Systematic documentation of transaction
•Download as PPTX, PDF•
3 likes•537 views
The document discusses the systematic documentation of business transactions through an accounting cycle. It begins with an introduction to accounting and the accounting cycle. It then discusses key steps in the accounting cycle including source documents, journals, ledgers, trial balances, and final accounts. The accounting cycle allows a business to systematically record and track financial transactions and prepare financial statements like the balance sheet.
Report
Share
Report
Share
Recommended
Vouching
Vouching involves testing the accuracy of transactions recorded in accounting books by examining supporting documentation. It helps auditors ensure transactions are valid, all entries are supported, and nothing has been omitted or misrecorded. Key aspects auditors examine when vouching cash receipts include cash sales records, bank deposit slips, and reconciling receipts to entries in cash books and bank statements. This helps auditors verify revenues have been completely and properly recorded.
Unit 5 vouching
This document discusses the process of vouching in auditing. It defines vouching as verifying the authenticity and authority of transactions recorded in accounting books by comparing them to supporting documentation. The key types of vouchers and objectives of vouching are ensuring transactions are correctly recorded, supported by evidence, and properly authorized. Vouching is an important audit procedure for examining transactions in cash books, subsidiary books, journals, and ledgers.
CASH BOOK
The document discusses the key aspects of a cash book, which is used to record all cash receipts and payments. It notes that a cash book has two parts - cash receipts and cash payments. Transactions are recorded chronologically with receipts on the debit side and payments on the credit side. The cash book serves as both a journal and ledger. It allows the business owner to ascertain cash and bank balances without physically counting amounts. The document also discusses features of double-column and triple-column cash books, which include additional columns for discounts, and contra entries that affect both cash and bank balances.
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.
accounting process
The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.
Fundamentals of Accounting
- The document outlines an accounting course for managers, covering topics like financial accounting, depreciation, ratio analysis, fund flow, cost accounting, and more.
- It defines key accounting concepts like identifying, measuring, classifying, recording, and communicating financial information. It also distinguishes transactions from events.
- Basic accounting terms are introduced, like assets, liabilities, equity, capital, and accounting principles and concepts are discussed, like the business entity, money measurement, and revenue recognition concepts.
Understanding financial statements ppt @ mba finance
The document discusses accounting and financial statements. It explains that accounting provides financial information to various internal and external stakeholders of a business. It also discusses the key financial statements - the income statement, balance sheet, and cash flow statement. The income statement shows the profit generated over a period. The balance sheet shows the assets, liabilities, and sources of funds as of a certain date. The cash flow statement shows the sources and uses of cash over a period. The document provides details on revenue recognition, inventory valuation, depreciation, and other accounting concepts.
Chapter 1 journal
The document discusses the double entry system of accounting. It explains that every transaction has two aspects - debit and credit. Transactions are recorded in accounting books under the double entry system. The dual aspect of each transaction can be analyzed using the accounting equation approach or traditional approach. The traditional approach classifies accounts into personal, real and nominal accounts and provides rules for debiting and crediting each type of account. The document also discusses journals, which are used to initially record transactions chronologically before posting to ledgers.
Recommended
Vouching
Vouching involves testing the accuracy of transactions recorded in accounting books by examining supporting documentation. It helps auditors ensure transactions are valid, all entries are supported, and nothing has been omitted or misrecorded. Key aspects auditors examine when vouching cash receipts include cash sales records, bank deposit slips, and reconciling receipts to entries in cash books and bank statements. This helps auditors verify revenues have been completely and properly recorded.
Unit 5 vouching
This document discusses the process of vouching in auditing. It defines vouching as verifying the authenticity and authority of transactions recorded in accounting books by comparing them to supporting documentation. The key types of vouchers and objectives of vouching are ensuring transactions are correctly recorded, supported by evidence, and properly authorized. Vouching is an important audit procedure for examining transactions in cash books, subsidiary books, journals, and ledgers.
