This document provides notes on various accounting topics for O level accounting. It begins with accounting basics such as reasons for statements of accounts, general journals, purchases and sales journals. It then covers ratio analysis, accounting concepts, partnerships, bad debts, control accounts, clubs/non-trading organizations, companies, depreciation, errors, bank reconciliation, manufacturing, prepaid/accrued items, payroll accounting, and information and communication technology. Questions are provided for each topic to test understanding. The document aims to comprehensively cover the O level accounting syllabus.
This document discusses key accounting concepts and conventions. It defines 8 accounting concepts: business entity, money measurement, accounting period, accounting cost, going concern, dual aspect, realization, and matching. It also discusses 4 accounting conventions: consistency, materiality, conservatism, and full disclosure. The concepts and conventions establish standard principles and practices for preparing accurate financial statements and reports.
This document provides terminology and templates for preparing financial statements according to international standards. It includes templates for income statements, statements of financial position, and manufacturing accounts for sole proprietorships, partnerships, and limited companies. Key sections and accounts are defined, such as appropriation accounts, receipts and payments accounts, and trading versus non-trading organizations. Template line items and account headings are explained.
The document provides definitions and explanations for various accounting terms and concepts. It distinguishes between assets and liabilities, current and non-current liabilities, capital and revenue expenditures, and income statements and balance sheets. It also defines accounting terms like depreciation, bad debts, accrued expenses, and cash versus trade discounts. The document is intended as a study guide for an accounting exam by providing clear summaries of key accounting principles and terminology.
This document discusses key accounting concepts and conventions. It describes 12 major concepts: business entity, going concern, money measurement, accounting period, cost, dual aspect, realization, matching, materiality, full disclosure, conservatism, and consistency. It provides examples and explanations of how each concept is applied in accounting practices and financial reporting.
The accounting cycle is a series of steps repeated every reporting period to record business transactions and close the books. It involves recording transactions in daybooks, posting to ledgers, extracting a trial balance, and drawing up financial statements. Transactions are first recorded in daybooks like sales, purchases, cash according to their nature. These are then posted to ledgers including the sales, purchases, and general ledgers. A trial balance is then extracted from ledger balances to check the double entry system. Finally, closing entries are made to transfer income and expense accounts to the profit and loss statement.
This document provides an overview of key accounting concepts, conventions, principles and the accounting cycle. It discusses the accrual basis, going concern concept, matching principle and other fundamental accounting concepts. It also explains accounting equations, debits and credits, journals, ledgers and how to record basic business transactions.
1) The document discusses the various books used in accounting such as books of original entry like purchases journal, sales journal, cash book, and general journal. It also discusses books of final entry like the ledger.
2) It explains key accounting concepts like capital and revenue expenditures, adjustments, trial balance, and control accounts.
3) Partnership accounting is covered including the key accounts prepared like trading account, profit and loss account, current accounts and capital accounts.
This document provides notes on various accounting topics for O level accounting. It begins with accounting basics such as reasons for statements of accounts, general journals, purchases and sales journals. It then covers ratio analysis, accounting concepts, partnerships, bad debts, control accounts, clubs/non-trading organizations, companies, depreciation, errors, bank reconciliation, manufacturing, prepaid/accrued items, payroll accounting, and information and communication technology. Questions are provided for each topic to test understanding. The document aims to comprehensively cover the O level accounting syllabus.
This document discusses key accounting concepts and conventions. It defines 8 accounting concepts: business entity, money measurement, accounting period, accounting cost, going concern, dual aspect, realization, and matching. It also discusses 4 accounting conventions: consistency, materiality, conservatism, and full disclosure. The concepts and conventions establish standard principles and practices for preparing accurate financial statements and reports.
This document provides terminology and templates for preparing financial statements according to international standards. It includes templates for income statements, statements of financial position, and manufacturing accounts for sole proprietorships, partnerships, and limited companies. Key sections and accounts are defined, such as appropriation accounts, receipts and payments accounts, and trading versus non-trading organizations. Template line items and account headings are explained.
The document provides definitions and explanations for various accounting terms and concepts. It distinguishes between assets and liabilities, current and non-current liabilities, capital and revenue expenditures, and income statements and balance sheets. It also defines accounting terms like depreciation, bad debts, accrued expenses, and cash versus trade discounts. The document is intended as a study guide for an accounting exam by providing clear summaries of key accounting principles and terminology.
This document discusses key accounting concepts and conventions. It describes 12 major concepts: business entity, going concern, money measurement, accounting period, cost, dual aspect, realization, matching, materiality, full disclosure, conservatism, and consistency. It provides examples and explanations of how each concept is applied in accounting practices and financial reporting.
