The document discusses accounting principles and financial statements. It provides definitions of accounting and discusses its purpose of providing relevant financial information to decision-makers through financial statements. It then lists the four main financial statements generated by businesses: [1] the income statement, [2] statement of owners' equity, [3] balance sheet, and [4] statement of cash flows. Additional notes may also be attached to provide further financial and non-financial information. Accounting periods are usually one year, covering either the calendar or financial year.
This document provides an overview of financial systems and accounting concepts. It discusses the key branches of accounting including financial accounting and cost accounting. The main topics covered include accounting concepts like the business entity concept, money measurement concept, and accrual concept. It also outlines conventions regarding financial statements such as consistency, disclosure, and conservation. The overall purpose is to understand the financial systems, statements, and accounting standards used in business.
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
This PPT contains all the topics related to Financial Accounting.
This PPT is related to MBA course subject code KMBN103
Subject Name Financial Accounting and Analysis
CA Varun Sethi Ind AS 20 - Accounting for Government GrantsVarun Sethi
This document discusses IndAS 20, which provides guidance on accounting for government grants and disclosure of government assistance. It begins with definitions of key terms like government, government assistance, and government grants. It then explains the two approaches to accounting for grants - the capital approach for asset-related grants and the income approach for other grants. It provides guidance on recognition, measurement, presentation, and disclosure of government grants under the income and capital approaches in the financial statements. Specific topics covered include accounting for non-monetary grants, forgivable loans, repayment of grants and presentation in statements of profit and loss, balance sheet and cash flows.
This document provides an overview of Ind AS 1 on the presentation of financial statements. It outlines the key requirements for the structure and content of financial statements including balance sheets, statements of profit and loss, statements of changes in equity, statements of cash flows, and accompanying notes. The objectives of Ind AS 1 are to ensure consistency in financial statement presentation to facilitate comparison over time and between entities.
The document provides an overview of basic accounting concepts and the accounting cycle. It defines accounting as a process to record and communicate financial information. It explains the accounting equation that balances assets, liabilities, and owner's equity. Transactions are exchanges that affect accounts. The accounting cycle includes analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, financial statements, and closing entries. The document also outlines users and branches of accounting.
Accounting serves as a means of communication for recording and reporting economic activities and resources in businesses and organizations. It identifies, measures, and communicates financial information to help users make decisions. The accounting process involves identifying, recording, classifying, summarizing, analyzing and interpreting transactions and communicating the results. The key objectives of accounting are to keep systematic financial records, ascertain profit or loss, report on the financial position, and provide information to meet legal requirements and support decision making. Accounting provides important benefits like maintaining a record of transactions, assessing financial performance and position, and satisfying the information needs of owners, managers, creditors, investors and other stakeholders.
This document provides an introduction to accounting, including definitions and key concepts. It discusses bookkeeping and accounting, explaining that bookkeeping is the process of recording financial transactions, while accounting additionally involves classifying, summarizing, analyzing and interpreting the recorded data.
The document outlines the main attributes and steps of accounting as recording transactions, classifying data, summarizing, and analysis/interpretation. It also discusses the objectives of accounting such as keeping systematic records, ascertaining results and financial position, and facilitating decision making.
Finally, the document covers the importance and functions of accounting. It explains that accounting provides valuable financial information to various stakeholders like owners, managers, creditors, and governments to understand performance and assess financial health
This document provides an overview of financial systems and accounting concepts. It discusses the key branches of accounting including financial accounting and cost accounting. The main topics covered include accounting concepts like the business entity concept, money measurement concept, and accrual concept. It also outlines conventions regarding financial statements such as consistency, disclosure, and conservation. The overall purpose is to understand the financial systems, statements, and accounting standards used in business.
Preparation of financial statements in pakistanAshar Ahmed
Preparation of financial statements in Pakistan according to Companies Ordinance 1984 and IFRS
You can now download the full editable version of this file at following link:
http://www.scribd.com/doc/26760858/Preparation-of-Financial-Statements-in-Pakistan
This PPT contains all the topics related to Financial Accounting.
