Today, we are having a fairly well developed banking system with different classes of banks – public sector banks, foreign banks, private sector banks – both old and new generation, regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system.
Commerce is a process of exchanging goods and services. It includes all the activities which are directly or indirectly involves the exchanges. Commerce is a branch of business.
Commerce includes the distribution process of the products from manufactures to the consumers.
Today, we are having a fairly well developed banking system with different classes of banks – public sector banks, foreign banks, private sector banks – both old and new generation, regional rural banks and co-operative banks with the Reserve Bank of India as the fountain Head of the system.
Commerce is a process of exchanging goods and services. It includes all the activities which are directly or indirectly involves the exchanges. Commerce is a branch of business.
Commerce includes the distribution process of the products from manufactures to the consumers.
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
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
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
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
The golden rules in accounting or rules of debit and creditkaslinsas
Journal Entries cannot be recorded without some rules. The rules which are used to record a journal entry are called Golden rules of Accounting. It means debit the person who receives something from the business
Financial accounting Meaning . This is useful for, BCOM,MCOM,CA,CS,CMA STUDENTSBibek Prajapati
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
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
Presentation on vouching and verification for the benefit of B Com financial Audit students, topics covered are vouching of revenue items , verification and valuation of capital expenditure, receipts and valuation and verification of inventory
The golden rules in accounting or rules of debit and creditkaslinsas
Journal Entries cannot be recorded without some rules. The rules which are used to record a journal entry are called Golden rules of Accounting. It means debit the person who receives something from the business
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.
The Indian Partnership Act, 1932 defines partnership as
“the relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all.”
In 1944, the United States and Britain held a conference (Bretton Woods) that established:
1. International Bank for Reconstruction and Development (World Bank) (IBRD)
2. International Monetary Fund (IMF)
Economics comes from the Greek word oikonomia which means household chores. Economics is considered a field of social science. Economics is relevant because it is part of everybody’s life. As a science, Economics is related to other sciences.
In economics, the cycle of poverty is the “Set of factors or events by which poverty, once started, is likely to continue unless there is outside intervention“. The poverty cycle can be called the “Development trap" when it is applied to countries.
The Reserve Bank of India is India's central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.
The FEMA (1999) or in short FEMA has been introduced as a replacement for earlier Foreign Exchange Regulation Act (FERA)
FEMA came into act on the 1st day of June,2000
49 sections in the Act.
This theory relies on the market behaviour of the consumer to know about his preferences with regard to the various combinations for the two reactions and responses of the consumer.
Economic welfare is the level of prosperity and standard of living of either an individual or a group of persons. In the field of economics, it specifically refers to utility gained through the achievement of material goods and services.
Isoquants, MRTS, Concept of Total Product, Average & Marginal Product, Short Run and Long Run analysis of production, The Law of Variable proportion, Returns to scale,
Production Cost – Concept of Cost, Classification of Short run cost – Long run cost,
Trade policy governs exports from and imports into a country.
Guided by the Export-Import (EXIM) Policy of the Government of India which is Regulated by the Foreign Trade (Development and Regulation) Act, 1992
It contains various policy with respect to imports and exports i.e. export promotional measures, policies and procedures related thereof. Policy was prepared and announced by the Central Government (Ministry of Commerce and Industry) for every 5 years of span.
Promotion is the entire set of activities which communicate the product, Brand, Service so on to the user. The Idea is to make people aware, attract and induce to buy the product, in preference over others
Studying of Economics often seems hard. It is only because of the vocabulary used in defining the economic concepts, here are a set of terms which are frequently used in economics along with definitions..
The “Demand” for a commodity, at a given price, is the quantity of it which will be bought per unit of time at that price.
In economics, demand refers to the buying behavior of a household. When desire is backed by willingness and ability to pay for a good or service then it becomes Demand for the good or service.
Consumer Behaviour is the study of how individual customers, groups or organizations select, buy, use, and dispose ideas, goods, and services to satisfy their needs and wants. It refers to the actions of the consumers in the marketplace and the underlying motives for those actions. The study of Consumer Behaviour assumes that the consumers are actors in the marketplace.
The activity of seeking wealth is as old as Human
Civilization. Human beings either as individuals or as groups
or as large kingdoms and empires have always been engaged
in acquiring and increasing the material wealth.
However, a discipline study of the wealth producing
activities was commenced about 230 years back when Adam
Smith, the father of Economics, published “The Nature and
Causes of Wealth of Nations”. Economics, as a discipline,
constitute the most important subject to analyze activities
related to wealth creation and distribution. The dimensions of
the subject of Economics are truly vast and encompasses all
aspects of our lives.