The accounting cycle is a series of steps repeated every reporting period to record business transactions and close the books. It involves recording transactions in daybooks, posting to ledgers, extracting a trial balance, and drawing up financial statements. Transactions are first recorded in daybooks like sales, purchases, cash according to their nature. These are then posted to ledgers including the sales, purchases, and general ledgers. A trial balance is then extracted from ledger balances to check the double entry system. Finally, closing entries are made to transfer income and expense accounts to the profit and loss statement.
This document provides an overview of key accounting concepts, conventions, principles and the accounting cycle. It discusses the accrual basis, going concern concept, matching principle and other fundamental accounting concepts. It also explains accounting equations, debits and credits, journals, ledgers and how to record basic business transactions.
1) The document discusses the various books used in accounting such as books of original entry like purchases journal, sales journal, cash book, and general journal. It also discusses books of final entry like the ledger.
2) It explains key accounting concepts like capital and revenue expenditures, adjustments, trial balance, and control accounts.
3) Partnership accounting is covered including the key accounts prepared like trading account, profit and loss account, current accounts and capital accounts.
The document discusses three key financial statements: the trading account reveals gross profit through sales revenue minus direct costs of goods sold; the profit and loss account shows net profit calculated as gross profit minus expenses and overheads plus other income; the balance sheet records a business's assets, liabilities, and owner's equity on a particular date to illustrate the overall financial position.
The document defines accounting and its objectives, which include keeping systematic records and ascertaining the financial position of a business. It describes the accounting process and key principles. It also defines important accounting terms like assets, liabilities, expenses, capital, and different types of accounts. Finally, it discusses the key final accounts prepared in accounting - the trading account, profit and loss account, and balance sheet.
The accounting cycle document describes the key steps in the accounting process. It involves recording transactions in daybooks, posting to ledgers, extracting a trial balance, and making adjustments. The main steps are:
1) Recording transactions in daybooks according to the type of transaction
2) Posting to the sales, purchases, and general ledgers
3) Extracting a trial balance to check the double entry system
4) Making closing entries and adjustments at the fiscal year end
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
This document contains lecture slides on accounting concepts and principles from Taj Mohammad Tamkeen. The slides cover topics such as the accounting cycle, basic accounting terminology, the accounting equation, books of accounts including journals and ledgers, and financial statements including the balance sheet and income statement. The slides also provide examples of accounting transactions and exercises for students.
This document discusses key accounting concepts and conventions. It explains concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. It also covers conventions like consistency, full disclosure, materiality and conservatism. The concepts and conventions establish the fundamental assumptions and guidelines for preparing financial statements according to standard accounting principles.
Accounting Concept, Principal and Convention annamlingam1980
After completing this unit, learners will be able to grasp basic accounting concepts, principles, and conventions and observe their implications when recording transactions and events. The document defines key accounting concepts like the business entity, money measurement, periodicity, accrual, matching, going concern, cost, realization, dual aspect, conservatism, consistency, and materiality concepts. It also discusses accounting principles, how they are adopted globally for recording transactions, and how accounting conventions are generally accepted practices.
This document provides an overview of basic financial accounting concepts. It defines key accounting terms like accounts, accounting, the accounting cycle and basis. It describes the different types of accounts, rules of double entry system and branches of accounting. It also explains the accounting process including journal, ledger, trial balance and errors. The accounting concepts, conventions and terminology are introduced along with the different books of accounts used.
Accounting concept refers to the
Basic assumptions
Rules
Principles
which work as the basis of recording of business transactions and preparing accounts.
meaning of accounting
meaning of book-keeping
difference between accounting and book-keeping
meaning of double entry system of book-keeping
accounting equation
accounting principles, concepts and conventions
parties interested in accounting information
accounting cycle
classification/types of accounts
golden rules of accounting
Introduction to financial accounting jan 2014KarnatakaOER
This document provides an introduction to financial accounting. It defines accounting as recording, classifying, and summarizing financial transactions and interpreting results. Key groups interested in accounting information are identified. Accounting is required to determine profit/loss, financial position, amounts owed and due, and information for decision making. The document outlines the basic types of accounts, rules for debit and credit entries, books of accounts, accounting concepts and conventions, and the preparation of trial balance, balance sheet and income statement.
