Accounting serves as a means of communication for recording and reporting economic activities and resources in businesses and organizations. It identifies, measures, and communicates financial information to help users make decisions. The accounting process involves identifying, recording, classifying, summarizing, analyzing and interpreting transactions and communicating the results. The key objectives of accounting are to keep systematic financial records, ascertain profit or loss, report on the financial position, and provide information to meet legal requirements and support decision making. Accounting provides important benefits like maintaining a record of transactions, assessing financial performance and position, and satisfying the information needs of owners, managers, creditors, investors and other stakeholders.
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Here are some basics of accounting like its definition, steps involved in it, book-keeping, objectives of accounting, functions and limitations of accounting for the beginners.
It is been tried to explain all these things in a quite easy manner.
Hope that it matches what you were looking for.
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventions
Here are some basics of accounting like its definition, steps involved in it, book-keeping, objectives of accounting, functions and limitations of accounting for the beginners.
It is been tried to explain all these things in a quite easy manner.
Hope that it matches what you were looking for.
Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Essential Components of Financial Statement Invensis
A financial statement is an important tool which gives crystal clear information about a company’s financial situation and is helpful in making sound business decisions. Find out the essential components of financial statement and how outsourcing Finance and Accounting services to Invensis Technologies can improve the fiscal aspect of your company.
Invensis Technologies (http://www.invensis.net) is a leading IT & Business Process Outsourcing Firm based in Bangalore, India with more than 15 years of experience. Our customized End-to-End Finance and Accounting(F&A) Outsourcing Services (http://www.invensis.net/outsource-finance-accounting-bpo-services.php) include Tax Preparation Services, Accounting and Bookkeeping, Financial Analysis reporting, Record to Report Services and Payroll Processing Services.
To find out more about our services and benefits of partnering with us, please contact us at sales{at}invensis{dot}net or you can call us from US +1(302)-261-9036 ; UK +44 203 411 0183 ; AUS +61 3 8820 5183 ; IND +91 80 41155233
Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.
In this ppt i have given Introduction International Accounting which covers approaches in international accounting, importance of ia, introduction international accounting.
Subscribe to Vision Academy for Video assistance https://www.youtube.com/channel/UCjzpit_cXjdnzER_165mIiw
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Essential Components of Financial Statement Invensis
A financial statement is an important tool which gives crystal clear information about a company’s financial situation and is helpful in making sound business decisions. Find out the essential components of financial statement and how outsourcing Finance and Accounting services to Invensis Technologies can improve the fiscal aspect of your company.
Invensis Technologies (http://www.invensis.net) is a leading IT & Business Process Outsourcing Firm based in Bangalore, India with more than 15 years of experience. Our customized End-to-End Finance and Accounting(F&A) Outsourcing Services (http://www.invensis.net/outsource-finance-accounting-bpo-services.php) include Tax Preparation Services, Accounting and Bookkeeping, Financial Analysis reporting, Record to Report Services and Payroll Processing Services.
To find out more about our services and benefits of partnering with us, please contact us at sales{at}invensis{dot}net or you can call us from US +1(302)-261-9036 ; UK +44 203 411 0183 ; AUS +61 3 8820 5183 ; IND +91 80 41155233
Generally Accepted Accounting Principles are those guidelines which gives clarity to the financial statements and protect the interest of the share holders and other stake holders of the firm.
It's a good presentation for those students who just started to learn accounting.
Basic theory of accounting must be clear, and there for here I have uploaded this presentation.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
Meaning Of Accounting.
Accounting as a source of information.
Role of an accountant.
Characteristics of an accounting information.
Objectives of accounting
Basic terms in accounting
Similar to Bba i ita u 1.1 definition of accounting (20)
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Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
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Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
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2. INTRODUCTION
In all activities (whether business activities or non-business
activities) and in all organizations (whether business
organizations like a manufacturing entity or trading entity
or non-business organizations like schools, colleges,
hospitals, libraries, clubs, temples, political parties) which
require money and other economic resources, accounting
is required to account for these resources. In other words,
wherever money is involved, accounting is required to
account for it. Accounting is often called the language of
business. The basic function of any language is to serve as a
means of communication. Accounting also serves this
function.
3. ACCOUNTING
Meaning of Accounting:-
• Accounting, as an information system is the process of
identifying, measuring and communicating the
economic information of an organization to its users
who need the information for decision making. It
identifies transactions and events of a specific entity. A
transaction is an exchange in which each participant
receives or sacrifices value (e.g. purchase of raw
material). An event (whether internal or external) is a
happening of consequence to an entity (e.g. use of raw
material for production). An entity means an economic
unit that performs economic activities.
4. Definition of Accounting
• American Institute of Certified Public
Accountants (AICPA) which defines accounting
as “the art of recording, classifying and
summarising in a significant manner and in
terms of money, transactions and events,
which are, in part at least, of a financial
character and interpreting the results
thereof”.