This PPT is related to MBA course subject code KMBN103
Subject Name Financial Accounting and Analysis
CA Varun Sethi Ind AS 20 - Accounting for Government GrantsVarun Sethi
This document discusses IndAS 20, which provides guidance on accounting for government grants and disclosure of government assistance. It begins with definitions of key terms like government, government assistance, and government grants. It then explains the two approaches to accounting for grants - the capital approach for asset-related grants and the income approach for other grants. It provides guidance on recognition, measurement, presentation, and disclosure of government grants under the income and capital approaches in the financial statements. Specific topics covered include accounting for non-monetary grants, forgivable loans, repayment of grants and presentation in statements of profit and loss, balance sheet and cash flows.
This document provides an overview of Ind AS 1 on the presentation of financial statements. It outlines the key requirements for the structure and content of financial statements including balance sheets, statements of profit and loss, statements of changes in equity, statements of cash flows, and accompanying notes. The objectives of Ind AS 1 are to ensure consistency in financial statement presentation to facilitate comparison over time and between entities.
The document provides an overview of basic accounting concepts and the accounting cycle. It defines accounting as a process to record and communicate financial information. It explains the accounting equation that balances assets, liabilities, and owner's equity. Transactions are exchanges that affect accounts. The accounting cycle includes analyzing transactions, journalizing, posting, preparing a trial balance, adjusting entries, financial statements, and closing entries. The document also outlines users and branches of accounting.
Accounting serves as a means of communication for recording and reporting economic activities and resources in businesses and organizations. It identifies, measures, and communicates financial information to help users make decisions. The accounting process involves identifying, recording, classifying, summarizing, analyzing and interpreting transactions and communicating the results. The key objectives of accounting are to keep systematic financial records, ascertain profit or loss, report on the financial position, and provide information to meet legal requirements and support decision making. Accounting provides important benefits like maintaining a record of transactions, assessing financial performance and position, and satisfying the information needs of owners, managers, creditors, investors and other stakeholders.
This document provides an introduction to accounting, including definitions and key concepts. It discusses bookkeeping and accounting, explaining that bookkeeping is the process of recording financial transactions, while accounting additionally involves classifying, summarizing, analyzing and interpreting the recorded data.
The document outlines the main attributes and steps of accounting as recording transactions, classifying data, summarizing, and analysis/interpretation. It also discusses the objectives of accounting such as keeping systematic records, ascertaining results and financial position, and facilitating decision making.
Finally, the document covers the importance and functions of accounting. It explains that accounting provides valuable financial information to various stakeholders like owners, managers, creditors, and governments to understand performance and assess financial health
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
The document discusses several key accounting concepts:
1) The business entity concept treats a business as separate from its owners for accounting purposes.
2) The money measurement concept states that only transactions measurable in monetary terms are recorded.
3) Under the going concern concept, a business is viewed as continuing indefinitely into the future.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This chapter introduces key concepts in accounting and business. It describes the main types of businesses, forms of business organization, and how businesses make money. The three main business activities are financing, investing, and operating. Accounting is defined as an information system that provides financial reports to stakeholders about a business's economic activities and condition. The four basic financial statements are the income statement, retained earnings statement, balance sheet, and statement of cash flows. Eight important accounting concepts that underlie financial reporting are also outlined.
The document defines key terms related to a cash flow statement such as cash flows, cash equivalents, and the three categories of cash flows - operating, investing, and financing activities. It explains that the cash flow statement classifies cash inflows and outflows according to these three activities. The objectives are to determine the sources and uses of cash from each activity. The document also provides examples of cash inflows and outflows that would be included in each of the three activities.
This document defines various accounting terms and types of accounting. It describes transactions, assets, liabilities, equity, revenues, expenses, and other basic accounting concepts. It then explains the main types of accounting as financial accounting, management accounting, governmental accounting, tax accounting, forensic accounting, project accounting, and social accounting. For each type, it provides a brief description of what it entails and how it differs from other accounting types.
This document provides an introduction and overview of accounting standards in India. It discusses:
1) Accounting standards are issued by the Institute of Chartered Accountants of India (ICAI) to ensure financial statements are comparable, true, fair and transparent. ICAI established an Accounting Standards Board in 1977 to formulate accounting standards.
2) ICAI has issued 31 accounting standards so far that cover various aspects of recognition, measurement, presentation and disclosure of accounting transactions.