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
The document provides an introduction and overview of accounting principles and the accounting process. It discusses key concepts such as:
- What accounting is and its basic features
- The double-entry system of accounting and rules for debit and credit entries
- The basic steps in the accounting process including recording transactions, classifying, summarizing, and interpreting reports
- Key accounting documents like vouchers, journals, ledgers, and trial balances
- How basic financial reports like the income statement and balance sheet are prepared
The summary outlines the essential high-level information about accounting fundamentals and the accounting cycle contained within the document.
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
This document discusses key accounting concepts and conventions. It explains that accounting is based on certain assumptions to ensure consistency and comparability. Some key concepts discussed include business entity, money measurement, going concern, periodicity, matching, and realization. Accounting conventions like consistency, conservatism, full disclosure, and materiality are also summarized. Maintaining consistency from one period to the next allows for better comparison and analysis of financial performance over time.
Control accounts help locate errors and provide a summary of total debtor and creditor balances. They are prepared separately from the sales and purchases ledgers. Control accounts take the form of accounts, with debit totals from the ledger on the left and credit totals on the right. The sales ledger control account equals total debtors, and the purchases ledger control account equals total creditors. Minority balances can occur temporarily in the control accounts due to returns or claims after settlement. The self-balancing system treats control accounts as part of double entry, while the sectional balancing system treats debtors/creditors accounts as double entry and control accounts as memorandum.
The document discusses key accounting concepts, conventions, principles, and the accounting equation. It provides explanations of concepts like the accrual basis, going concern assumption, and prudence. It also discusses the balance sheet, showing examples of its horizontal and vertical formats, and how the accounting equation of Assets = Liabilities + Equity is demonstrated on the balance sheet. Transaction examples are provided and explained in terms of debits and credits to accounts.
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
The document defines accounting as recording, classifying, and summarizing financial transactions and events in terms of money. It outlines key accounting concepts like the separate entity, going concern, cost, and accrual concepts. It also discusses accounting principles, conventions, systems, terms, depreciation methods, and types of business entities like partnerships and joint ventures.
The document discusses three key financial statements: the trading account reveals gross profit through sales revenue minus direct costs of goods sold; the profit and loss account shows net profit calculated as gross profit minus expenses and overheads plus other income; the balance sheet records a business's assets, liabilities, and owner's equity on a particular date to illustrate the overall financial position.
The document defines accounting and its objectives, which include keeping systematic records and ascertaining the financial position of a business. It describes the accounting process and key principles. It also defines important accounting terms like assets, liabilities, expenses, capital, and different types of accounts. Finally, it discusses the key final accounts prepared in accounting - the trading account, profit and loss account, and balance sheet.
The accounting cycle document describes the key steps in the accounting process. It involves recording transactions in daybooks, posting to ledgers, extracting a trial balance, and making adjustments. The main steps are:
1) Recording transactions in daybooks according to the type of transaction
2) Posting to the sales, purchases, and general ledgers
3) Extracting a trial balance to check the double entry system
4) Making closing entries and adjustments at the fiscal year end
This document discusses key accounting principles and concepts, including:
- Accounting principles provide guidelines for sound accounting practices and procedures to record and report financial performance. They are classified into concepts and conventions.
- Key concepts include business entity, money measurement, historical cost, going concern, dual aspect, realization, accrual, accounting period, and matching.
- Key conventions include consistency, conservatism/prudence, full disclosure, and materiality. Consistency provides comparability, conservatism plays it safe, full disclosure provides all significant information, and materiality focuses on important items.
This document defines key accounting terms and concepts such as bookkeeping, accounting, accounting principles, and accounting transactions. It discusses the meaning and objectives of bookkeeping, the features of accounting, basic accounting terminology, and the branches and concepts of accounting. The key points covered include defining bookkeeping as the process of recording business transactions, outlining the objectives of bookkeeping such as maintaining permanent records and determining profit and loss, and explaining basic terms like assets, liabilities, debits, and credits.
This document contains lecture slides on accounting concepts and principles from Taj Mohammad Tamkeen. The slides cover topics such as the accounting cycle, basic accounting terminology, the accounting equation, books of accounts including journals and ledgers, and financial statements including the balance sheet and income statement. The slides also provide examples of accounting transactions and exercises for students.
This document discusses key accounting concepts and conventions. It explains concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. It also covers conventions like consistency, full disclosure, materiality and conservatism. The concepts and conventions establish the fundamental assumptions and guidelines for preparing financial statements according to standard accounting principles.
