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This document provides an introduction to accounting. It discusses how accounting originated in ancient times but was formalized in the 15th century by Luca Pacioli who emphasized double-entry bookkeeping. The main functions of accounting are to record business transactions, classify them, summarize balances in a trial balance, and interpret the final financial statements of profit/loss and balance sheet. Accounting communicates financial information to various stakeholders and helps with decision making, loans, taxes, and more. There are different types of accounting for various purposes.
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Topic 1 introduction of book keeping and accountancy
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Consideration is an essential element of a valid contract. It refers to something of value that is exchanged between parties to a contract in order to make the promise or promises in the contract legally enforceable. Consideration can be in the form of an act, forbearance, or a return promise. It must be something of value that is offered willingly. Common examples of consideration include payment of money, provision of goods or services, a promise to do or refrain from doing something. For a contract to be valid, consideration typically must be present and pass from one party to the other at the time the contract is formed.
Acceptance
The document defines acceptance under Indian contract law and lists the essentials of a valid acceptance. It states that acceptance must be absolute and unconditional, communicated to the offeror, given by the party to whom the offer was made, within a reasonable or prescribed time, in the prescribed manner, before the offer is revoked or lapsed, with the acceptor aware of the offer. Mere silence is not generally considered acceptance unless agreed or customary. An offer can end through revocation, lapse of time, failure to meet conditions, death or insanity of the offeror, counteroffer, rejection, or changes in law.
Offer
This document defines an offer and lists the essential elements of a valid offer according to Indian contract law. It provides 9 types of offers:
1. Express and implied offers - Express offers are directly communicated while implied offers are inferred from conduct or circumstances.
2. Specific and general offers - Specific offers are made to individuals while general offers are made to the public.
3. Cross offers occur when two parties make identical offers unaware of each other.
4. A counter offer rejects the original offer and amounts to a new offer with modified terms.
5. Standing offers remain open for a period of time like tenders. Positive offers are to do something, while negative offers are to not do something
Classification of Data
This document discusses classification and statistical series. It describes classification as organizing data into groups based on similarities. The objectives of classification are to simplify complexity, identify similarities and differences, and enable comparative study. Good classification is clear, complete, stable, flexible, homogeneous, and favorable. Classification can be done according to attributes/qualities or class intervals. Statistical series arrange variable quantities side by side so measurable differences in one correspond to the other. Statistical series are categorized based on time, space, conditions or how they are constructed.
Editing of Collected Data
After data is collected, editing involves detecting errors and ensuring consistency, homogeneity, completeness and accuracy. Approximation involves rounding large or difficult numbers to facilitate calculation while maintaining relative accuracy. There are various sources of error in data, including errors of origin from poor survey design, errors of inadequacy from small samples, errors of interpretation, and errors of manipulation from excessive approximation. Errors can be unbiased, compensating mistakes, or biased from influences like enumerator bias. The absolute, relative and percentage errors can be calculated to measure error magnitude. Secondary data editing considers the original survey's sources, aims, units of measurement and accuracy.
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introduction
- 2. Accounting is as old as human civilisation. Chanakya in his famous book 'Arthashastra' emphasised the need for maintaining proper accounting and audit thereof. However, the first book in accounting in its modern form, was published in 1494 by Lucas pacioli, who was a priest of Venice, Italy, as well as a Mathematician. He emphasised upon "Double Entry System" and known as father of accounting
- 3. Book-keeping may be defined as the mere art of recording the business transactions in the books of accounts in an orderly manner.
- 4. The main characteristics of Book-keeping are as under. 1. Book-keeping is an art and science. 2. It is related with the monetary transactions. 3. The recording of transactions is made in certain book of accounts. 4. A certain method is adopted in recording the transactions. 5. The transactions are written continuously and date wise.
- 5. Accountancy is concerned with giving final shape to the book-keeping records. It summarises the entire records in terms of Trial Balannce, Profit and Loss Account and Balance Sheet.
- 6. 1. Recording of Transactions 2. Providing Information 3. To Disclose Operational Results 4. To Provide Knowledge about Financial Position. 5. To Facilitate Rational Decision-making 6. Helpful in Getting the Loan.
- 7. 7. Correct Taxation 8. Helpful in solving the Business Disputes. 9. To meet Legal Requirements. 10. Helpful in Comparative Study.
- 8. 1. RECORDING:- The basic function of accounting is recording the monetary aspect of all the transactions is done in the book called 'Journal'. 2. CLASSIFYING:- The transactions recorded in the 'Journal" or the subsidiary books are classified and posted to the main book of account known as 'Ledger'.
- 9. 3. SUMMARISING:- The transaction recorded in the Ledger will be summarised and balance in each Account will be ascertained and list of such balances called 'Trial Balance' will be prepared at the end of the accounting period. 4. INTERPRETING:- The final stage in the Accounting process is analysing and interpreting the financial data contained in the final accounts and balance sheet.
- 10. 5. COMMUNICATION:- Accounting is used to communicate financial information in respect of net profits, assets, liabilities etc., of the business to the interested parties.
- 11. 1. Owners 2. Investors 3. Creditors 4. Money Lenders 5. Labour Unions 6. Management 7. Employees 8. Government 9. Researchers
- 12. 1. Financial Accounting 2. Cost Accounting 3. Management Accounting 4. Tax Accounting 5. Government Accounting 6. Social Accounting 7. Human Resource Accounting 8. Inflation Accounting (or Price Level Accounting)
- 13. 1. Single Entry System In this system, personal accounts of debtors and creditors are maintained. 2. Double Entry System According to this system, every transaction has got two-fold aspects, and transaction is divided into two sides, debit and credit. 3. Indian System of Accounting
- 14. 1. Records Transactions Measurable in Monetary terms. 2. Effect of Price Level Changes not Considered 3. Lack of Realistic Information's. 4. Personal Bias of Accountant affect the Accounting Statements