3) The procedure for formulating accounting standards in India involves constituting study groups, exposure drafts, public comments, and finalizing standards by ICAI's governing council. Standards generally apply prospectively unless otherwise stated
Accounting involves recording business transactions and providing financial information to both internal and external parties. It follows generally accepted accounting principles (GAAP) and involves an accounting cycle of recording, classifying, summarizing, and reporting transactions. The accounting process results in financial statements such as the balance sheet, income statement, statement of cash flows, and statement of retained earnings that are used by managers, investors, creditors, and other stakeholders to understand the company's financial position and performance.
This document provides an overview of IAS 20, which establishes the accounting requirements for government grants and disclosure of government assistance. It discusses how government grants should be recognized as income or deferred income depending on whether they are related to assets or income. It also covers repayment of grants if conditions are not met and disclosure requirements. The end of chapter practice problems provide examples of accounting for government grants and assistance related to assets, income, and contingencies.
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly. Regular exercise may help the brain work better and may reduce the risk of developing Alzheimer's disease or other dementias.
The document discusses the phases of adoption of Indian Accounting Standards (Ind AS) in India. It explains that Ind AS are converged standards based on International Financial Reporting Standards (IFRS) applicable from April 1, 2016. It outlines the phases of mandatory applicability for different types of companies based on net worth and listing status. Phase I made Ind AS mandatory for listed/unlisted companies with net worth over Rs. 500 crore from 2016-17. Phase II applies to listed companies and those in the listing process with net worth between Rs. 250-500 crore from 2017-18. Phase III covers banks, NBFCs and insurance companies with over Rs. 500 crore net worth from 2018-19. Phase IV
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
Here are the journal entries for the transactions:
1. Sold goods to X for cash Rs. 55,000
Dr. Cash Rs. 55,000
Cr. Sales Rs. 55,000
2. Deposited Rs. 50,000 into bank
Dr. Bank Rs. 50,000
Cr. Cash Rs. 50,000
3. Purchased stationery Rs. 400
Dr. Stationery Rs. 400
Cr. Cash Rs. 400
4. Purchased goods from Sen on credit Rs. 2,00,000
Dr. Sen Rs. 2,00,000
Cr. Purchases Rs. 2
First time adoption of IND-AS in the financial statements of the companyJaya Kapoor
- India committed to converging its accounting standards with IFRS at the 2009 G20 summit and issued a roadmap for implementing converged Indian Accounting Standards (Ind AS) starting in 2011, though implementation was suspended due to unresolved issues.
- In 2014, the Finance Minister proposed adopting Ind AS for the Union Budget to fulfill the convergence commitment.
- In 2015, the MCA notified 39 Ind AS standards and laid out a transition roadmap requiring listed and large unlisted companies to adopt Ind AS starting in 2016.
- The roadmap specifies the phase-in of Ind AS adoption and financial statement requirements for Indian companies.
Lesson 1 overview of principles of accountingFakrul Abdein
This document provides an overview of accounting principles. It defines accounting as identifying, recording, and communicating financial data of an organization. Accounting has internal and external users and is used for decision making. Generally Accepted Accounting Principles (GAAP) provide standards for accounting. The accounting equation, assets = liabilities + owner's equity, and the four main financial statements (balance sheet, income statement, statement of cash flows, owner's equity statement) are also introduced. The financial statements are interrelated and provide information about a company's performance and financial position.
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
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
This document provides an introduction to financial accounting. It defines accounting as the process of capturing, organizing, and reporting financial transactions of a business. Key terms are defined, including assets, liabilities, and equity. The basic accounting equation is explained as assets equal liabilities plus owner's equity. Financial statements like the balance sheet, income statement, and cash flow statement are summarized. The balance sheet reports assets, liabilities, and equity at a point in time, while the income statement reports profits and losses over a period. The cash flow statement reports cash inflows and outflows from operating, investing, and financing activities. In conclusion, financial accounting provides important financial information to both internal and external users of a business.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
The document provides a summary of key aspects of various Indian Accounting Standards (Ind AS). It discusses the objectives, requirements and differences compared to previous Indian GAAP/ IFRS of various Ind AS like Ind AS 1 on presentation of financial statements, Ind AS 2 on inventories, Ind AS 7 on statement of cash flows, Ind AS 8 on accounting policies etc. For each Ind AS, it highlights important principles, disclosure requirements, and carve outs or differences between Ind AS and corresponding IFRS.