Accounting Concept, Principal and Convention annamlingam1980
After completing this unit, learners will be able to grasp basic accounting concepts, principles, and conventions and observe their implications when recording transactions and events. The document defines key accounting concepts like the business entity, money measurement, periodicity, accrual, matching, going concern, cost, realization, dual aspect, conservatism, consistency, and materiality concepts. It also discusses accounting principles, how they are adopted globally for recording transactions, and how accounting conventions are generally accepted practices.
This document provides an overview of basic financial accounting concepts. It defines key accounting terms like accounts, accounting, the accounting cycle and basis. It describes the different types of accounts, rules of double entry system and branches of accounting. It also explains the accounting process including journal, ledger, trial balance and errors. The accounting concepts, conventions and terminology are introduced along with the different books of accounts used.
Accounting concept refers to the
Basic assumptions
Rules
Principles
which work as the basis of recording of business transactions and preparing accounts.
meaning of accounting
meaning of book-keeping
difference between accounting and book-keeping
meaning of double entry system of book-keeping
accounting equation
accounting principles, concepts and conventions
parties interested in accounting information
accounting cycle
classification/types of accounts
golden rules of accounting
Introduction to financial accounting jan 2014KarnatakaOER
This document provides an introduction to financial accounting. It defines accounting as recording, classifying, and summarizing financial transactions and interpreting results. Key groups interested in accounting information are identified. Accounting is required to determine profit/loss, financial position, amounts owed and due, and information for decision making. The document outlines the basic types of accounts, rules for debit and credit entries, books of accounts, accounting concepts and conventions, and the preparation of trial balance, balance sheet and income statement.
This document discusses key accounting concepts and principles, including:
- Business entity, which treats a business and its owners as separate entities
- Money measurement, which records all transactions in monetary terms
- Going concern, which assumes a business will continue operating indefinitely
It also outlines principles such as historical cost, conservatism, consistency, and disclosure, and how they guide financial reporting. Challenges in revenue and expense recognition are addressed, along with users of financial statements and limitations of conventional reports.
The document provides an introduction and overview of accounting principles and the accounting process. It discusses key concepts such as:
- What accounting is and its basic features
- The double-entry system of accounting and rules for debit and credit entries
- The basic steps in the accounting process including recording transactions, classifying, summarizing, and interpreting reports
- Key accounting documents like vouchers, journals, ledgers, and trial balances
- How basic financial reports like the income statement and balance sheet are prepared
The summary outlines the essential high-level information about accounting fundamentals and the accounting cycle contained within the document.
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
This document discusses key accounting concepts and conventions. It explains that accounting is based on certain assumptions to ensure consistency and comparability. Some key concepts discussed include business entity, money measurement, going concern, periodicity, matching, and realization. Accounting conventions like consistency, conservatism, full disclosure, and materiality are also summarized. Maintaining consistency from one period to the next allows for better comparison and analysis of financial performance over time.
Control accounts help locate errors and provide a summary of total debtor and creditor balances. They are prepared separately from the sales and purchases ledgers. Control accounts take the form of accounts, with debit totals from the ledger on the left and credit totals on the right. The sales ledger control account equals total debtors, and the purchases ledger control account equals total creditors. Minority balances can occur temporarily in the control accounts due to returns or claims after settlement. The self-balancing system treats control accounts as part of double entry, while the sectional balancing system treats debtors/creditors accounts as double entry and control accounts as memorandum.
The document discusses key accounting concepts, conventions, principles, and the accounting equation. It provides explanations of concepts like the accrual basis, going concern assumption, and prudence. It also discusses the balance sheet, showing examples of its horizontal and vertical formats, and how the accounting equation of Assets = Liabilities + Equity is demonstrated on the balance sheet. Transaction examples are provided and explained in terms of debits and credits to accounts.
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
The document defines accounting as recording, classifying, and summarizing financial transactions and events in terms of money. It outlines key accounting concepts like the separate entity, going concern, cost, and accrual concepts. It also discusses accounting principles, conventions, systems, terms, depreciation methods, and types of business entities like partnerships and joint ventures.
The document provides an introduction to accounting concepts and principles. It discusses how accounting records and measures financial transactions and provides information to various stakeholders. It defines accounting and outlines its objectives and users. It also describes key accounting terms, concepts and conventions like double-entry system, accounting equation, debits and credits rules. Finally, it discusses various books of accounts like journal, ledger, trial balance and accounting cycle.
The document provides information about accounting fundamentals and Tally 9 accounting software. It discusses key accounting concepts like journal entries, ledger accounts, trial balance and financial statements. It also summarizes the features and benefits of Tally 9 such as speed, real-time access to information, accurate reporting and better decision making. Tally 9 allows users to create companies, alter company information, delete companies and consolidate financial reports of multiple companies into a group.
