Mca3010 unit 09-slm
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The document discusses key concepts in financial management and accounting. It provides definitions and explanations of terms like financial accounting, balance sheets, bookkeeping, capital, and stakeholders. The document quizzes the reader with multiple choice questions to test their understanding of these fundamental accounting and financial management topics.
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WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?
Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. Good bookkeeping can boost a business firm’s growth and development. Seek captivating knowledge about financial accounting, financial reporting, objectives of financial accounting, duties of a financial accountant and, labor statistics in this presentation.
Part 3-4 Posting and Trial Balance Preparation
The document discusses ledgers, which are used by companies to maintain account balances and track changes. It explains that the general ledger contains all asset, liability, and equity accounts. Journal entries are posted to the ledger accounts to update them. Ledgers use a three-column format with debit, credit, and balance columns to track transactions for each account.
Part 2 Basic Accounting Journalizing
The document describes the accounting cycle and process of journalizing business transactions. It explains that companies initially record transactions in chronological order in a general journal. Journalizing involves making separate entries for each transaction with the date, accounts and amounts to be debited and credited, and an explanation. Journal entries can be simple, involving two accounts, or compound, involving three or more accounts. Sample transactions are provided as an example of journalizing entries.
Company final accounts
The document provides a statement of profit and loss and balance sheet for Moon and Star Ltd. as of December 31, 2013. It includes notes to accounts that provide additional details. The summary is:
Moon and Star Ltd. reported a net profit of Rs. 100,275 for the year. Its total assets were Rs. 4,35,395, including current assets of Rs. 3,66,080 and non-current assets of Rs. 1,68,815. Total equity and liabilities were also Rs. 4,35,395, consisting of equity of Rs. 2,45,000, non-current liabilities of Rs. 15,700, and current liabilities of Rs. 1,74
Job description of accountants london
Accountants prepare liability, assets and capital accounts by producing and analysing information on auditors. Accountants, however, document all financial reporting by entering all accounts information.
MGT101 - Financial Accounting- Lecture 41
Virtual University
Course MGT101 - Financial Accounting
Lecture No 41
Instructor's Name: Mr. Mujahid Eshai
Course Email: mgt101@vu.edu.pk
Non trading concerns by Dr Mamata Rathi
1. Non-trading concerns are organizations dedicated to furthering social causes through their surpluses rather than distributing income. They are usually nonprofit and tax-exempt.
2. Key accounts for non-trading concerns include the receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account shows cash receipts and payments, while the income and expenditure account is similar to a profit and loss statement.
3. Items peculiar to non-trading concerns include donations, legacies, entrance fees, life membership fees, and subscriptions, which require special treatment in the accounts depending on whether they are recurring, capital, or for a specific purpose.
Unit 3 - Adjusting Process Concepts
The document describes the adjusting process in accounting. It explains that under the accrual basis of accounting, revenues are reported when earned and expenses are reported when incurred, rather than when cash is received or paid. Some accounts, like expenses incurred over time, need to be adjusted at the end of the accounting period before financial statements are prepared. The main types of account adjustments are prepaid expenses, unearned revenues, accrued expenses, and accrued revenues.
Recommended
WHAT’S SO INTERESTING ABOUT FINANCIAL ACCOUNTING?
Financial accounting involves working with a company's financial records to ensure that they're properly maintained and classified. Good bookkeeping can boost a business firm’s growth and development. Seek captivating knowledge about financial accounting, financial reporting, objectives of financial accounting, duties of a financial accountant and, labor statistics in this presentation.
Part 3-4 Posting and Trial Balance Preparation
The document discusses ledgers, which are used by companies to maintain account balances and track changes. It explains that the general ledger contains all asset, liability, and equity accounts. Journal entries are posted to the ledger accounts to update them. Ledgers use a three-column format with debit, credit, and balance columns to track transactions for each account.
Part 2 Basic Accounting Journalizing
The document describes the accounting cycle and process of journalizing business transactions. It explains that companies initially record transactions in chronological order in a general journal. Journalizing involves making separate entries for each transaction with the date, accounts and amounts to be debited and credited, and an explanation. Journal entries can be simple, involving two accounts, or compound, involving three or more accounts. Sample transactions are provided as an example of journalizing entries.
