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.
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.
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.
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.
Understand the Meaning, Kinds and Advantages of Subsidiary Books.
Know the Purpose, Format, Posting and Balancing of Purchases, Sales, Purchases Return and Sales Return Books.
Cambridge O level
National O Level
Edexcel O Level
7707
Prime Entry books
Books of Original Entry
Accounting
Introduction to Accounting
Accounting process
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
Understand the Meaning, Kinds and Advantages of Subsidiary Books.
Know the Purpose, Format, Posting and Balancing of Purchases, Sales, Purchases Return and Sales Return Books.
Cambridge O level
National O Level
Edexcel O Level
7707
Prime Entry books
Books of Original Entry
Accounting
Introduction to Accounting
Accounting process
5.01 Meaning of an Account
5.02 Meaning of Debit and Credit
5.03 Classification of Accounts
5.04 Significance of Debit and credit in Accounts
5.05 Journal
5.05.01 Steps and Rules of Journalising
5.05.02 Totaling and Carry Forward.
5.05.03 Simple and Compound Journal Entries
5.06 Opening Entry
5.07 Sub-division of Journal
5.08 Ledger
5.08.01 Meaning
5.08.02 Form of a Ledger
5.08.03 Mechanics of Posting
5.08.04 Balancing of Ledger Accounts
For more content and questions refer (Copy and Paste this link)
https://clickuniv.com/introduction-to-accounting/
Follow me on: https://twitter.com/Afzalindian
Here in this slide fundamentals of accounting are discussed. After studying this slide you will be able to know
Meaning and Definition of Accounting
Attributes (Characteristics) of accounting
Functions of Accounting
Accounting Process
Bookkeeping
Objectives of Accounting
Advantages of Accounting
Limitations of Accounting
Users of Accounting Information
Systems of Accounting
Basis of Accounting
Introduction to financial accounting ( Simple understanding of financial acco...Dr. Sanjay Sawant Dessai
Introduction to financial accounting. This presentation will help students to understand financial accounting in simple way , it covers basics of financial accounting process
Accounting concept and convention.pptxKULBIR SINGH
In order to maintain uniformity and consistency in preparing and maintaining books of accounts, certain rules or principles have been evolved. These rules/principles are classified as concepts and conventions.
Accounting concept refers to the
Basic assumptions
Rules
Principles
which work as the basis of recording of business transactions and preparing accounts.
Managementguru.net - "What does a career in accounting demands for?"Shyama Shankar
Accounting as a career is a great option and many people fail to realize that. Go through the post to understand what it takes to become a successful accounting personnel.
You have to prepare yourself to hack your job interview. Confidence, knowledge, skills and something extra is needed to crack the interview process. That something extra is nothing but a "Know-How" on the frequently asked job interview questions and answers and how not to answer them.
The principal resource of any organization is people and managing people is the most important and challenging aspect of an organization. The responsibility to develop and empower the employees solely lies on the shoulders of human resource department. It should try to address the problems of workers to the management and amicably settle issues relating to wages, welfare, safety and security.
Break even analysis- A Comprehensive and Clear DescriptionShyama Shankar
Break-even analysis is one of the most important concepts in management-accounting that enables the management to calculate production costs accurately and avoid wastage. It relates volume with profits at different levels and helps the company to fix price accordingly.
"Golden Time Management Quotes-" Time is Precious!Shyama Shankar
Even when you are viewing this ppt, so many things are happening around you, quite significantly. Try to allocate your time wisely and pl. understand that work is utmost fun and not whiling away time.
Creating PowerPoint Templates -Ideas For DummiesShyama Shankar
This ppt has been created to give you an idea on how to match the template with the message that is to be conveyed. Created with Haiku Deck the free presentation app for iPad. Learn more and get Haiku Deck: www.haikudeck.com
1. What is Accounting?
Accounting may be defined as the art of
recording, classifying and consolidating business
transactions that are financial in nature for audit and
tax purposes.
http://www.managementguru.net
2. Objectives of Accounting
To provide information about the business activities to the
owners , stake holders or investors and creditors
facilitating them to take decisions on investment and
lending.
To effectively manage the material resources available.
To facilitate social functions and control.
To provide information regarding accounting policies.
http://www.managementguru.net
3. Various classifications of Accounting
Financial: The main purpose is to record the business transactions in
the books of accounts enabling businessmen to know the results. In
general, the term accounting refers to financial accounting only.
Cost Accounting: ICMA London refers to cost accounting as “an
application of accounting and costing principles, methods and
techniques in the ascertainment of cost and analysis of savings as
compared with past or with established standards.
Management Accounting: Both financial and cost accounting
methods and results contribute to management accounting where the
data is interpreted mainly for arriving at optimal managerial decisions.
http://www.managementguru.net
4. Main Accounting Concepts
B u s i n e s s E n t i t y Co n c e p t
Lets say an entrepreneur starts a business. Though he is
the owner, the business is treated as a separate entity.
It is treated as a distinct feature and therefore it
becomes necessary to record the business transactions
separately to distinguish from the owner’s personal
transactions.
http://www.managementguru.net
5. Main Accounting Concepts
Going Concern Concept
People may come and go, but the business remains forever.
Until and unless the business dies by itself.
Money Measurement Concept
Business transactions can only be recorded in terms of
their monetary value. Depreciation, rent, use of clerical
services etc., can be only added up if expressed in terms of
money.
http://www.managementguru.net
6. Cost Concept
The transactions are recorded keeping in mind the
actual cost involved and this concept does not
consider the projected value or appreciation.
Even if a firm knows that a land purchased for Rs.
2,00,000 will fetch double the amount in the near
future or worth more than the actual cost, the
transaction is recorded only at the actual cost.
http://www.managementguru.net
7. Dual Aspect Concept
Each transaction has two aspects. When a business
acquires an asset, it has to pay money. Acquiring an
asset and paying money are two sides of the coin.
Similarly, if the asset is acquired through credit, there
arises a liability to that extent. Thus if there is an
increase in asset, there will be increase in liability also.
Assets = Liabilities+Capital
Or
Capital = Assets-Liabilities
http://www.managementguru.net
8. Realisation Concept
Unless money has been realised, no transaction can said
to have been taken place.
Accounting Period Concept
In order to ascertain the state of the business affairs at
regular intervals, usually a period of 52 weeks or 365
days is considered as the accounting period.
http://www.managementguru.net
9. Two methods of Accounting
Cash System
In this method, entries are made only when cash is
received or paid and no entry being recorded when
there is a payment or receipt due.
Mercantile System
Here, entries are made on the basis of amount having
become due for payment or receipt.
http://www.managementguru.net
10. Book Keeping
It is the art of recording the business transactions in a set of books
systematically.
The two systems in book-keeping are
1. Single entry system of book-keeping and
2. Double entry system of book-keeping
The set of books are
1. Journal
2. Subsidiary books
3. Ledger
4. Trial Balance and
5. Final Accounts.
http://www.managementguru.net