scope of financial accounting
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This document discusses the scope of financial accounting and bookkeeping. It defines bookkeeping as a system to maintain business transaction records to determine if a profit or loss was made. The procedures of accounting include generating financial information, recording transactions, classifying data, and summarizing reports. Bookkeeping plays an important role by keeping records, making ledgers, and generating financial reports to help business owners and internal/external users understand the financial flow of the company.
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ITFT- Accounting
This document discusses the scope and importance of accounting. It explains that accounting involves installing accounting systems, recording business transactions, and preparing annual accounts. Accounting is important as it allows businesses to keep systematic records, protect assets, determine profits and losses, and facilitate decision making. The document also introduces the accounting equation and double-entry bookkeeping system. It states that the accounting equation represents the relationship between a business's assets, liabilities, and owner's equity, and is the foundation of double-entry bookkeeping. Double-entry bookkeeping requires that every transaction has equal debits and credits recorded, following the accounting equation.
The Need and Importance of Financial Accounting
Accounting is defined as the process of recording, classifying, and summarizing financial transactions and events to produce useful information for decision making. It involves identifying and measuring financial data, and communicating that information through financial reports like income statements and balance sheets. These reports provide information on a company's profits, losses, assets, and liabilities to stakeholders like owners, investors, employees and customers. Accounting is essential for businesses as it aids management in planning, controlling costs, and making informed financial decisions.
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This document provides an overview of accounting as an information system. It discusses key topics such as the definitions of accounting and information systems, the differences between financial and management accounting, the users of accounting information, and the accounting cycle. It also covers accounting principles, concepts, and conventions like accrual, going concern, consistency and conservatism. The purpose of accounting is to provide quantitative financial information to help users make informed economic decisions. Accounting acts as an information system that collects, processes, and communicates useful data to both internal and external parties.
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Accounting involves recording, classifying, summarizing, analyzing, interpreting and communicating financial transactions and events. It includes journal entries, a ledger, a trial balance, income statements, balance sheets, and cash flow statements. The results are used by internal managers and external parties like investors, lenders, and government agencies. Accounting provides information for decision making, compares performance over time, identifies weaknesses for control, and supplies data for taxes and regulation.
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This document provides definitions and explanations of key terms related to financial statement analysis and accounting. It defines financial as related to money and finance, and financial statement as a summarized presentation of a business's financial position. Financial statement analysis involves preparing and analyzing key statements like the balance sheet, income statement, and cash flow statement to assess a business's performance and financial health. The document also discusses the accounting process of systematically recording, classifying, summarizing, analyzing and reporting business transactions and events.
Role of an accountant
An accountant plays several important roles in an organization. They record all financial transactions to maintain accurate books of accounts, which helps with planning, decision making, coordination, control, communication, and replacing memory. Properly maintained financial records are required for taxation, auditing, and presenting evidence in court. Accountants also assist with tax planning, financial services advice, and statutory and internal auditing. Overall, accountants are crucial to an organization's success by providing timely and accurate financial information needed for effective management and operations.
Principles of accounting
Accounting is the process of recording, classifying, summarizing, interpreting and communicating financial information about an entity. It has both external and internal users. External users include investors, creditors, tax authorities and customers who use financial statements. Internal users include management and owners who use managerial accounting for decision making. To ensure consistency, accounting follows Generally Accepted Accounting Principles (GAAP), which are a common set of standards, procedures and constraints. GAAP aims to make financial information useful, comprehensive, consistent and comparable for decision makers.
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This document discusses the scope and importance of accounting. It explains that accounting involves installing accounting systems, recording business transactions, and preparing annual accounts. Accounting is important as it allows businesses to keep systematic records, protect assets, determine profits and losses, and facilitate decision making. The document also introduces the accounting equation and double-entry bookkeeping system. It states that the accounting equation represents the relationship between a business's assets, liabilities, and owner's equity, and is the foundation of double-entry bookkeeping. Double-entry bookkeeping requires that every transaction has equal debits and credits recorded, following the accounting equation.