Company final accounts
The document provides a statement of profit and loss and balance sheet for Moon and Star Ltd. as of December 31, 2013. It includes notes to accounts that provide additional details. The summary is:
Moon and Star Ltd. reported a net profit of Rs. 100,275 for the year. Its total assets were Rs. 4,35,395, including current assets of Rs. 3,66,080 and non-current assets of Rs. 1,68,815. Total equity and liabilities were also Rs. 4,35,395, consisting of equity of Rs. 2,45,000, non-current liabilities of Rs. 15,700, and current liabilities of Rs. 1,74
Job description of accountants london
Accountants prepare liability, assets and capital accounts by producing and analysing information on auditors. Accountants, however, document all financial reporting by entering all accounts information.
MGT101 - Financial Accounting- Lecture 41
Virtual University
Course MGT101 - Financial Accounting
Lecture No 41
Instructor's Name: Mr. Mujahid Eshai
Course Email: mgt101@vu.edu.pk
Non trading concerns by Dr Mamata Rathi
1. Non-trading concerns are organizations dedicated to furthering social causes through their surpluses rather than distributing income. They are usually nonprofit and tax-exempt.
2. Key accounts for non-trading concerns include the receipts and payments account, income and expenditure account, and balance sheet. The receipts and payments account shows cash receipts and payments, while the income and expenditure account is similar to a profit and loss statement.
3. Items peculiar to non-trading concerns include donations, legacies, entrance fees, life membership fees, and subscriptions, which require special treatment in the accounts depending on whether they are recurring, capital, or for a specific purpose.
Unit 3 - Adjusting Process Concepts
The document describes the adjusting process in accounting. It explains that under the accrual basis of accounting, revenues are reported when earned and expenses are reported when incurred, rather than when cash is received or paid. Some accounts, like expenses incurred over time, need to be adjusted at the end of the accounting period before financial statements are prepared. The main types of account adjustments are prepaid expenses, unearned revenues, accrued expenses, and accrued revenues.
Basic Hotel Accounting Principles #3 By Dino Leonandri
The document discusses the cash flow statement, which measures the flow of money in and out of a business. It categorizes a company's cash receipts and disbursements into three activities: operations, investments, and financing. Cash flows come from the business's sales, owners, and third-party borrowing. The direct method analyzes cash accounts to identify cash flow, while the indirect method starts with net income and adjusts for non-cash items. Operating activities are day-to-day business operations, investing activities involve equipment purchases and investments, and financing activities raise funds from owners and creditors. The document also provides steps for preparing cash flow statements using direct or indirect methods.
Principles of accounting- adjustments in final accounts
The document provides information about common adjustments that need to be made in the final accounts, including closing stock, outstanding expenses, prepaid expenses, accrued income, and income received in advance. It also includes an illustration showing how to record these adjustments in the profit and loss account and balance sheet for a company as of December 31, 1987. Specific adjustments made include adding outstanding salaries to expenses, deducting prepaid wages, adding accrued rent income, and deducting unearned interest income received in advance.
Final account
The chapter Final accounts of accountancy subject are explained in brief with some practice questions.
Final accounts of banks & companies
The document discusses the key aspects of final accounts of banks and companies. It explains that final accounts comprise the income statement (trading and profit & loss account) and balance sheet. It provides details on various expenses like direct, indirect, administrative etc. It also discusses elements of assets and liabilities like fixed assets, current assets, owners' funds, reserves, secured and unsecured loans. Key adjustments in final accounts like closing stock, outstanding expenses, depreciation etc. are also summarized.
Topic 9 final accounts
Learner will be able to prepare final statement of a business - Profit and loss account and Balance Sheet
Basic Accounting & Cost Control #1 by Dino Leonandri
The document provides an overview of basic accounting principles for hotel cost control, including accrual basis accounting, accounting entity concept, accounting periods, matching principle, and the three main elements of accounting - the balance sheet, income statement, and cash flow statement. It explains key accounting concepts like recognizing revenue when earned and expenses when incurred, separating business and personal transactions, reporting finances annually with monthly or quarterly updates, and matching income with related expenses. It also defines the components of the balance sheet, including different types of assets, liabilities, and equity.
01. Hotel's Basic Accounting by dino leonandri for Trisakti Tourism Institue...
The document discusses basic accounting principles including:
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2) The accounting entity concept which treats a business as separate from its owners for accounting purposes.
3) The time period concept which divides a business's indefinite life into equal reporting periods, typically annual periods with monthly or quarterly reports.
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Accounting is the process of measuring and recording financial information used for economic decision making. Assets are anything of value owned, including current assets expected to be used within a year, investments, property and equipment, and other long term assets without physical form. The accounting equation states that assets equal liabilities plus owner's equity, with liabilities divided into current amounts due within a year and long term debts over one year. The terms owner's equity, proprietorship, capital, and net worth all refer to the owner's monetary interest in a company.