The document provides an overview of accounting concepts and principles for an MBA course. It defines bookkeeping and accounting, explains the double-entry system of bookkeeping, and covers key accounting concepts like the accounting equation, revenue and expense recognition, and accounting conventions like materiality and consistency. It also provides examples of journal entries and how to record transactions in ledger accounts.
1. Bookkeeping is the process of recording business transactions in a systematic manner through journals, ledgers, and trial balances. It aims to keep permanent records, determine profits and losses, and know the financial position of the business.
2. Accounting includes classifying, summarizing, and interpreting bookkeeping records to provide useful financial information. It has branches like financial, cost, and management accounting.
3. Key accounting concepts include the business entity, money measurement, cost, matching, dual aspect, realization, and consistency principles.
The document discusses corporate objectives, finance and accounting concepts, and basic accounting principles. It explains that every organization aims to achieve broad objectives over time through vision and mission statements. It also defines key accounting terms like assets, liabilities, revenues, and expenses; and accounting principles including revenue recognition, historical cost, and matching. The document outlines the recording of transactions, rules of debit and credit, and types of original books like journals and cash books.
The document provides information about various accounting concepts and terms. It begins with definitions of common debit and credit terms used in accounting. It then provides explanations and examples of various accounting concepts such as the basic accounting equation, purchase returns, types of accounts, premises, and VAT adjustment. The document also answers common accounting interview questions regarding the differences between various types of accounts, accounting principles, financial statements, inventory systems, accounting branches, cost terms, and accounting procedures.
Accounting involves identifying, measuring, and communicating financial information to allow for informed decisions. It records transactions and conveys a business's financial position through financial statements. Key principles include the business entity concept, money measurement concept, and dual aspect concept. Accounting methods include cash basis and accrual basis accounting. Key financial statements are the balance sheet, income statement, and cash flow statement, which provide information on a business's assets, profits, and cash flows.
This document provides an introduction to basic accounting principles. It defines key accounting terms like assets, equity, revenue, expenses, and drawings. It explains the accounting cycle which involves recording transactions in a journal, posting to ledgers, preparing a trial balance, and ultimately financial statements like the income statement and balance sheet. It also outlines the different accounting methods and classifications of accounts. The goal is to introduce the reader to the fundamentals of accounting and bookkeeping.
This document provides an introduction to basic accounting principles. It defines key accounting terms like assets, equity, capital, liability, revenue, and expenses. It also explains the accounting cycle which involves recording transactions in a journal, posting to ledgers, preparing a trial balance, and ultimately financial statements like the income statement and balance sheet. Additionally, it discusses the different accounting methods, classifications of accounts, rules of debit and credit, and how transactions are recorded in a journal. The overall purpose is to establish the foundational concepts and process of accounting.
This document provides an introduction to basic accounting principles. It defines key accounting terms like assets, equity, capital, liability, revenue, and expenses. It also explains the accounting cycle which involves recording transactions in a journal, posting to ledgers, preparing a trial balance, and ultimately financial statements like the income statement and balance sheet. Additionally, it discusses the different accounting methods, classifications of accounts, rules of debit and credit, and how transactions are recorded in a journal. The overall purpose is to establish the foundational concepts and process of accounting.
Tally.ERP 9 is a comprehensive, flexible and easy-to-use accounting software that provides real-time processing and instant reports. It allows users to set up and manage multiple companies with integrated inventory and accounting features. Tally.ERP 9's key advantages include no accounting codes, speed, power, flexibility, multi-lingual capability and versatility for organizations of all sizes.
Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.
1. Accounting is the process of identifying, recording, and reporting economic information to help decision makers. It provides financial statements to various stakeholders like suppliers, customers, banks, and owners.
2. There are three types of accounts: real accounts for assets, personal accounts for persons, and nominal accounts for income and expenses. The double entry system records each transaction with a debit and credit entry.
3. Financial statements like the trading account, profit and loss statement, and balance sheet are prepared at the end of an accounting period to show the profitability and financial position of the organization.
This document provides an overview of cost accounting, including definitions, objectives, key terms, and differences from financial accounting. It defines cost accounting as the process of recording, classifying, and analyzing costs to provide management with information to control costs and make decisions. The objectives of cost accounting are to ascertain costs, control costs, provide information for decision making, and determine selling prices. Key terms explained include cost unit, cost centre, and types of each. Differences between cost and financial accounting are outlined across areas like purpose, statutory requirements, and cost analysis capabilities.