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Accounting is defined as the process of recording, classifying, and summarizing financial transactions and events to produce useful information for decision making. It involves identifying and measuring financial data, and communicating that information through financial reports like income statements and balance sheets. These reports provide information on a company's profits, losses, assets, and liabilities to stakeholders like owners, investors, employees and customers. Accounting is essential for businesses as it aids management in planning, controlling costs, and making informed financial decisions.
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An accountant plays several important roles in an organization. They record all financial transactions to maintain accurate books of accounts, which helps with planning, decision making, coordination, control, communication, and replacing memory. Properly maintained financial records are required for taxation, auditing, and presenting evidence in court. Accountants also assist with tax planning, financial services advice, and statutory and internal auditing. Overall, accountants are crucial to an organization's success by providing timely and accurate financial information needed for effective management and operations.
Principles of accounting
Accounting is the process of recording, classifying, summarizing, interpreting and communicating financial information about an entity. It has both external and internal users. External users include investors, creditors, tax authorities and customers who use financial statements. Internal users include management and owners who use managerial accounting for decision making. To ensure consistency, accounting follows Generally Accepted Accounting Principles (GAAP), which are a common set of standards, procedures and constraints. GAAP aims to make financial information useful, comprehensive, consistent and comparable for decision makers.
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Accounting serves three primary purposes: score keeping, attention directing, and problem solving. Score keeping deals with the financial health of an enterprise by answering questions like "How are we doing?". Attention directing gives signals to decision makers about when a decision is needed, such as when actual performance deviates from budgets. Problem solving provides information to find solutions to issues, like make-or-buy decisions or whether to continue or drop product lines. Accounting accumulates data to understand organizational performance, focuses attention on deficiencies, and enables quantification of alternative solutions.
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This document provides an overview of accounting. It defines accounting as measuring, processing, and communicating financial information about economic activities. The key points are:
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1. Accounting is the process of recording, analyzing, and communicating the financial transactions of a business. It involves recording transactions, classifying them, summarizing them into financial statements, analyzing the statements, and communicating the information.
2. The key accounting concepts and principles include entity, money measurement, periodicity, matching, accrual, cost, going concern, consistency, and conservatism. These concepts form the foundation for establishing accounting policies and preparing financial statements.
3. The main objectives of accounting are to systematically record transactions, ascertain the results of recorded transactions, determine the financial position of the business, and provide information to users for rational decision making.
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This document provides an introduction to financial accounting. It discusses the development of accounting from ancient texts through modern times. Accounting involves recording, classifying, summarizing, analyzing and communicating financial transactions. The main users of accounting information are proprietors, managers, creditors, bankers, investors and governments. Accountants work either in public practice providing auditing and other services, or employed within businesses. The objectives of financial accounting are to keep records, protect assets, determine profits/losses, ascertain financial position and facilitate decision making.
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Accounting provides essential financial information about a business. It involves recording financial transactions, classifying them, and communicating their effects. There are several branches of accounting, including financial accounting, management accounting, and auditing. Financial accounting provides periodic reports for external users, while management accounting supplies frequent internal information. Accounting helps owners, managers, investors and other stakeholders understand a business's performance and financial position. It is a crucial information system that people need to understand for business and economic decision making.
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nature and purpose of accounting
Accounting identifies, measures, records, and communicates economic transactions. It has two main branches: financial accounting provides information to external users, while management accounting provides information internally. The legal structure of a business determines aspects like the number of owners, their liability, capital raising, and financial reporting requirements. Limited companies must publicly disclose annual financial statements to inform present and potential investors, employees, lenders, suppliers, customers, governments, and the public.
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“Accounting basics a complete study dr.t.venkatesan
This course discusses basic concepts of accounting.
Course Objectives: (i) Help the participants to become intelligent users of accounting information (a) Understand the basic accounting and financial terminology. (b) Understand how events affect firm value (c) Understand how financial transactions are recorded. (d) Make the participants’ comfortable looking through financial statements (ii) Develop the ability in participants’ to use financial statements to assess a company’s performance.