02. Hotel's Basic Accounting by Dino Leonandri
The document discusses the cash flow statement, which measures the flow of money in and out of a business. It categorizes a company's cash receipts and disbursements into three activities: operations, investments, and financing. Cash inflows represent cash received, while cash outflows represent cash paid out. The direct method analyzes cash accounts to identify cash flow, while the indirect method starts with net income and adjusts for non-cash items. The document also provides an example cash flow statement for a hotel for one month, showing sources of funds, uses of funds, and the net cash flow.
Basic Accounting and Cost Control #2 by Dino Leonandri
The document discusses key concepts in hotel basic accounting and cost control. It explains that the profit and loss statement shows revenue and expenses that determine net income. Revenue comes from normal business activities, while costs of goods sold are direct costs of production. Other expenses include payroll, departmental costs, and undistributed operating expenses from non-revenue generating departments like administration. Adjustments to the statements include accrual accounting, tracking inventory levels, accounts receivable, and depreciation/amortization.
Basic accounting 1 class 1(modificado2)
Accounting is the process of measuring, recording, classifying, and summarizing financial information used for economic decision making. Assets are anything of value owned by a business, including cash and non-cash resources, and the accounting equation balances assets with liabilities and owner's equity. There are several types of assets: current assets expected to be used within a year; investments of a long-term nature; property, plant and equipment used in ongoing business operations; and intangible assets that have no physical form but provide long-term value.
Final accounts
The document provides study notes on final accounts, including trading account, profit and loss account, and balance sheet.
It defines final accounts as the set of financial statements that include a trading account, profit and loss account, and balance sheet. The trading account shows gross profit or loss, the profit and loss account shows net profit or loss, and the balance sheet shows the financial position of the business.
Specimen templates are provided for a trading account, profit and loss account, and balance sheet. Key features and purposes of each statement are also summarized, such as the trading account determining gross profit/loss, the profit and loss account determining net profit/loss, and the balance sheet showing assets, liabilities, and
Problem on bank final account 2
1) The document provides the trial balance of Lakshmi Bank Ltd. as of March 31, 2019 and instructions for preparing the profit and loss account and balance sheet as of that date.
2) Key adjustments include maintaining a reserve for doubtful debts, recognizing accrued interest on investments, and accounting for depreciation, additions to premises, and the market value of government securities.
3) Schedules are provided for items in the balance sheet like capital, reserves, deposits, cash, investments, advances, and contingent liabilities.
Turorial in making soc 1
The document discusses the key differences between operating, investing, and financing activities reported on a statement of cash flows (SCF) compared to a statement of income (SCI). Operating activities on the SCF include cash from sales and expenses, while investing activities include cash from purchases/sales of long-term assets and loans. Financing activities on the SCF include cash from equity/debt activities like issuing shares or paying dividends. The SCF provides a picture of a company's cash generation and requirements over a period through these three categories of cash flow.
Final Accounts
The document discusses the preparation of final accounts, which includes three financial statements: (i) the trading account, which shows gross profit/loss; (ii) the profit and loss account, which shows net profit/loss; and (iii) the balance sheet, which shows the financial position. It provides details on what each statement shows and their importance. The trading account is the first stage and shows gross profit/loss. The profit and loss account indicates net profit/loss after deducting all expenses. The balance sheet presents the sources and uses of funds on a particular date. Final accounts are important to understand business results, financial position, and for tasks like getting loans.
Financial Accounts with Adjustments
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Topic 8 trial balance
Know the Meaning, Objectives of Trial Balance.
Know the format of Trial Balance.
Preparation of Trial Balance.
Final Account
This document summarizes the final steps in the accounting process. It includes preparing a trial balance to check account balances, a trading profit and loss account to determine profit or loss, and a balance sheet to present the company's financial position by listing assets, liabilities, and capital. The document provides an example trial balance, shows the calculations to prepare a profit and loss statement, and presents an illustrated balance sheet. The final accounts are the last step of the accounting cycle and ensure the accuracy of the financial records.
Final Accounts of a Sole Trade Business
This document provides instructions for preparing final accounting statements, including a profit and loss account and balance sheet. It defines key terms like gross profit, cost of goods sold, direct expenses, and indirect expenses. It explains how to prepare a trading and profit and loss account, showing gross profit, expenses, net profit or loss. It also defines current and fixed assets and notes that a balance sheet shows the financial position of a business by reporting asset and liability balances. The overall purpose is to explain the accounting cycle and the process of preparing final accounting statements.