Finance for strategic managers day 1- 1Parag Tikekar
This document provides an overview of Parag Tikekar's background and qualifications, including degrees in electronics and business. It then outlines the agenda for a finance course, including introductions to bookkeeping, accounting, accounting methods, trial balances, debits and credits. The document defines key accounting terms and describes the processes of single and double entry bookkeeping systems and cash versus accrual accounting methods. It emphasizes the importance of accurate bookkeeping for preparing financial statements.
1. Accounting involves recording, classifying, and summarizing financial transactions and events to provide information to decision makers.
2. Bookkeeping is the process of recording business transactions, while accounting builds on this by interpreting the information, compiling reports, and analyzing the financial position and performance of a business.
3. Financial accounting provides information to external users like investors and regulators, while management accounting informs internal decision making. Both require adherence to generally accepted accounting principles (GAAP) for consistency and accuracy.
Introduction, Accounting as an Information System, Branches of Accounting, Meaning of Financial Accounting, Users of Accounting Information- GAAPS- Basic Concepts and Conventions- Accounting Standards issued by ICAI and IFRS issued by IASB- Manual Vs Computerized Accounting.
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
Main Java[All of the Base Concepts}.docxadhitya5119
This is part 1 of my Java Learning Journey. This Contains Custom methods, classes, constructors, packages, multithreading , try- catch block, finally block and more.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
LAND USE LAND COVER AND NDVI OF MIRZAPUR DISTRICT, UPRAHUL
This Dissertation explores the particular circumstances of Mirzapur, a region located in the
core of India. Mirzapur, with its varied terrains and abundant biodiversity, offers an optimal
environment for investigating the changes in vegetation cover dynamics. Our study utilizes
advanced technologies such as GIS (Geographic Information Systems) and Remote sensing to
analyze the transformations that have taken place over the course of a decade.
The complex relationship between human activities and the environment has been the focus
of extensive research and worry. As the global community grapples with swift urbanization,
population expansion, and economic progress, the effects on natural ecosystems are becoming
more evident. A crucial element of this impact is the alteration of vegetation cover, which plays a
significant role in maintaining the ecological equilibrium of our planet.Land serves as the foundation for all human activities and provides the necessary materials for
these activities. As the most crucial natural resource, its utilization by humans results in different
'Land uses,' which are determined by both human activities and the physical characteristics of the
land.
The utilization of land is impacted by human needs and environmental factors. In countries
like India, rapid population growth and the emphasis on extensive resource exploitation can lead
to significant land degradation, adversely affecting the region's land cover.
Therefore, human intervention has significantly influenced land use patterns over many
centuries, evolving its structure over time and space. In the present era, these changes have
accelerated due to factors such as agriculture and urbanization. Information regarding land use and
cover is essential for various planning and management tasks related to the Earth's surface,
providing crucial environmental data for scientific, resource management, policy purposes, and
diverse human activities.
Accurate understanding of land use and cover is imperative for the development planning
of any area. Consequently, a wide range of professionals, including earth system scientists, land
and water managers, and urban planners, are interested in obtaining data on land use and cover
changes, conversion trends, and other related patterns. The spatial dimensions of land use and
cover support policymakers and scientists in making well-informed decisions, as alterations in
these patterns indicate shifts in economic and social conditions. Monitoring such changes with the
help of Advanced technologies like Remote Sensing and Geographic Information Systems is
crucial for coordinated efforts across different administrative levels. Advanced technologies like
Remote Sensing and Geographic Information Systems
9
Changes in vegetation cover refer to variations in the distribution, composition, and overall
structure of plant communities across different temporal and spatial scales. These changes can
occur natural.
How to Setup Warehouse & Location in Odoo 17 InventoryCeline George
In this slide, we'll explore how to set up warehouses and locations in Odoo 17 Inventory. This will help us manage our stock effectively, track inventory levels, and streamline warehouse operations.
How to Fix the Import Error in the Odoo 17Celine George
An import error occurs when a program fails to import a module or library, disrupting its execution. In languages like Python, this issue arises when the specified module cannot be found or accessed, hindering the program's functionality. Resolving import errors is crucial for maintaining smooth software operation and uninterrupted development processes.
Leveraging Generative AI to Drive Nonprofit InnovationTechSoup
In this webinar, participants learned how to utilize Generative AI to streamline operations and elevate member engagement. Amazon Web Service experts provided a customer specific use cases and dived into low/no-code tools that are quick and easy to deploy through Amazon Web Service (AWS.)