CASH BOOK
The document discusses the key aspects of a cash book, which is used to record all cash receipts and payments. It notes that a cash book has two parts - cash receipts and cash payments. Transactions are recorded chronologically with receipts on the debit side and payments on the credit side. The cash book serves as both a journal and ledger. It allows the business owner to ascertain cash and bank balances without physically counting amounts. The document also discusses features of double-column and triple-column cash books, which include additional columns for discounts, and contra entries that affect both cash and bank balances.
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.
accounting process
The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.
Fundamentals of Accounting
- The document outlines an accounting course for managers, covering topics like financial accounting, depreciation, ratio analysis, fund flow, cost accounting, and more.
- It defines key accounting concepts like identifying, measuring, classifying, recording, and communicating financial information. It also distinguishes transactions from events.
- Basic accounting terms are introduced, like assets, liabilities, equity, capital, and accounting principles and concepts are discussed, like the business entity, money measurement, and revenue recognition concepts.
Understanding financial statements ppt @ mba finance
The document discusses accounting and financial statements. It explains that accounting provides financial information to various internal and external stakeholders of a business. It also discusses the key financial statements - the income statement, balance sheet, and cash flow statement. The income statement shows the profit generated over a period. The balance sheet shows the assets, liabilities, and sources of funds as of a certain date. The cash flow statement shows the sources and uses of cash over a period. The document provides details on revenue recognition, inventory valuation, depreciation, and other accounting concepts.
Chapter 1 journal
The document discusses the double entry system of accounting. It explains that every transaction has two aspects - debit and credit. Transactions are recorded in accounting books under the double entry system. The dual aspect of each transaction can be analyzed using the accounting equation approach or traditional approach. The traditional approach classifies accounts into personal, real and nominal accounts and provides rules for debiting and crediting each type of account. The document also discusses journals, which are used to initially record transactions chronologically before posting to ledgers.
Verification and valuation of assets and liabilities
The document discusses verification and valuation of assets and liabilities. It describes the auditor's role in verifying the existence, ownership, classification, and valuation of assets and liabilities. Key aspects of verification include examining documentary evidence, testing internal controls, and confirming physical existence, ownership, and proper use of assets. Valuation involves determining the exact value of assets based on original cost, depreciation, and factors like useful life. Specific guidance is provided on verifying types of assets like fixed assets, investments, stock, debtors, creditors, and bills payable.
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...Syed Ali Gohar Shah Shah
This presentation was assigned by Respected Teacher SIR ATTA HUSSAIN SHAH and was presented by SYED ALI GOHAR SHAH In SINDH UNIVERSITY MIRPURKHAS CAMPUS. On the date of Monday 21/10/2019.Objectives of auditing
The objectives of auditing are to examine the accuracy of books of accounts and financial statements and express an opinion on whether the financial statements provide a true and fair view. The primary objectives are to verify assets and liabilities, ensure statutory compliance, and certify that the profit/loss and balance sheet accurately reflect the financial position of the business. Secondary objectives include detecting and preventing errors and fraud such as cash misappropriation, goods misappropriation, and account manipulation.
Accounting journal entries
This document provides examples of common accounting journal entries for cash transactions. It describes entries for:
1) Purchasing assets and paying expenses with cash, which debit asset or expense accounts and credit cash.
2) Receiving cash from selling assets, borrowing money, or issuing stock, which debit cash and credit asset, liability, or equity accounts.
3) Repaying liabilities with cash, which debit the liability and credit cash.
Bank Reconciliation Statement
This document discusses bank reconciliation statements. It defines a bank reconciliation statement as a schedule that reconciles any differences between the bank balance shown on the bank statement and the cash book. The document outlines reasons for differences between the two balances, including unpresented checks, uncredited deposits, and bank charges. It provides rules for debiting and crediting items in a bank reconciliation statement and steps to prepare the reconciliation, including identifying omitted transactions and adjusting entries to make the balances agree.
Banking basics 34-slides
This document provides an overview of common banking terms and concepts. It discusses the basics of opening deposit accounts like checking and savings accounts, differences between banks and credit unions, account types, interest, online banking safety, and more. The key topics covered include choosing an appropriate financial institution, understanding account features and fees, maintaining good banking habits, and ensuring deposits are insured by agencies like the FDIC or NCUA up to $250,000 per account.