1FIN_Financial-Reporting-and-Reporting-Standards.pptx
This document defines key terms and concepts related to financial reporting standards. It discusses internal and external stakeholders that financial statements are reported to. The document outlines Generally Accepted Accounting Principles and International Financial Reporting Standards that provide uniformity in financial reporting. It also defines the key components of financial statements, including the income statement, balance sheet, statement of cash flows, and statement of changes in equity. Elements such as assets, liabilities, equity, income and expenses are also defined.
Financial Accounting Feb22BSCM (1).pptx
Financial accounting is primarily concerned with recording business transactions and preparing general purpose financial statements for internal and external users. It focuses on reports such as the statement of financial position and income statement. Managerial accounting also prepares financial statements but they are for internal users only. Both financial and managerial accounting are needed to develop accounting information and maintain controls for effective business management.
accounting-MBA-2014.ppt
This document provides an overview of accounting concepts including:
- Owner-managers run owner-managed businesses while creditors lend money and investors buy ownership in the form of stock.
- Financial accounting collects and processes financial information to produce reports for internal and external decision-makers.
- The main financial statements are the income statement, balance sheet, statement of retained earnings, and statement of cash flows.
- The income statement reports revenues and expenses to determine net income/loss over an accounting period using accrual accounting.
- The balance sheet lists assets, liabilities, and equity on a given date based on the accounting equation Assets = Liabilities + Equity.
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Basic Hotel Accounting Principles #3 By Dino Leonandri
The document discusses the cash flow statement, which measures the flow of money in and out of a business. It categorizes a company's cash receipts and disbursements into three activities: operations, investments, and financing. Cash flows come from the business's sales, owners, and third-party borrowing. The direct method analyzes cash accounts to identify cash flow, while the indirect method starts with net income and adjusts for non-cash items. Operating activities are day-to-day business operations, investing activities involve equipment purchases and investments, and financing activities raise funds from owners and creditors. The document also provides steps for preparing cash flow statements using direct or indirect methods.
Principles of accounting- adjustments in final accounts
The document provides information about common adjustments that need to be made in the final accounts, including closing stock, outstanding expenses, prepaid expenses, accrued income, and income received in advance. It also includes an illustration showing how to record these adjustments in the profit and loss account and balance sheet for a company as of December 31, 1987. Specific adjustments made include adding outstanding salaries to expenses, deducting prepaid wages, adding accrued rent income, and deducting unearned interest income received in advance.
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The chapter Final accounts of accountancy subject are explained in brief with some practice questions.
Final accounts of banks & companies
The document discusses the key aspects of final accounts of banks and companies. It explains that final accounts comprise the income statement (trading and profit & loss account) and balance sheet. It provides details on various expenses like direct, indirect, administrative etc. It also discusses elements of assets and liabilities like fixed assets, current assets, owners' funds, reserves, secured and unsecured loans. Key adjustments in final accounts like closing stock, outstanding expenses, depreciation etc. are also summarized.
Topic 9 final accounts
Learner will be able to prepare final statement of a business - Profit and loss account and Balance Sheet
Basic Accounting & Cost Control #1 by Dino Leonandri
The document provides an overview of basic accounting principles for hotel cost control, including accrual basis accounting, accounting entity concept, accounting periods, matching principle, and the three main elements of accounting - the balance sheet, income statement, and cash flow statement. It explains key accounting concepts like recognizing revenue when earned and expenses when incurred, separating business and personal transactions, reporting finances annually with monthly or quarterly updates, and matching income with related expenses. It also defines the components of the balance sheet, including different types of assets, liabilities, and equity.
01. Hotel's Basic Accounting by dino leonandri for Trisakti Tourism Institue...
The document discusses basic accounting principles including:
1) The accrual basis principle which recognizes revenue when earned and expenses when incurred regardless of when cash is received or paid.
2) The accounting entity concept which treats a business as separate from its owners for accounting purposes.
3) The time period concept which divides a business's indefinite life into equal reporting periods, typically annual periods with monthly or quarterly reports.
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Accounting is the process of measuring and recording financial information used for economic decision making. Assets are anything of value owned, including current assets expected to be used within a year, investments, property and equipment, and other long term assets without physical form. The accounting equation states that assets equal liabilities plus owner's equity, with liabilities divided into current amounts due within a year and long term debts over one year. The terms owner's equity, proprietorship, capital, and net worth all refer to the owner's monetary interest in a company.