The document discusses several key accounting concepts:
1) The business entity concept treats a business as separate from its owners for accounting purposes.
2) The money measurement concept states that only transactions measurable in monetary terms are recorded.
3) Under the going concern concept, a business is viewed as continuing indefinitely into the future.
AS vs IND AS (Old vs New Indian Accounting Standards)sandesh mundra
This presentation takes one through the differences between Indian GAAP (old) vs IND AS (based on IFRS). All major differences have been covered in addition to IFRS carve outs.
This chapter introduces key concepts in accounting and business. It describes the main types of businesses, forms of business organization, and how businesses make money. The three main business activities are financing, investing, and operating. Accounting is defined as an information system that provides financial reports to stakeholders about a business's economic activities and condition. The four basic financial statements are the income statement, retained earnings statement, balance sheet, and statement of cash flows. Eight important accounting concepts that underlie financial reporting are also outlined.
The document defines key terms related to a cash flow statement such as cash flows, cash equivalents, and the three categories of cash flows - operating, investing, and financing activities. It explains that the cash flow statement classifies cash inflows and outflows according to these three activities. The objectives are to determine the sources and uses of cash from each activity. The document also provides examples of cash inflows and outflows that would be included in each of the three activities.
This document defines various accounting terms and types of accounting. It describes transactions, assets, liabilities, equity, revenues, expenses, and other basic accounting concepts. It then explains the main types of accounting as financial accounting, management accounting, governmental accounting, tax accounting, forensic accounting, project accounting, and social accounting. For each type, it provides a brief description of what it entails and how it differs from other accounting types.
This document provides an introduction and overview of accounting standards in India. It discusses:
1) Accounting standards are issued by the Institute of Chartered Accountants of India (ICAI) to ensure financial statements are comparable, true, fair and transparent. ICAI established an Accounting Standards Board in 1977 to formulate accounting standards.
2) ICAI has issued 31 accounting standards so far that cover various aspects of recognition, measurement, presentation and disclosure of accounting transactions.
3) The procedure for formulating accounting standards in India involves constituting study groups, exposure drafts, public comments, and finalizing standards by ICAI's governing council. Standards generally apply prospectively unless otherwise stated
Accounting involves recording business transactions and providing financial information to both internal and external parties. It follows generally accepted accounting principles (GAAP) and involves an accounting cycle of recording, classifying, summarizing, and reporting transactions. The accounting process results in financial statements such as the balance sheet, income statement, statement of cash flows, and statement of retained earnings that are used by managers, investors, creditors, and other stakeholders to understand the company's financial position and performance.
This document provides an overview of IAS 20, which establishes the accounting requirements for government grants and disclosure of government assistance. It discusses how government grants should be recognized as income or deferred income depending on whether they are related to assets or income. It also covers repayment of grants if conditions are not met and disclosure requirements. The end of chapter practice problems provide examples of accounting for government grants and assistance related to assets, income, and contingencies.
The document discusses the results of a study on the effects of exercise on memory and thinking abilities in older adults. The study found that regular exercise can help reduce the decline in thinking abilities that often occurs with age. Older adults who exercised regularly performed better on memory and thinking tests compared to those who did not exercise regularly. Regular exercise may help the brain work better and may reduce the risk of developing Alzheimer's disease or other dementias.
The document discusses the phases of adoption of Indian Accounting Standards (Ind AS) in India. It explains that Ind AS are converged standards based on International Financial Reporting Standards (IFRS) applicable from April 1, 2016. It outlines the phases of mandatory applicability for different types of companies based on net worth and listing status. Phase I made Ind AS mandatory for listed/unlisted companies with net worth over Rs. 500 crore from 2016-17. Phase II applies to listed companies and those in the listing process with net worth between Rs. 250-500 crore from 2017-18. Phase III covers banks, NBFCs and insurance companies with over Rs. 500 crore net worth from 2018-19. Phase IV
Ind AS as you all know is a new member in the Indian GAAP community.
With this presentation I try to make my piece of contribution in making everyone aware about this new member.