Cash book
This document proposes a cash book project and provides details about cash books. It discusses the features, objectives, and types of cash books. The main types are simple cash book, double column cash book, triple column cash book, and petty cash book. Simple cash books record receipts on the debit side and payments on the credit side. Double and triple column cash books add additional columns for discounts and bank transactions. The purpose of cash books is to keep accurate records of cash receipts and payments.
Business transaction
This document discusses different types of source documents and accounting vouchers used in accounting. It describes common source documents like cash memos, invoices, receipts, pay-in-slips, cheques, debit notes and credit notes. It also discusses accounting vouchers, distinguishing between source vouchers created during a transaction and accounting vouchers prepared by accountants to record transactions in accounts. Key types of accounting vouchers are cash vouchers for payments and receipts, and non-cash or transfer vouchers for credit sales, purchases and adjustments.
Meaning Of Accounting
PLEASE
LIKE AND COMMENT YOUR VIEWS
Meaning of accounting,functions,Procedural aspects of accounting,Accounting cycle,Origin of accounting
Single and double entry system
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.
Body language in business communication
This document discusses body language in business communication. It begins by defining body language as nonverbal communication through physical behaviors like facial expressions, posture, gestures, eye movement, touch, and use of space. It notes that 55% of communication is nonverbal. It then lists and describes common types of body language like facial expressions, postures, gestures, and tone of voice. It discusses how appearance and physique can influence perceptions of income, status, personality, and occupation. It provides tips for being attractive through good eye contact, facial expressions, head movements, gestures, postures, proximity, body contact, and appearance. It concludes by listing and explaining 15 common body language blunders to avoid in business like leaning back too much
Accounts from incomplete records
The document discusses accounting practices for small businesses known as micro business accounting (MBA). It notes challenges small businesses face with record keeping like high costs, lack of knowledge, and time. It describes MBA as involving cash and credit transactions recorded in personal supplier and customer accounts, with double entry for cash receipts and payments. Non-recurring transactions like asset purchases and borrowing are also discussed. The need for proper accounting is outlined to determine profit, file taxes, and obtain loans. Methods for preparing a statement of affairs and statement of profit are provided. Key accounts to reference for income and expense items are listed. Finally, common ratios for analyzing MBA financial statements are identified.
Accounting Cycle
The accounting cycle involves recording business transactions, preparing financial statements, and closing books at the end of each accounting period. It is based on key assumptions and principles including:
1) Transactions are recorded based on the accrual concept, which matches revenues to expenses in the period they are incurred regardless of when cash is received or paid.
2) Financial statements are prepared at the end of each period using the adjusted trial balance to provide an accurate picture of the company's financial position and performance.
3) The accounting equation (Assets = Liabilities + Equity) must always balance through double-entry bookkeeping, where every transaction has equal and offsetting debits and credits.
Introduction to Auditing
The document provides an introduction to auditing, including:
1. The origin of auditing dates back over 2000 years to ancient Egypt and Greece, where audits were conducted to check accounts and hear explanations for suspected fraud.
2. An audit examines an entity's financial records and enables the auditor to determine if the balance sheet and profit/loss statement accurately reflect the entity's financial position and performance.
3. The main objectives of an audit are to detect and prevent errors, detect and prevent fraud, express an independent opinion on the accounts, and act as a moral check.
Understanding Financial Statement / Report
The document provides an overview of financial statements, including balance sheets, cash flow statements, and notes. It explains that a balance sheet summarizes a company's financial position at a point in time by listing assets, liabilities, and shareholder equity. It also describes the major components of each type of financial statement and provides sample notes to the financial statements that give additional context and details. The cash flow statement tracks cash inflows and outflows from operating, investing, and financing activities over a period of time. Understanding these statements is important for assessing a company's financial strength and cash flows.
