Financial Accounting chapter 1
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This document provides an overview of accounting. It discusses the evolution of accounting in India dating back to 23 centuries ago. It defines accounting as the process of identifying, measuring, and communicating economic information. The objectives of accounting are to keep systematic financial records, ascertain profit/loss and financial position, and provide information to stakeholders. Accounting serves important functions like measurement, forecasting, comparison, and decision making. It is important for enterprises as it provides systematic records, financial statements, aids decision making, and satisfies legal requirements. The document outlines the accounting cycle and various branches, bases, users, and the role of accountants.
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Financial Accounting chapter 1
- 1. ACCOUNTING by PG & Research Department of Commerce Mannar Thirumalai Naicker College(Autonomous) Pasumalai, Madurai- 625 004.
- 2. Contents 1.1 Introduction to Accounting 1.2 Evolution of Accounting 1.3 Meaning and Definition of Accounting 1.4 Accounting cycle 1.5 Objectives of Accounting 1.6 Functions of Accounting 1.7 Importance of Accounting 1.8 Basic Accounting terminologies 1.9 Branches of Accounting 1.10 Bases of Accounting 1.11 Users of Accounting information 1.12 Role of an accountant
- 3. Learning Objectives To enable the students to Understand the meaning and functions of accounting Analyse the importance of accounting Understand the basic accounting terminologies Analyse the role of an accountant
- 4. 1.1 Introduction to Accounting
- 5. 1.2 Evolution of Accounting In India, 23 centuries ago, Chandragupta Maurya’s Minister Kautilya wrote a book named ‘Arthashastra’, wherein some references can be traced regarding the way of maintaining accounting records.
- 6. 1.3 Meaning and Definition of Accounting According to 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, at least of a financial character and interpreting the results thereof ”.
- 7. American Accounting Association has defined accounting as “the process of identifying, measuring, and communicating economic information to permit informed judgements and decisions by users of the information”.
- 9. 1.5 Objectives of Accounting Following are the objectives of accounting: i) To keep a systematic record of financial transactions and events ii) To ascertain the profit or loss of the business enterprise iii) To ascertain the financial position or status of the enterprise iv) To provide information to various stakeholders for their requirements v) To protect the properties of an enterprise and vi) To ascertain the solvency and liquidity position of an enterprise
- 10. 1.6 Functions of Accounting The main functions of accounting are as follows: (i) Measurement (ii) Forecasting (iii) Comparison (iv) Decision making (v) Control (vi) Assistance to government
- 11. 1.7 Importance of Accounting Accounting is a basic necessity for all enterprises. Importance of accounting is enumerated as below: (I) Systematic records (II) Preparation of financial statements (iii) Assessment of progress (iv) Aid to decision making (v) Stratifies legal requirement (vi) Information to interested groups (vii) Legal evidence (viii) Computation of tax (ix) Settlement during merger
- 12. 1.8 Basic Accounting terminologies
- 13. 1.9 Branches of Accounting The various branches of accounting are: (i) Financial Accounting (ii) Cost Accounting (iii) Management Accounting (iv) Social Responsibility Accounting (v) Human Resources Accounting
- 14. 1.10. Bases of Accounting There are three bases of accounting in common usage, namely (i). Cash basis (ii). Accrual or mercantile basis (iii). Mixed or hybrid basis.
- 15. 1.11 Users of Accounting information There are several persons who need the accounting information for various purposes. They can be classified into two: A) Internal users and B) External users
- 17. External Users (i) Creditors and financial institutions (vii) General public (vi) Researchers (v) Government (iv) Tax authorities and other regulatory bodies (iii) Customers (ii) Investors
- 18. 1.12 Role of an Accountant (i) Record keeper (ii) Provider of information to the management (iii) Protector of business assets (iv) Financial advisor (v) Tax manager (vi) Public relation officer