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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Strategies for Effective Upskilling is a presentation by Chinwendu Peace in a Your Skill Boost Masterclass organisation by the Excellence Foundation for South Sudan on 08th and 09th June 2024 from 1 PM to 3 PM on each day.
2. Topics Covered
o Meaning and Definition of Accounting
o Objectives and functions of Accounting
o Branches of Accounting
o Accounting Concepts
o Accounting Conventions
o Nature of Accounts
o Examples for Nature of Accounts
o Double Entry System
o Rules of Double Entry System
o Journal Entry
o Journal Entry - Examples
3. Meaning of Accounting
Accounting is concerned with recording of financial transactions,
summarising the transactions and communicating it to the users.
Definition of Accounting
Accounting may be defined as “A systematic recording of information
which involves analyzing, classifying, summarizing and interpreting business
transactions”.
Objectives and Functions of Accounting
Maintaining systematic records of transactions of records
Ascertaining Profit and loss
Ascertaining the financial position
Assisting the management
Communicating accounting information to the users
Preventing of frauds
4. Branches of Accounting
Financial Accounting
Journal
Subsidiary Books
Ledger
Trial Balance
Financial Accounts
Balance Sheet
Profit & Loss a/c
Cost Accounting
Cost Sheet
Material Cost
Labour Cost
Other Expense Cost
Reports
Standard Cost Report
Variance Report
Break Even Report
Marginal Cost Report
Price Determination
Management Accounting
Trend Analysis
Ratio Analysis
Fund Flow Statement Analysis
Cash Flow Statement Analysis
Reports
Budgetary Reports
Miscellaneous Reports
Interpretation
6. Business Entity Concept
• The business and its owner(s) are two separate existence entity
• Any private and personal assets, incomes and expenses of the owner(s) should not
be treated as the assets, incomes and expenses of the business.
• Ex: A director’s private car should not be included in the assets of the company
Money Measurement Concept
All the events and transactions are recorded in the terms of money
Does not take care of the effects of inflations because it assumes stable value for
measuring
Going Concern Concept
The business will continue in operational existence for the foreseeable future
Financial statements should be prepared on a going concern basis unless
management either intends to liquidate the enterprise or to cease trading, or has no
realisitic alternative but to do so
Ex: Fixed assets are recorded at historical cost
7. Dual Aspect Concept
Every transaction has two aspects – giving certain benefits and receiving certain
benefits
This concept is based on Double entry System
Periodicity Concept
In periodicity assumption, indefinite life of business is divided into parts. These parts
are known as accounting periods.
Periodicity assumption assumes that expenses & revenues are identified with a
specific account period usually a year.
Historical Cost Concept
Assets should be shown on the balance sheet at the cost of purchase price instead of
current value/NPV
Ex: The cost of fixed asset is recorded at the date of acquisition cost. The acquisition
cost includes all expenditure made to prepare the asset for its intended use. It
included the invoice price of the assets, freight charges, insurance or installation
costs.
8. Matching Concept
Expenses incurred for earning revenue recorded during a period should only be
taken into consideration
It necessitates adjustments to prepaid and outstanding expenses, unearned and
accrued income
Realisation Concept
Revenues should be recognised when the major economic activities have been
completed
Ex: Sales are recognised when the goods are sold and delivered to customers or
services are rendered
Accrual Concept
Revenue is recognised on its realisation
Cost is recognised when it is incurred and not when the payment is made
Objective Evidence Concept
Accounting must be based on objective evidence – every transaction should be
supported by verifiable document and free from biasness
9. Accounting Conventions
Conservatism
Consistency
Disclosure
Conservatism
All anticipated losses should be recorded but all anticipated gains should be ignored
It is a policy of ‘playing safe’
Provision is made for all losses even though the amount cannot be determined with
certainity
Consistency
Accounting policies should remain unchanged from one accounting period to another
Ex: “Valuing stock at cost or market price whichever is lower” should be followed
“year after year to get comparable results”
Changes are permitted only when the new method is considered better and can reflect
the true and fair view of the financial position of the company
10. Disclosure
Convention of full disclosure requires that all material and relevant facts concerning
financial statements should be fully disclosed
Full disclosure means that there should be full, fair and adequate disclosure of
accounting information
Nature of Accounts
Accounts
Personal Accounts
Natural
Person’s
Accounts
Artificial
Person’s
Accounts
Representative
Person’s
Accounts
Impersonal
Accounts
Real Accounts Nominal
Accounts
Tangible
Real
Accounts
Intangible
Real Accounts
11. Examples for Nature of Accounts
Nature of Accounts
Personal Account Real Account Nominal Account
Mohan Industries
Account
Capital Account
Salary Outstanding
Account
Unexpired Insurance
Account
Bank Overdraft
Bank Account
Drawings Account
Cash Account
Patent
Goodwill Account
Machinery Account
Stock Account
Purchases
Bills Receivable Account
Copyright
Discount Account
Salaries Account
Bad Debts Account
Reserve for discount on
creditors account
Reserve for discount on
debtors account
Sales Account
Purchases Account
12. Double Entry System
It is a method of arranging accounts in such a way that the dual aspect would be
expressed by a debit amount and an equal and offsetting credit amount
It is a system in which you enter both sides of a transaction. For every debit, there is
a credit. For every giver, there is a taker.