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• Understand Basic Accounting Terms
• Understand Accounting Assumptions, Concepts and Principles
• Understand Rules of Accounting
• Understand Journal, Ledger, Trial Balance and Final Accounts Preparation
In detail view of Everyday session topic covers:
This is a comprehensive course, covering each and every topic in detail. In this course, you will learn Fundamentals of Accounting, step by step covering the following:
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This document provides an overview of key concepts in financial accounting, including:
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- 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.
Nature of accounting
Accounting can be viewed from both a structural and functional viewpoint. Structurally, accounting is both an art and a science - it applies established principles but also requires judgment. It records the financial history of a business. Functionally, accounting identifies financial transactions, measures resources and obligations, and communicates financial information to users for decision making. Accounting provides essential information to management and fulfills legal reporting requirements.
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This document provides an overview of financial accounting, including its meaning, nature, and scope. It defines financial accounting and bookkeeping, explaining their objectives and characteristics. The document outlines the key objectives and importance of accounting for various stakeholders. It also describes the different branches of accounting like financial, cost, management, tax, and human resource accounting. Finally, it discusses whether accounting should be considered a science or an art, concluding that it has elements of both.
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This document provides an overview of accounting basics including the need for accounting, types of business organizations like sole proprietorships, partnerships, and corporations, and accounting methods. It explains that accounting involves recording financial transactions, classifying them, summarizing the information, and reporting it. The key types of business organizations and their characteristics are defined in less than 3 sentences.
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This document provides an overview of accounting basics including the need for accounting, types of business organizations like sole proprietorships, partnerships, and corporations, and accounting methods. It explains that accounting involves recording financial transactions, classifying them, summarizing the information, and reporting it. The key types of business organizations and their characteristics are defined in less than 3 sentences.
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Accounting serves three primary purposes: score keeping, attention directing, and problem solving. Score keeping deals with the financial health of an enterprise by answering questions like "How are we doing?". Attention directing gives signals to decision makers about when a decision is needed, such as when actual performance deviates from budgets. Problem solving provides information to find solutions to issues, like make-or-buy decisions or whether to continue or drop product lines. Accounting accumulates data to understand organizational performance, focuses attention on deficiencies, and enables quantification of alternative solutions.
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This document provides an overview of accounting. It defines accounting as measuring, processing, and communicating financial information about economic activities. The key points are:
- Accounting identifies users' information needs and measures business transactions and economic data to provide financial reports and allow for decision making.
- The basic accounting equation is Assets = Liabilities + Owner's Equity, which must balance after every transaction. Transactions affect accounts and impact the equation.
- Accounting has several functions including recording data, summarizing results, and providing assurances for informed judgments. It aids decision making by showing how money is used and evaluating performance.
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Unit 1 meaning and scope of accounting
1. Accounting is the process of recording, analyzing, and communicating the financial transactions of a business. It involves recording transactions, classifying them, summarizing them into financial statements, analyzing the statements, and communicating the information.
2. The key accounting concepts and principles include entity, money measurement, periodicity, matching, accrual, cost, going concern, consistency, and conservatism. These concepts form the foundation for establishing accounting policies and preparing financial statements.
3. The main objectives of accounting are to systematically record transactions, ascertain the results of recorded transactions, determine the financial position of the business, and provide information to users for rational decision making.
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This document provides an introduction to financial accounting. It discusses the development of accounting from ancient texts through modern times. Accounting involves recording, classifying, summarizing, analyzing and communicating financial transactions. The main users of accounting information are proprietors, managers, creditors, bankers, investors and governments. Accountants work either in public practice providing auditing and other services, or employed within businesses. The objectives of financial accounting are to keep records, protect assets, determine profits/losses, ascertain financial position and facilitate decision making.
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Introduction to Financial AccountingWe Learn - A Continuous Learning Forum from Welingkar's Distance Learning Program.
Financial accounting is the process of Accounting all incomes, expenses, assets & liabilities in monetary terms, thus enabling preparation of principal financial statements. This first lesson as a part of Financial Accounting is brought to you by Welingkar’s Distance Learning Division.