5. Accounting Process:
• The process of accounting as per the above definition is given below:
Input Process Output
Identifying
Recording
Classifying
Summarising
Analysing
Interpreting
Communicating
Business
transactions
(monetary
value)
Information to
Users
6. The accounting cycle
• Meaning of Accounting Cycle
• An accounting cycle is a complete sequence of
accounting process, that begins with the
recording of business transactions and ends
with the preparation of final accounts.
8. Objective of Accounting
• Objective of accounting may differ from business
to business depending upon their specific
requirements. However, the following are the
general objectives of accounting.
• i) To keeping systematic record: It is very difficult
to remember all the business transactions that
take place. Accounting serves this purpose of
record keeping by promptly recording all the
business transactions in the books of account.
9. ii) To ascertain the results of the
operation:
• Accounting helps in ascertaining result i.e.,
profit earned or loss suffered in business
during a particular period. For this purpose, a
business entity prepares either a Trading and
Profit and Loss account or an Income and
Expenditure account which shows the profit
or loss of the business by matching the items
of revenue and expenditure of the some
period.
10. iii) To ascertain the financial position
of the business:
• In addition to profit, a businessman must
know his financial position i.e., availability of
cash, position of assets and liabilities etc. This
helps the businessman to know his financial
strength. Financial statements are barometers
of health of a business entity.
11. iv) To portray(describe) the liquidity
position:
• Financial reporting should provide information
about how an enterprise obtains and spends
cash, about its borrowing and repayment of
borrowing, about its capital transactions, cash
dividends and other distributions of resources
by the enterprise to owners and about other
factors that may affect an enterprise’s liquidity
and solvency.
12. To protect business properties:
• Accounting provides up to date
information about the various assets
that the firm possesses and the
liabilities the firm owes, so that
nobody can claim a payment which is
not due to him.
13. vi) To facilitate rational decision –
making:
• Accounting records and financial
statements provide financial
information which help the business
in making rational decisions about
the steps to be taken in respect of
various aspects of business.
14. vii) To satisfy the requirements of law:
• Entities such as companies, societies, public
trusts are compulsorily required to maintain
accounts as per the law governing their
operations such as the Companies Act,
Societies Act, and Public Trust Act etc.
Maintenance of accounts is also compulsory
under the Sales Tax Act and Income Tax Act.
15. Importance of Accounting
• i) Owners: The owners provide funds or capital
for the organization. They possess curiosity in
knowing whether the business is being
conducted on sound lines or not and whether
the capital is being employed properly or not.
Owners, being businessmen, always keep an
eye on the returns from the investment.
Comparing the accounts of various years helps
in getting good pieces of information.
16. ii) Management:
• The management of the business is greatly
interested in knowing the position of the firm.
The accounts are the basis, the management can
study the merits and demerits of the business
activity. Thus, the management is interested in
financial accounting to find whether the business
carried on is profitable or not. The financial
accounting is the “eyes and ears of management
and facilitates in drawing future course of action,
further expansion etc.”
17. iii) Creditors:
• Creditors are the persons who supply goods
on credit, or bankers or lenders of money. It is
usual that these groups are interested to know
the financial soundness before granting credit.
The progress and prosperity of the firm, two
which credits are extended, are largely
watched by creditors from the point of view of
security and further credit. Profit and Loss
Account and Balance Sheet are nerve centers
to know the soundness of the firm.
18. iv) Employees:
• Payment of bonus depends upon the size of
profit earned by the firm. The more important
point is that the workers expect regular
income for the bread. The demand for wage
rise, bonus, better working conditions etc.
depend upon the profitability of the firm and
in turn depends upon financial position. For
these reasons, this group is interested in
accounting.
19. v) Investors:
• The prospective investors, who want to invest
their money in a firm, of course wish to see
the progress and prosperity of the firm, before
investing their amount, by going through the
financial statements of the firm. This is to
safeguard the investment. For this, this group
is eager to go through the accounting which
enables them to know the safety of
investment.
20. vi) Government:
• Government keeps a close watch on the firms
which yield good amount of profits. The state
and central Governments are interested in the
financial statements to know the earnings for
the purpose of taxation. To compile national
accounting is essential.
21. Advantages of Accounting
• The following are the advantages of accounting to
a business:
• i) It helps in having complete record of business
transactions.
• ii) It gives information about the profit or loss
made by the business at the close of a year and
its financial conditions. The basic function of
accounting is to supply meaningful information
about the financial activities of the business to
the owners and the managers.
22. iii) It provides useful information form
making economic decisions,
iv) It facilitates comparative study of current
year’s profit, sales, expenses etc., with those
of the previous years.
v) It supplies information useful in judging
the management’s ability to utilise
enterprise resources effectively in achieving
primary enterprise goals.
23. vi) It provides users with factual and interpretive
information about transactions and other events
which are useful for predicting, comparing
and evaluation the enterprise’s earning power.
vii) It helps in complying with certain legal
formalities like filing of income tax and sales-tax
returns. If the accounts are properly maintained,
the assessment of taxes is greatly facilitated.
24. References/Sources
• ACCOUNTING FOR MANAGERS Dr. Sakshi Vasudeva Galgotia publishing company
(Theory & Practice). Chapter no. 1 Introduction to Accounting page no. 1