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The document discusses the cash flow statement, which measures the flow of money in and out of a business. It categorizes a company's cash receipts and disbursements into three activities: operations, investments, and financing. Cash inflows represent cash received, while cash outflows represent cash paid out. The direct method analyzes cash accounts to identify cash flow, while the indirect method starts with net income and adjusts for non-cash items. The document also provides an example cash flow statement for a hotel for one month, showing sources of funds, uses of funds, and the net cash flow.
Basic Accounting and Cost Control #2 by Dino Leonandri
The document discusses key concepts in hotel basic accounting and cost control. It explains that the profit and loss statement shows revenue and expenses that determine net income. Revenue comes from normal business activities, while costs of goods sold are direct costs of production. Other expenses include payroll, departmental costs, and undistributed operating expenses from non-revenue generating departments like administration. Adjustments to the statements include accrual accounting, tracking inventory levels, accounts receivable, and depreciation/amortization.
Basic accounting 1 class 1(modificado2)
Accounting is the process of measuring, recording, classifying, and summarizing financial information used for economic decision making. Assets are anything of value owned by a business, including cash and non-cash resources, and the accounting equation balances assets with liabilities and owner's equity. There are several types of assets: current assets expected to be used within a year; investments of a long-term nature; property, plant and equipment used in ongoing business operations; and intangible assets that have no physical form but provide long-term value.
Final accounts
The document provides study notes on final accounts, including trading account, profit and loss account, and balance sheet.
It defines final accounts as the set of financial statements that include a trading account, profit and loss account, and balance sheet. The trading account shows gross profit or loss, the profit and loss account shows net profit or loss, and the balance sheet shows the financial position of the business.
Specimen templates are provided for a trading account, profit and loss account, and balance sheet. Key features and purposes of each statement are also summarized, such as the trading account determining gross profit/loss, the profit and loss account determining net profit/loss, and the balance sheet showing assets, liabilities, and
Problem on bank final account 2
1) The document provides the trial balance of Lakshmi Bank Ltd. as of March 31, 2019 and instructions for preparing the profit and loss account and balance sheet as of that date.
2) Key adjustments include maintaining a reserve for doubtful debts, recognizing accrued interest on investments, and accounting for depreciation, additions to premises, and the market value of government securities.
3) Schedules are provided for items in the balance sheet like capital, reserves, deposits, cash, investments, advances, and contingent liabilities.
Turorial in making soc 1
The document discusses the key differences between operating, investing, and financing activities reported on a statement of cash flows (SCF) compared to a statement of income (SCI). Operating activities on the SCF include cash from sales and expenses, while investing activities include cash from purchases/sales of long-term assets and loans. Financing activities on the SCF include cash from equity/debt activities like issuing shares or paying dividends. The SCF provides a picture of a company's cash generation and requirements over a period through these three categories of cash flow.
Final Accounts
The document discusses the preparation of final accounts, which includes three financial statements: (i) the trading account, which shows gross profit/loss; (ii) the profit and loss account, which shows net profit/loss; and (iii) the balance sheet, which shows the financial position. It provides details on what each statement shows and their importance. The trading account is the first stage and shows gross profit/loss. The profit and loss account indicates net profit/loss after deducting all expenses. The balance sheet presents the sources and uses of funds on a particular date. Final accounts are important to understand business results, financial position, and for tasks like getting loans.
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Presentation of Financial Accounts with adjustments, made me BSCS major during his semester project presentation.
Topic 8 trial balance
Know the Meaning, Objectives of Trial Balance.
Know the format of Trial Balance.
Preparation of Trial Balance.
Final Account
This document summarizes the final steps in the accounting process. It includes preparing a trial balance to check account balances, a trading profit and loss account to determine profit or loss, and a balance sheet to present the company's financial position by listing assets, liabilities, and capital. The document provides an example trial balance, shows the calculations to prepare a profit and loss statement, and presents an illustrated balance sheet. The final accounts are the last step of the accounting cycle and ensure the accuracy of the financial records.
Final Accounts of a Sole Trade Business
This document provides instructions for preparing final accounting statements, including a profit and loss account and balance sheet. It defines key terms like gross profit, cost of goods sold, direct expenses, and indirect expenses. It explains how to prepare a trading and profit and loss account, showing gross profit, expenses, net profit or loss. It also defines current and fixed assets and notes that a balance sheet shows the financial position of a business by reporting asset and liability balances. The overall purpose is to explain the accounting cycle and the process of preparing final accounting statements.
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Basic Hotel Accounting Principles #3 By Dino Leonandri
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