Basic accounting ppt
Basic Accounting-Bookkeeping, Accounting, Accountancy. Relationship between these terms. Objectives of Accounting
Unit 1 Introduction to Audit
It is a presentation on basic introduction to the subject of Auditing.
This is published only for education and information purpose.
AUDIT PROGRAMME - PPT.pptx
An audit program provides direction for an audit team to properly execute an audit. It contains detailed steps and procedures for the audit team to follow in conducting the audit. The program outlines how to assess the entity's business, allocate work among team members, and estimate timing. It also provides details on evidence, materiality levels, risk tolerance, and measuring evidence sufficiency. The audit program helps ensure important areas are considered, allocates work based on skills, and enhances accountability. However, the program can become rigid and mechanical if it ignores changes or new issues over time.
Material in cost accounting
Provides a detailed explanation of different aspects of material control. Very useful to undergraduate students of different universities and cost accounting professional students
Ratio analysis -Inventory Turnover Ratio
Turnover Ratios or Activity Ratios or Performance Ratios
Turnover ratios are used to determine how efficiently the financial assets and liabilities of an organization have been used for the purpose of generating revenues. These ratios measure the operating efficiency of an enterprise.
The types of Turnover ratios are: –
Inventory Turnover Ratio or Stock Turnover Ratio.
Debtors Turnover Ratio.
Creditors Turnover Ratio.
Cash Turnover Ratio.
Working Capital Turnover Ratio.
Fixed Assets Turnover Ratio.
Capital Turnover Ratio or Sales to Net Worth Ratio.
It is also referred as the stock turnover ratio which is used to measure the number of sales generated from its inventory and how efficiently the inventories in a company is used.
This ratio reveals the number of times stock is replaced during a given accounting period.
It is calculated by the following formula:
Illustration 1:
From the following information calculate stock turnover ratio. Opening stock 30,000, purchases 90,000, carriage inward 7500, sales 1,50,000, closing stock 15,000, gross profit 37,500.
Basics of Finance and Accounts
This document provides an overview of key concepts in finance and accounting, including:
1. It defines financial accounting as the process of recording business transactions and preparing financial statements like the income statement and balance sheet.
2. Accounting principles and concepts are discussed, such as the business entity concept and matching principle. Conventions like conservatism are also covered.
3. Basic bookkeeping elements are introduced, including journals, ledgers, trial balances, and how final accounts like trading, profit and loss, and balance sheets are prepared.
4. The document distinguishes between financial and management accounting.
5. Cost accounting concepts are outlined, including different types of costs, cost statements, work-
Accounting cycle
The document discusses the accounting cycle which includes recording transactions, classifying entries in ledger accounts, and summarizing accounts to prepare financial statements. It provides details on steps like journalizing, posting to ledger accounts, preparing a trial balance to check the accuracy of the ledger, and rules for balancing accounts. The accounting cycle ensures all business transactions are recorded and reported in a systematic manner.
More Related Content
What's hot
Verification and valuation of assets and liabilities
The document discusses verification and valuation of assets and liabilities. It describes the auditor's role in verifying the existence, ownership, classification, and valuation of assets and liabilities. Key aspects of verification include examining documentary evidence, testing internal controls, and confirming physical existence, ownership, and proper use of assets. Valuation involves determining the exact value of assets based on original cost, depreciation, and factors like useful life. Specific guidance is provided on verifying types of assets like fixed assets, investments, stock, debtors, creditors, and bills payable.
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...Syed Ali Gohar Shah Shah
This presentation was assigned by Respected Teacher SIR ATTA HUSSAIN SHAH and was presented by SYED ALI GOHAR SHAH In SINDH UNIVERSITY MIRPURKHAS CAMPUS. On the date of Monday 21/10/2019.Objectives of auditing
The objectives of auditing are to examine the accuracy of books of accounts and financial statements and express an opinion on whether the financial statements provide a true and fair view. The primary objectives are to verify assets and liabilities, ensure statutory compliance, and certify that the profit/loss and balance sheet accurately reflect the financial position of the business. Secondary objectives include detecting and preventing errors and fraud such as cash misappropriation, goods misappropriation, and account manipulation.