For more such innovative content on management studies, join WeSchool PGDM-DLP Program: http://bit.ly/SlideshareFaccounting
Join us on Facebook: http://www.facebook.com/welearnindia
Follow us on Twitter: https://twitter.com/WeLearnIndia
Read our latest blog at: http://welearnindia.wordpress.com
Subscribe to our Slideshare Channel: http://www.slideshare.net/welingkarDLPPhuong - Principles of Accounting - An introduction
Accounting provides essential financial information about a business. It involves recording financial transactions, classifying them, and communicating their effects. There are several branches of accounting, including financial accounting, management accounting, and auditing. Financial accounting provides periodic reports for external users, while management accounting supplies frequent internal information. Accounting helps owners, managers, investors and other stakeholders understand a business's performance and financial position. It is a crucial information system that people need to understand for business and economic decision making.
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This document provides an introduction to financial accounting. It discusses key concepts such as the definition and objectives of accounting, financial statements, and generally accepted accounting principles (GAAP). It also describes the functions and limitations of financial accounting, cost accounting, and management accounting. The main topics covered include the accounting equation, revenue and expense recognition, and the profit and loss statement. The document is the first unit of a course on financial accounting and aims to establish foundational knowledge on the subject.
The Nature and purpose of accounting
Accounting provides information about resource amounts, financing sources, and results of resource use. It does so for internal and external users of both profit and nonprofit organizations. There are four main types of accounting: operating, financial, management, and tax accounting. Financial accounting follows common rules to provide standardized information to external users like investors. Management accounting is tailored for internal planning, implementation, and control functions. Tax accounting prepares tax returns according to tax rules, which can differ from financial accounting rules.
nature and purpose of accounting
Accounting identifies, measures, records, and communicates economic transactions. It has two main branches: financial accounting provides information to external users, while management accounting provides information internally. The legal structure of a business determines aspects like the number of owners, their liability, capital raising, and financial reporting requirements. Limited companies must publicly disclose annual financial statements to inform present and potential investors, employees, lenders, suppliers, customers, governments, and the public.
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 and financial management
This document provides an overview of accounting and financial management concepts. It discusses how accounting identifies, records, and communicates financial information. Key topics covered include the accounting equation, assets, liabilities, equity, revenues and expenses. Transaction analysis examples are provided to illustrate adjusting accounting entries for purchases and payments. The purpose of accounting is to provide relevant and reliable financial information to both internal and external stakeholders of a business.
Accounting
Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analyses. Accounting is also a profession consisting of individuals having the formal education to carry out these tasks.
Users of accounting information (Dharmendra singh)
This document discusses the users of accounting information, both internal and external to an organization. Internal users include management, employees, and owners, who use accounting data to analyze performance, assess profitability and viability, and determine compensation and job security. External users consist of creditors, tax authorities, investors, customers, and regulatory bodies. Creditors examine creditworthiness and risk. Tax authorities review tax filings. Investors analyze investment feasibility and returns. Customers ensure stable supply. Regulators ensure compliance with disclosure rules. Overall, accounting information helps both internal and external users make better financial decisions.
“Accounting basics a complete study dr.t.venkatesan
This course discusses basic concepts of accounting.
Course Objectives: (i) Help the participants to become intelligent users of accounting information (a) Understand the basic accounting and financial terminology. (b) Understand how events affect firm value (c) Understand how financial transactions are recorded. (d) Make the participants’ comfortable looking through financial statements (ii) Develop the ability in participants’ to use financial statements to assess a company’s performance.