Rules for Double Entry System
Personal Accounts Real Accounts
CreditDebit
What Goes
Out
What Comes
in
Incomes and
Gains
Expenses and
Losses
CreditDebit
Nominal
Accounts
GiverReceiver
CreditDebit
13. Journal Entry
Journal is derived from the French word ‘Jour’ which means a day. Journal means
daily record. It is a book of original record where every transaction is recorded in the
first instance and then it is posted to the ledger. The form in which it is recorded is
called Journal entry and recording or entering a transaction in the journal is known as
journalising.
Examples for Journal Entry
Particulars Amount (Dr) Amount (Cr)
1.Capital Introduced
Cash a/c Dr
To Capital a/c
(Being capital brought into
the business)
XXX
XXX
14. Particulars Amount (Dr) Amount (Cr)
2. Cash Purchases
Purchases a/c
Dr
To Cash a/c
(Being goods purchased for
cash)
XXX
XXX
3.Puchases from X ltd
Purchases a/c Dr
To X ltd’s a/c
(Being credit purchases)
XXX
XXX
4.Amount deposited in bank
Bank a/c Dr
To cash a/c
(Being cash deposited into
bank)
XXX
XXX
15. Particulars Amount (Dr) Amount (Cr)
5. Goods sold to Y
Y’s a/c Dr
To sales a/c
(Being goods sold to y on
credit)
XXX
XXX
6.Goods sold for cash
Cash a/c Dr
To sales a/c
(Being goods sold for cash)
XXX
XXX
7. Assets purchase
Machinery a/c Dr
Furniture a/c Dr
Building a/c Dr
To cash a/c
(Being assets purchased for
cash)
XXX
XXX
XXX
XXX
16. Particulars Amount (Dr) Amount (Cr)
8.Payment of Stationery,
Rent and Salaries
Stationery a/c Dr
Rent a/c Dr
Salaries a/c Dr
To Cash a/c
(Being payment of
stationery, rent and salaries)
XXX
XXX
XXX
XXX
9. Cash withdrawn from
bank for Private use and for
Business use
Drawings a/c Dr
Cash a/c Dr
To Bank a/c
(Being Cash withdrawn
from bank for personal use
and for use in the business)
XXX
XXX
XXX
17. Particulars Amount (Dr) Amount (Cr)
10.Goods withdrawn by
proprietor and given as
charity
Drawings a/c Dr
Charity a/c Dr
To Purchases a/c
(Being goods withdrawn by
proprietor and given as
charity)
XXX
XXX
XXX
11. Goods lost by fire
Goods lost by fire a/c Dr
To Purchases a/c
(Being goods destroyed by
fire)
XXX
XXX
12.Shares bought
Investment in shares a/c Dr
To cash a/c
(Being shares purchased)
XXX
XXX
18. Particulars Amount (Dr) Amount (Cr)
13.Goods purchased and
discount received
Purchases a/c Dr
To Cash a/c
To Discount Received a/c
(Being goods purchased
and trade discount
received)
XXX
XXX
XXX
14.Goods sold and discount
allowed
Cash a/c Dr
Discount Allowed a/c Dr
To sales a/c
(Being goods sold and trade
discount allowed)
XXX
XXX
XXX
15.Paid rent by cheque
Rent a/c Dr
To Bank a/c
(Being rent paid by cheque)
XXX
XXX
19. Particulars Amount (Dr) Amount (Cr)
16.Depreciation allowed for
assets
Depreciation a/c Dr
To Machinery a/c
To Building a/c
To Furniture a/c
(Being depreciation
provided for assets)
XXX
XXX
XXX
XXX
17.Goods worth Rs.600
were Shop-soiled and sold
to M for Rs.300 only
M a/c Dr
Profit and Loss a/c Dr
To Sales a/c
(Being goods worth Rs.600
shop-soiled sold to M at a
loss of Rs.300)
300
300
600