Accounting journal entries
This document provides examples of common accounting journal entries for cash transactions. It describes entries for:
1) Purchasing assets and paying expenses with cash, which debit asset or expense accounts and credit cash.
2) Receiving cash from selling assets, borrowing money, or issuing stock, which debit cash and credit asset, liability, or equity accounts.
3) Repaying liabilities with cash, which debit the liability and credit cash.
Bank Reconciliation Statement
This document discusses bank reconciliation statements. It defines a bank reconciliation statement as a schedule that reconciles any differences between the bank balance shown on the bank statement and the cash book. The document outlines reasons for differences between the two balances, including unpresented checks, uncredited deposits, and bank charges. It provides rules for debiting and crediting items in a bank reconciliation statement and steps to prepare the reconciliation, including identifying omitted transactions and adjusting entries to make the balances agree.
Banking basics 34-slides
This document provides an overview of common banking terms and concepts. It discusses the basics of opening deposit accounts like checking and savings accounts, differences between banks and credit unions, account types, interest, online banking safety, and more. The key topics covered include choosing an appropriate financial institution, understanding account features and fees, maintaining good banking habits, and ensuring deposits are insured by agencies like the FDIC or NCUA up to $250,000 per account.
Cash book
This document proposes a cash book project and provides details about cash books. It discusses the features, objectives, and types of cash books. The main types are simple cash book, double column cash book, triple column cash book, and petty cash book. Simple cash books record receipts on the debit side and payments on the credit side. Double and triple column cash books add additional columns for discounts and bank transactions. The purpose of cash books is to keep accurate records of cash receipts and payments.
Business transaction
This document discusses different types of source documents and accounting vouchers used in accounting. It describes common source documents like cash memos, invoices, receipts, pay-in-slips, cheques, debit notes and credit notes. It also discusses accounting vouchers, distinguishing between source vouchers created during a transaction and accounting vouchers prepared by accountants to record transactions in accounts. Key types of accounting vouchers are cash vouchers for payments and receipts, and non-cash or transfer vouchers for credit sales, purchases and adjustments.
Meaning Of Accounting
PLEASE
LIKE AND COMMENT YOUR VIEWS
Meaning of accounting,functions,Procedural aspects of accounting,Accounting cycle,Origin of accounting
Single and double entry system
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.
Body language in business communication
This document discusses body language in business communication. It begins by defining body language as nonverbal communication through physical behaviors like facial expressions, posture, gestures, eye movement, touch, and use of space. It notes that 55% of communication is nonverbal. It then lists and describes common types of body language like facial expressions, postures, gestures, and tone of voice. It discusses how appearance and physique can influence perceptions of income, status, personality, and occupation. It provides tips for being attractive through good eye contact, facial expressions, head movements, gestures, postures, proximity, body contact, and appearance. It concludes by listing and explaining 15 common body language blunders to avoid in business like leaning back too much
Accounts from incomplete records
The document discusses accounting practices for small businesses known as micro business accounting (MBA). It notes challenges small businesses face with record keeping like high costs, lack of knowledge, and time. It describes MBA as involving cash and credit transactions recorded in personal supplier and customer accounts, with double entry for cash receipts and payments. Non-recurring transactions like asset purchases and borrowing are also discussed. The need for proper accounting is outlined to determine profit, file taxes, and obtain loans. Methods for preparing a statement of affairs and statement of profit are provided. Key accounts to reference for income and expense items are listed. Finally, common ratios for analyzing MBA financial statements are identified.
Accounting Cycle
The accounting cycle involves recording business transactions, preparing financial statements, and closing books at the end of each accounting period. It is based on key assumptions and principles including:
1) Transactions are recorded based on the accrual concept, which matches revenues to expenses in the period they are incurred regardless of when cash is received or paid.
2) Financial statements are prepared at the end of each period using the adjusted trial balance to provide an accurate picture of the company's financial position and performance.
3) The accounting equation (Assets = Liabilities + Equity) must always balance through double-entry bookkeeping, where every transaction has equal and offsetting debits and credits.