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challengesHolger Mueller
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Company Valuation webinar series - Tuesday, 4 June 2024FelixPerez547899
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
2. CONTENTS
Meaning and definition of Accounting
Features of Accounting
Need for accounting in business
Advantages of maintaining Accounts.
The procedure of maintaining accounts under Double - Entry System
Accounting Cycle
Kinds of Accounts
Rules for debiting and crediting each type of accounts
3. MEANING AND DEFINITIONS OF ACCOUNTING
Accounting is identifying and measuring business transactions in a set of books so as to
measure the business transactions in terms of money analyzing and interpreting the results
there off.
According to The American Institute of Certified Public Accounts (AICPA) defined accounting
as “the art of recoding, classifying and summarizing 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 there off “.
According to American Accounting Association (A.A.A.) defined accounting as “the process of
identifying, measuring and communicating economic information to permit informed
judgements and decisions by users of the information”.
4. FEATURES OF ACCOUNTING
Accounting is both a science and an art.
It identifies the business transactions.
It shows the value of business transactions in terms of money.
It classifies the business transactions and records them in their respective accounts.
It briefs the business transactions and after getting required information from ledger
prepares, final accounts, namely trading and profit and loss account and balance sheet.
It helps the business to take necessary decisions by showing the result of the business.
5. ADVANTAGES OF MAINTAINING ACCOUNTS
Accounting records of a business concern are the permanent records of transactions
relating to its income and expenditure.
It records provide full information about business transactions
It helps a business concern to compare results of the business from year to year.
It helps to ascertain the financial position of a business concern.
It helps a business concern to know the amount due to others and amount due from
others.
It are the documentary evidence required to prove the status of business concern to
government or to other agencies as and when required.
It helps the management of a concern in its future planning and decision making process.
6. THE PROCEDURE OF MAINTAINING ACCOUNTS
The day to-day business transactions are entered in rough book as and when they take place.
The transactions are analysed so as to which account has to be debited and which account has to be
credited
The Journal entries are then transferred to the respective ledger accounts.
After a particular period or when ever required the balance of ledger accounts is found out. The
balance of account is the difference between Debit and Credit side.
The list of all the balances of all the accounts is prepared. It is called Trial Balance.
After the preparation of Trial balance, final accounts are prepared.
Final accounts are divided into three parts.
a) Trading Account.
b) Profit and Loss account.
c) Balance sheet : Here the list of all Liabilities and Assets are listed out.
The recoding of all the transactions is called Accounting cycle.
8. KINDS OF ACCOUNTS
Accounts are classified into three types. They are :
1. Personal Accounts
2. Real Accounts
3. Nominal Accounts
Personal Accounts: The ledger accounts which are maintained to record the transactions carried out
Ex : Suresh’s a/c, xco’s a/c. etc., Bank a/c.
Real Accounts: The ledger accounts that are maintained by the business concerns to record the assets
possesses.
Ex : Building’s a/c, Cash a/c, Furniture a/c, Machinery a/c. etc.,
Nominal Accounts: The business concerns have to maintain separate accounts for the profits or
losses or expenses it incurs.
Ex : Rent a/c, Salaries a/c, interest a/c, commission a/c, Rates & Taxes a/c, Insurance Premium
paid etc.,
10. ILLUSTRATION
Let’s do the recording of transactions of J.K enterprises into journal books.
Journalize the following transactions.
1. Mr. John Invested Rs.200000 as capital
2. Deposit cash in to SBI Rs.15000
3. Purchased land for Rs.105000
4. Stationery purchased for Rs.1000
5. Rent paid to building owner Rs.1500
11. SOLUTIONS
Transaction Analysis Nature of account Rule Entry
Mr. John Invested
Rs.200000 as
capital
Cash received
by owner
Cash a/c- Real a/c
Capital a/c- Personal a/c
Debit what comes in
Credit the giver
Debit cash a/c
Credit capital a/c
Deposit cash in to
SBI Rs.15000
Cash deposited
to bank
Bank a/c- Personal a/c
Cash a/c- Real a/c
Debit the receiver
Credit what goes
out
Debit bank a/c
Credit cash a/c
Purchased land for
Rs.105000
Purchased land
for cash
Land a/c- Real a/c
Cash a/c- Real a/c
Debit what comes in
Credit what goes
out
Debit land a/c
Credit cash a/c
Stationery
purchased for
Rs.1000
Stationery
purchased for
cash
Stationery a/c- Nominal a/c
Cash a/c- real a/c
Debit all expenses
and losses
Credit what goes
out
Debit stationery a/c
Credit cash a/c
Rent paid to
building owner
Rs.1500
Rent paid to
building owner
for cash
Rent a/c- Nominal a/c
Cash a/c- real a/c
Debit all expenses
and losses
Credit what goes
out
Debit rent a/c
Credit cash a/c