Here are the journal entries for the transactions:
1. Sold goods to X for cash Rs. 55,000
Dr. Cash Rs. 55,000
Cr. Sales Rs. 55,000
2. Deposited Rs. 50,000 into bank
Dr. Bank Rs. 50,000
Cr. Cash Rs. 50,000
3. Purchased stationery Rs. 400
Dr. Stationery Rs. 400
Cr. Cash Rs. 400
4. Purchased goods from Sen on credit Rs. 2,00,000
Dr. Sen Rs. 2,00,000
Cr. Purchases Rs. 2
First time adoption of IND-AS in the financial statements of the companyJaya Kapoor
- India committed to converging its accounting standards with IFRS at the 2009 G20 summit and issued a roadmap for implementing converged Indian Accounting Standards (Ind AS) starting in 2011, though implementation was suspended due to unresolved issues.
- In 2014, the Finance Minister proposed adopting Ind AS for the Union Budget to fulfill the convergence commitment.
- In 2015, the MCA notified 39 Ind AS standards and laid out a transition roadmap requiring listed and large unlisted companies to adopt Ind AS starting in 2016.
- The roadmap specifies the phase-in of Ind AS adoption and financial statement requirements for Indian companies.
Lesson 1 overview of principles of accountingFakrul Abdein
This document provides an overview of accounting principles. It defines accounting as identifying, recording, and communicating financial data of an organization. Accounting has internal and external users and is used for decision making. Generally Accepted Accounting Principles (GAAP) provide standards for accounting. The accounting equation, assets = liabilities + owner's equity, and the four main financial statements (balance sheet, income statement, statement of cash flows, owner's equity statement) are also introduced. The financial statements are interrelated and provide information about a company's performance and financial position.
There is tremendous change in today's indian economy and at the same time our indian accounting system also heading to a new era i.e nothing but INDAS.
There are lots of confusion about Indian new accounting system (INDAS) even after 3 r
to 4 the implementation by various organization..
So thought to understand the root from where this INDAS arised at the same time prepared a ppt about indas roadmap
#accountingsystem
#INDAS
#INDAS ROAD MAP
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
This document provides an introduction to financial accounting. It defines accounting as the process of capturing, organizing, and reporting financial transactions of a business. Key terms are defined, including assets, liabilities, and equity. The basic accounting equation is explained as assets equal liabilities plus owner's equity. Financial statements like the balance sheet, income statement, and cash flow statement are summarized. The balance sheet reports assets, liabilities, and equity at a point in time, while the income statement reports profits and losses over a period. The cash flow statement reports cash inflows and outflows from operating, investing, and financing activities. In conclusion, financial accounting provides important financial information to both internal and external users of a business.
This powerpoint presentation is created by Gyanbikash.com for the students of class nine to ten from their accounting NCTB textbook for multimedia class.
What are the elements of financial statements.pdfsarikabangimatam
Financial accounting and tax accounting are branches of accounting concerned with summarizing, analyzing, and reporting the financial transactions of a business.
The final outcome of Financial Accountants & Tax Advisors in Chicago is related to the preparation of financial statements for users of accounting information.
This document outlines the topics covered in a course on fundamentals of accounting. It includes 5 units that cover topics such as basic bookkeeping concepts, preparation of financial statements, depreciation methods, and accounting for non-trading concerns. Key areas covered are journal entries, ledger, trial balance, bank reconciliation, single and double entry bookkeeping systems, accounting standards and concepts in India. The goal is to introduce foundational accounting principles and skills.
Accounting system intro and accounting system of reliance industriesShashank Kapoor
Accounting provides essential financial information to a company in 3 key ways:
1. It allows a company to systematically record, report, and analyze its financial transactions through the accounting process.
2. An accountant oversees the accounting process and ensures compliance with accounting principles and regulations.
3. By analyzing accounting data, a company can evaluate its financial performance through metrics like net profit and make informed business decisions.
This document provides an overview of accounting principles from Chapter 1 of the textbook. It defines accounting as a process of recording and reporting financial information to help decision makers. It discusses the internal and external users of accounting information and how their needs differ. It also introduces the accounting equation that balances assets, liabilities, and owner's equity, and gives examples of how business transactions affect this equation.