Course Fee: Free of Cost
What you'll learn
• Understand need and importance of Accounting
• Understand Book Keeping, Objectives and Advantages
• Understand Accounting Process, Accounting Cycle,
• Understand Users of Accounting Information
• Understand Branches of Accounting
• Understand Basic Accounting Terms
• Understand Accounting Assumptions, Concepts and Principles
• Understand Rules of Accounting
• Understand Journal, Ledger, Trial Balance and Final Accounts Preparation
In detail view of Everyday session topic covers:
This is a comprehensive course, covering each and every topic in detail. In this course, you will learn Fundamentals of Accounting, step by step covering the following:
Accounting introduction ppt
Introduction to Accounting....BY Dr. THULASI KRISHNA. K, Dept. of Management Studies, MITS, Madanapalle, A.P., INDIA
Accounting for-manager
This document provides an introduction to accounting. It defines accounting as the language of business that communicates financial information. It describes the evolution of accounting from ancient record keeping to the modern double-entry system. It outlines the key functions of accounting as keeping records, protecting assets, communicating results, and meeting legal requirements. It also discusses the various users and types of accounting information, including financial, management, cost, and tax accounting.
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
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.
Nature of accounting
Accounting can be viewed from both a structural and functional viewpoint. Structurally, accounting is both an art and a science - it applies established principles but also requires judgment. It records the financial history of a business. Functionally, accounting identifies financial transactions, measures resources and obligations, and communicates financial information to users for decision making. Accounting provides essential information to management and fulfills legal reporting requirements.
Financial accounting
This document provides an overview of financial accounting, including its meaning, nature, and scope. It defines financial accounting and bookkeeping, explaining their objectives and characteristics. The document outlines the key objectives and importance of accounting for various stakeholders. It also describes the different branches of accounting like financial, cost, management, tax, and human resource accounting. Finally, it discusses whether accounting should be considered a science or an art, concluding that it has elements of both.
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This document provides an introduction to basic accounting principles. It defines key accounting terms like assets, equity, capital, liability, revenue, and expenses. It also explains the accounting cycle which involves recording transactions in a journal, posting to ledgers, preparing a trial balance, and ultimately financial statements like the income statement and balance sheet. Additionally, it discusses the different accounting methods, classifications of accounts, rules of debit and credit, and how transactions are recorded in a journal. The overall purpose is to establish the foundational concepts and process of accounting.
Accounting Basics
This document provides an introduction to basic accounting principles. It defines key accounting terms like assets, equity, capital, liability, revenue, and expenses. It also explains the accounting cycle which involves recording transactions in a journal, posting to ledgers, preparing a trial balance, and ultimately financial statements like the income statement and balance sheet. Additionally, it discusses the different accounting methods, classifications of accounts, rules of debit and credit, and how transactions are recorded in a journal. The overall purpose is to establish the foundational concepts and process of accounting.
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fundamental of financial accounting.
Accounting is the process of identifying, classifying and recording business transactions to provide financial information to internal and external users. It involves measuring, interpreting, and communicating financial information to support decision making. There are various types of accounting, including financial accounting, management accounting, and cost accounting. Financial accounting focuses on preparing external financial reports based on generally accepted accounting principles, while management and cost accounting provide information for internal decision making and cost control.
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scope of financial accounting
- 1. SCOPE OF FINANCIAL ACCOUNTING PRESENTED BY:RAJAT SHARMA CLASS:F.Y.BMS ROLL NO:659
- 2. INRODUCTION TO BOOK KEEPING In the modern time, every day many business activities are carried out. Each such activity involves lots of dealings of purchase , sales , etc. These dealings are also called transactions. Transactions can be for: Purchase of goods, Sale of goods, Payment of money to suppliers, Payment of money from customers.
- 3. MEANING Book keeping is a system of maintaining books of accounts relating to business dealings from which the owner can find out whether he has made a profit or loss for the particular year.
- 4. PROCEDURE OF ACCOUNTING Procedure of accounting includes: • Generating financial information • Recording • Classifying • Summarizing Using the financial information • Internal users: board of directors, partners, managers. • External users: investors, suppliers, lenders, customers.
- 5. THE SCOPE OF BOOK KEEPING Book keeping is one of the in demands job nowadays for companies. It really helps the flow of the business transaction. Book keeping includes keeping records. It also includes making ledger. It makes financial reports. Above all book keeping, for business entrepreneurs it is wiser to pick the best person to do the book keeping of the company.