Umer Farooq gave a presentation to Sir Abdul Hannan on financial accounting. The presentation defined accounting as recording business financial transactions and described the four main types: financial, management, cost, and tax accounting. It also explained key concepts such as assets, liabilities, balance sheets, accounts payable, notes payable, financial statements, debt, net income, and net loss. The presentation also covered general journals, general ledgers containing unique records for assets, liabilities, equity, revenues and expenses, and trial balance sheets summarizing debits and credits for a reporting period.

2. Presentation By: Umer Farooq
MTN: 22-13422
Department: ADP-IT
Subject: Financial Accounting
Presentation To: Sir Abdul Hannan

3. What is Accounting?
Accounting is the process of recording financial transection pertaining to a business.
Types:
there are four types.
• Financial accounting
• Management accounting
• Cost accounting
• Tax accounting
What is Assets?
An assets is every thing that has current or future economic value to a business.
Example: cash , land, building , etc
What is Liabilities?
A liability is money you owe to another person or institution.

4. What is Balance Sheet?
A balance sheet is a financial statement that contains details of a company assets or liabilities at a specific point
in time.

5. What is Account payable?
When a company purchase goods on credit which needs to be paid in short period of time it is known as accounts
payable.
What is Note payable?
Written promise to pay money at a future date is called account not payable.
What is Financial Statement?
Financial statetments are written records that convey the business activites and the financial performance of a
company.
What is Debt?
Debt is anything owed by one person to another . debt can involve real property , money , services or other
consideration.
What is Net Income?
The amount an individual or business makes after deducting costs ,allowances and taxes .
What is Net loss?
When total expenses exceed the income or revenue produced for a given period of time .

6. Title for Account or T Account

7. General Journal

8. General Ledger:
A general ledger (GL) is a set of numbered
accounts a business uses to keep track of its
financial transactions and to prepare financial
reports. Each account is a unique record summarizing
a specific type of asset, liability, equity, revenue or
expense. A chart of account lists all of the accounts in
the general ledger. A large business can have thousands
of accounts in its GL.
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9. Trial Balance:
Trial balance sheets contain all of a business's
accounts that experience debits or credits during a given
reporting period, the amount credited or debited to each
account, the account numbers, the dates of the reporting
period, and the total sums of debits and credits entered
during that time.