The document provides solutions to exercises for an accounting study guide. It includes solutions for exercises on defining accounting and its main functions, the difference between financial and management accounting, key financial statements (balance sheet, income statement, statement of cash flows), basic accounting principles, preparing balance sheets and income statements, double-entry accounting, recording transactions, and summarizing changes in financial position through journals and ledgers. Sample transactions are provided and journal entries are made to record the transactions.
This document provides an overview of accounting concepts, principles, and processes. It defines accounting as recording financial transactions and defines key terms like assets, liabilities, equity, revenues and expenses. It describes the accounting equation, accounting standards and various books of accounts used like journal, ledger, trial balance. It also summarizes accounting concepts like business entity, money measurement, going concern, dual aspect and key accounting conventions like consistency, full disclosure and conservatism.
This document provides an overview of key concepts related to financial statements. It defines financial statements and what they communicate about a company's finances. Specifically, it describes the balance sheet, what it contains, and how to read one. It also outlines the major components of the balance sheet, including assets, liabilities, shareholders' equity, and how the balance sheet balances these three items. Finally, it discusses the major users of financial statements and how they utilize this information.
Accounting involves recording, classifying, and summarizing financial transactions and events in terms of money. It has the objectives of providing information for decision-making, external reporting, and statutory compliance. Some key principles of accounting include the business entity assumption, cost principle, dual aspect concept, and matching principle. Accounting follows conventions like conservatism, consistency, and full disclosure. Financial statements are prepared according to generally accepted accounting principles using either a single-entry or double-entry bookkeeping system.
This document provides an overview of key accounting concepts and principles. It defines accounting as the process of identifying, measuring and communicating financial information. The main functions of accounting are to keep systematic financial records, protect business assets, and communicate results to interested parties. Key concepts discussed include the dual aspect concept where every transaction has two equal parts, the accounting period concept which determines profit/loss over a set time period, and the going concern concept which assumes a business will continue indefinitely. The document also covers accounting conventions like disclosure, conservatism and consistency.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
This document provides details on preparing profit and loss accounts and balance sheets. It begins by defining key accounting concepts like revenue, expenses, net profit, and the difference between cash basis and accrual basis accounting. It then explains the purpose and preparation of key financial statements like the trading account, profit and loss account, and balance sheet. The trading account is used to calculate gross profit/loss, while the profit and loss account calculates net profit/loss. The balance sheet presents the financial position of a business on a given date by listing assets, liabilities, and capital. Manufacturing accounts are also discussed for businesses that manufacture goods.
This document provides details on preparing profit and loss accounts and balance sheets. It begins by defining key accounting concepts like revenue, expenses, net profit, and the difference between cash basis and accrual basis accounting. It then explains the purpose and preparation of key financial statements like the trading account, profit and loss account, and balance sheet. The trading account is used to calculate gross profit/loss, while the profit and loss account calculates net profit/loss. The balance sheet presents the financial position of a business on a given date by listing assets, liabilities, and capital. Accruals and deferrals are also discussed.
Financial management involves planning, organizing, and controlling financial resources of a business. It includes investment decisions, financial decisions, and dividend decisions. The objectives of financial management are to ensure adequate funding, returns, utilization of funds, safety of investments, and a sound capital structure. Key functions include estimating capital needs, determining capital composition, choosing funding sources, investing funds, disposing of profits, managing cash flows, and applying financial controls. Financial statements like the balance sheet, income statement, cash flow statement, and statement of equity are prepared to analyze the financial performance and position of a business.
This document provides an overview of accounting principles and concepts. It defines accounting as the process of identifying, analyzing, recording, and reporting financial transactions and information. The key concepts discussed include the accounting equation, the basic financial statements (income statement, balance sheet, statement of owner's equity, statement of cash flows), and the different types of business entities and users of accounting information.
Accounting Principles And Concepts Meaning And Scope Of AccountingApril Knyff
Accounting involves systematically recording, classifying, and summarizing financial transactions and interpreting the results. It has several key functions including keeping records, protecting assets, and communicating financial information. Accounting principles include concepts like the dual aspect concept, going concern concept, and cost concept as well as conventions like disclosure, conservatism, and consistency. Accounting provides limited information and is historical in nature, only considering quantifiable transactions. It has various branches including financial, cost, and management accounting.
