recording, classifying and
summarising in a significant manner and in terms of
money, transactions and events which are in part atleast,
of a financial character and interpreting the results
thereof.
5. Scope of Accounting
1. Accounting is concerned with the transactions
and events which are of financial character.
2. Having identified the transactions, they should
be measured or expressed in terms of money, if
not expressed already.
3. The transactions which are identified and
measured are to be recorded in a book called
‘journal’ or in one of its sub-divisions.
6. Cont’d
4. The recorded transactions have to be
classified with a view to group transactions
of similar nature at one place. This is done in
a separate book called ‘ledger’.
5. The transactions which are recorded and
classified will result in a mass of financial
data. It is therefore necessary to summarise
such data periodically in a significant and
meaningful form.
7. Cont’d
The summarised results have to be analysed
and interpreted with the help of statistical
tools like ratios, averages etc., and examined
critically. Later on , this data will be
communicated in t form of reports to the
interested parties.
8. Book-keeping, Accounting and
Accountancy
According to G.A. Lee, the accounting system has
following two stages:
1) The making of routine records, in prescribed
form and according to set rules, of events which
affect the financial state of the organisation; and
2) The summarisation from time to time of the
information contained in the records, its
presentation in a significant form to interested
parties, and interpretation as an aid to decision
making by these parties.
9. Cont’d
Stage (1) is called Book-keeping and stage (2) is
called Accounting.
Book-keeping is thus a narrow term concerned
mainly with the maintenance of the books of
account and covers the first four activities listed
in the scope of accounting viz., identifying the
transactions and events to be recorded,
measuring them in terms of money, recording
them in the book of prime entry, posting them into
ledger.
10. Cont’d
Accounting on the other hand, is concerned
with summarising the recorded data,
interpreting the financial results and
communicating them to all interested parties.
In other words, accounting starts where book-
keeping ends.
11. Cont’d
The term ‘Accountancy’ refers to a systematised
knowledge of accounting and is regarded as an
academic subjects like economics , statistics, etc.
It explains ‘why to do’ and ‘how to do’ of various aspects
of accounting.
In other words , while Accounting refers to the actual
process of preparing and presenting the accounts,
Accountancy tells us why and how to prepare the books of
account and how to summarise the accounting
information and communicate it to the interested parties.
Thus, Accountancy is a science( a body of systematised
knowledge) whereas Accounting is the art of putting such
knowledge into practice.
12. Parties Interested In Accounting
Information
Owners: Owners contribute capital and
assume the risk of business.
Managers: Accounting information is of
immense use to mangers.
Lenders: Initially the funds are provided by the
owners. But , when the business requires
more funds, they are usually provided funds
by the banks and other lenders of money.
13. Cont’d
Creditors: Those who supply goods and services
on credit are called creditors.
Prospective Investors: A person who wants to
become a partner in a firm or a person who wants
to become a shareholder of a company, would like
to know how safe and rewarding the proposed
investment would be.
Tax Authorities: Tax authorities of the government
are interested in the financial statements so as to
assess the tax liability of the enterprise.
14. Cont’d
Employees: The employees of the enterprise
are also interested in knowing the state of
affairs of the organisation in which they are
working , so as to know how safe their
interests are in that organisation.
15. Branches of Accounting
1. Financial Accounting: The purpose of this branch of
accounting is to keep a record of all financial
transactions so that
a. The profit earned or loss incurred by the business
during an accounting period can be worked out,
b. The financial position of the business as at the end of
the accounting period can be ascertained, and
c. The financial information required by the
management and other interested parties can be
provided.
16. Cont’d
2. Cost accounting: The purpose of cost
accounting is to analyse the expenditure so
as to ascertain the cost of various products
manufactured by the firm and fix the prices.
It also helps in controlling the costs and
providing necessary costing information to
management for decision making.
17. Cont’d
3. Management Accounting: The purpose of
management accounting is to assist the
management in taking rational policy
decisions and evaluate the impact of its
decisions and actions.
Examples of such decision are : pricing
decisions, make or buy decisions, capital
expenditure decisions, etc.
18. Advantages of Accounting
1. Replaces memory
2. Provides control over assets
3. Facilitates the preparation of financial
statements
4. Meets the information requirements
5. Facilitates a comparative study
6. Assists the management in many other ways
19. Cont’d
7. Difficult to conceal fraud or theft
8. Tax matters: Properly maintained accounting
records will help in settlement of all tax
matters with the tax authorities.
9. Ascertaining value of business
10. Acts as a reliable evidence
20. Limitations of Accounting
1. They do not record transactions and events
which are not of a financial character. Hence
, they do not reveal a complete picture
because facts like quality of human
resources, licenses possessed, location
advantage, business contacts, etc. do not
find any place in books of account.
21. Cont’d
2. The data is historical in nature. The
accountants adopt historical cost as the
basis in valuing and reporting all assets
liabilities. They do not reflect current values.
It is quite possible that items like land and
buildings may have much more value than
what is stated in the balance sheet.
22. Cont’d
3. Facts recorded in financial statements are
greatly influenced by accounting conventions
and personal judgements. Hence, the do not
reveal the true picture. In many cases, estimates
may be used to determine the value of various
items.
4. Data provided in the financial statements is
insufficient for proper analysis and decision
making. It only provides information about the
overall profitability of the business.