The document discusses key concepts in accounting and business, including:
- Types of businesses like sole proprietorships, partnerships, and corporations
- Accounting systems that are either manual or computerized
- Financial reports and accounting principles (GAAP) that are used to prepare reports
- The different types of accounting (financial and management) and users of reports
- Basic accounting assumptions around the business entity, accounting periods, and businesses as ongoing concerns
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Do you know what a trial balance is?
If you are associated with accounting, then you don't need to look at it. But those of you, with no knowledge of accounting will get a basic idea of what trial balance is all about.
Humans can make unintentional errors, but in Accounting, there is an option to make a Rectification entry for the errors.
Some errors affect the Trial Balance, some not
Rectification of errors depends on the timing of its detection:
1.Errors detected before preparation of Trial Balance are corrected by
"Writing a Narration" for Single Sided Errors &
" Rectified entry for Double Sided Error"
2. Errors detected after Trial Balance : by
" Opening Suspense A/C for Single Sided Errors"
" Rectification Entry"
3. Errors detected in Next accounting period :
Through P&L Adjustment Accounts
Do you know what a trial balance is?
If you are associated with accounting, then you don't need to look at it. But those of you, with no knowledge of accounting will get a basic idea of what trial balance is all about.
Understanding financial statements - ITT Project Lekshmi Pillai
Here the speaker describes the roots of financial statements, how to interpret the financial statements and the different types along with practical examples.
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
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
Accounting is the language of business. It records business transactions taking place during the accounting period. Accounting communicates the result of the business transactions in the form of final accounts
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
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Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
3. The Environment of Business Glencoe Accounting Exploring the World of Business Free Enterprise System Profit Loss free enterprise system People are free to produce goods and services. profit The amount of money earned over and above the amount spent to keep the business operating. loss When a business spends more money than it earns. Section 2.1
4. Types and Forms of Businesses Glencoe Accounting Exploring the World of Business Section 2.1 Three Types of Business Operations Service Business Merchandising Business Manufacturing Business service business A business that provides a needed service for a fee. merchandising business A business that buys finished products and resells them to individuals or other businesses. manufacturing business A business that buys raw materials, uses labor and machinery to transform them into finished products, and sells the finished products to individuals or other businesses.
5. Types and Forms of Businesses Glencoe Accounting Exploring the World of Business Section 2.1 $ All types of businesses need capital to begin. capital Money that investors, banks, or business owners supply for a business to begin.
6. Types and Forms of Businesses Glencoe Accounting sole proprietorship A business owned by one person. partnership A business owned by two or more persons. corporation A business recognized by law to have a life of its own. Exploring the World of Business Section 2.1 Three Types of Business Organization Sole Proprietorship Partnership Corporation
7. Types and Forms of Businesses Glencoe Accounting Exploring the World of Business Section 2.1
8. Types and Forms of Businesses Glencoe Accounting Exploring the World of Business Section 2.1
9. Types and Forms of Businesses Glencoe Accounting Exploring the World of Business A corporation must obtain a charter . charter Legal permission to operate. Section 2.1
10.
11. The Accounting System Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 Two types of accounting systems Manual Accounting System Computerized Accounting System accounting system Designed to collect, document, and report on financial transactions affecting the business. manual accounting system When accounting information is processed by hand. computerized accounting system When accounting information is processed by recording it into a computer.
12. The Accounting System Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 GAAP (generally accepted accounting principles) The set of rules that all accountants use to prepare financial reports. What Is GAAP ?
13. The Accounting System Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 What Are financial reports ? financial reports Documents that present summarized information about the financial status of a business.
14. Using Accounting Reports for Making Business Decisions Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 Two groups that use accounting reports Individuals outside the business who have an interest in the business Individuals inside the business
15. Using Accounting Reports for Making Business Decisions Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 Those interested in the financial accounting reports of a business include: Investors Local, state, and federal government Employees, consumers, and competitors financial accounting The type of accounting that focuses on reporting information to external users .
16.
17. Accounting Assumptions Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 GAAP Assumptions Business entity Accounting period Going concern business entity The accounting assumption that a business exists independently of its owner’s personal holdings. The accounting records and reports are maintained separately and contain financial information related only to the business.
18. Accounting Assumptions Glencoe Accounting Accounting: The Universal Language of Business Section 2.2 GAAP Assumptions Business entity Accounting period Going concern accounting period The period of time covered by an accounting report. going concern The accounting assumption that a business is expected to operate indefinitely.
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