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.
This document provides an overview of Generally Accepted Accounting Principles (GAAP) and key accounting concepts and conventions. It defines GAAP as the uniform set of standards and procedures for recording and reporting accounting information. Key concepts discussed include the business entity, money measurement, going concern, accounting period, cost, dual aspect, realization, accrual, and matching concepts. Examples are provided to illustrate how each concept is applied to ensure financial statements are reported consistently according to standard accounting guidelines.
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.
Gender and Mental Health - Counselling and Family Therapy Applications and In...PsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
How to Make a Field Mandatory in Odoo 17Celine George
In Odoo, making a field required can be done through both Python code and XML views. When you set the required attribute to True in Python code, it makes the field required across all views where it's used. Conversely, when you set the required attribute in XML views, it makes the field required only in the context of that particular view.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
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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.)
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Chapter wise All Notes of First year Basic Civil Engineering.pptxDenish Jangid
Chapter wise All Notes of First year Basic Civil Engineering
Syllabus
Chapter-1
Introduction to objective, scope and outcome the subject
Chapter 2
Introduction: Scope and Specialization of Civil Engineering, Role of civil Engineer in Society, Impact of infrastructural development on economy of country.
Chapter 3
Surveying: Object Principles & Types of Surveying; Site Plans, Plans & Maps; Scales & Unit of different Measurements.
Linear Measurements: Instruments used. Linear Measurement by Tape, Ranging out Survey Lines and overcoming Obstructions; Measurements on sloping ground; Tape corrections, conventional symbols. Angular Measurements: Instruments used; Introduction to Compass Surveying, Bearings and Longitude & Latitude of a Line, Introduction to total station.
Levelling: Instrument used Object of levelling, Methods of levelling in brief, and Contour maps.
Chapter 4
Buildings: Selection of site for Buildings, Layout of Building Plan, Types of buildings, Plinth area, carpet area, floor space index, Introduction to building byelaws, concept of sun light & ventilation. Components of Buildings & their functions, Basic concept of R.C.C., Introduction to types of foundation
Chapter 5
Transportation: Introduction to Transportation Engineering; Traffic and Road Safety: Types and Characteristics of Various Modes of Transportation; Various Road Traffic Signs, Causes of Accidents and Road Safety Measures.
Chapter 6
Environmental Engineering: Environmental Pollution, Environmental Acts and Regulations, Functional Concepts of Ecology, Basics of Species, Biodiversity, Ecosystem, Hydrological Cycle; Chemical Cycles: Carbon, Nitrogen & Phosphorus; Energy Flow in Ecosystems.
Water Pollution: Water Quality standards, Introduction to Treatment & Disposal of Waste Water. Reuse and Saving of Water, Rain Water Harvesting. Solid Waste Management: Classification of Solid Waste, Collection, Transportation and Disposal of Solid. Recycling of Solid Waste: Energy Recovery, Sanitary Landfill, On-Site Sanitation. Air & Noise Pollution: Primary and Secondary air pollutants, Harmful effects of Air Pollution, Control of Air Pollution. . Noise Pollution Harmful Effects of noise pollution, control of noise pollution, Global warming & Climate Change, Ozone depletion, Greenhouse effect
Text Books:
1. Palancharmy, Basic Civil Engineering, McGraw Hill publishers.
2. Satheesh Gopi, Basic Civil Engineering, Pearson Publishers.
3. Ketki Rangwala Dalal, Essentials of Civil Engineering, Charotar Publishing House.
4. BCP, Surveying volume 1
This document provides an overview of wound healing, its functions, stages, mechanisms, factors affecting it, and complications.
A wound is a break in the integrity of the skin or tissues, which may be associated with disruption of the structure and function.
Healing is the body’s response to injury in an attempt to restore normal structure and functions.
Healing can occur in two ways: Regeneration and Repair
There are 4 phases of wound healing: hemostasis, inflammation, proliferation, and remodeling. This document also describes the mechanism of wound healing. Factors that affect healing include infection, uncontrolled diabetes, poor nutrition, age, anemia, the presence of foreign bodies, etc.
Complications of wound healing like infection, hyperpigmentation of scar, contractures, and keloid formation.