Introduction to Auditing
The document provides an introduction to auditing, including:
1. The origin of auditing dates back over 2000 years to ancient Egypt and Greece, where audits were conducted to check accounts and hear explanations for suspected fraud.
2. An audit examines an entity's financial records and enables the auditor to determine if the balance sheet and profit/loss statement accurately reflect the entity's financial position and performance.
3. The main objectives of an audit are to detect and prevent errors, detect and prevent fraud, express an independent opinion on the accounts, and act as a moral check.
Understanding Financial Statement / Report
The document provides an overview of financial statements, including balance sheets, cash flow statements, and notes. It explains that a balance sheet summarizes a company's financial position at a point in time by listing assets, liabilities, and shareholder equity. It also describes the major components of each type of financial statement and provides sample notes to the financial statements that give additional context and details. The cash flow statement tracks cash inflows and outflows from operating, investing, and financing activities over a period of time. Understanding these statements is important for assessing a company's financial strength and cash flows.
Basic accounting ppt
Basic Accounting-Bookkeeping, Accounting, Accountancy. Relationship between these terms. Objectives of Accounting
Unit 1 Introduction to Audit
It is a presentation on basic introduction to the subject of Auditing.
This is published only for education and information purpose.
AUDIT PROGRAMME - PPT.pptx
An audit program provides direction for an audit team to properly execute an audit. It contains detailed steps and procedures for the audit team to follow in conducting the audit. The program outlines how to assess the entity's business, allocate work among team members, and estimate timing. It also provides details on evidence, materiality levels, risk tolerance, and measuring evidence sufficiency. The audit program helps ensure important areas are considered, allocates work based on skills, and enhances accountability. However, the program can become rigid and mechanical if it ignores changes or new issues over time.
Material in cost accounting
Provides a detailed explanation of different aspects of material control. Very useful to undergraduate students of different universities and cost accounting professional students
Ratio analysis -Inventory Turnover Ratio
Turnover Ratios or Activity Ratios or Performance Ratios
Turnover ratios are used to determine how efficiently the financial assets and liabilities of an organization have been used for the purpose of generating revenues. These ratios measure the operating efficiency of an enterprise.
The types of Turnover ratios are: –
Inventory Turnover Ratio or Stock Turnover Ratio.
Debtors Turnover Ratio.
Creditors Turnover Ratio.
Cash Turnover Ratio.
Working Capital Turnover Ratio.
Fixed Assets Turnover Ratio.
Capital Turnover Ratio or Sales to Net Worth Ratio.
It is also referred as the stock turnover ratio which is used to measure the number of sales generated from its inventory and how efficiently the inventories in a company is used.
This ratio reveals the number of times stock is replaced during a given accounting period.
It is calculated by the following formula:
Illustration 1:
From the following information calculate stock turnover ratio. Opening stock 30,000, purchases 90,000, carriage inward 7500, sales 1,50,000, closing stock 15,000, gross profit 37,500.
What's hot (20)
Verification and valuation of assets and liabilities
Verification and valuation of assets and liabilities
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...
Verification and valuation of assets presentation by Syed Ali Gohar Shah 21/1...
Similar to Systematic documentation of transaction
Basics of Finance and Accounts
This document provides an overview of key concepts in finance and accounting, including:
1. It defines financial accounting as the process of recording business transactions and preparing financial statements like the income statement and balance sheet.
2. Accounting principles and concepts are discussed, such as the business entity concept and matching principle. Conventions like conservatism are also covered.
3. Basic bookkeeping elements are introduced, including journals, ledgers, trial balances, and how final accounts like trading, profit and loss, and balance sheets are prepared.
4. The document distinguishes between financial and management accounting.
5. Cost accounting concepts are outlined, including different types of costs, cost statements, work-
Accounting cycle
The document discusses the accounting cycle which includes recording transactions, classifying entries in ledger accounts, and summarizing accounts to prepare financial statements. It provides details on steps like journalizing, posting to ledger accounts, preparing a trial balance to check the accuracy of the ledger, and rules for balancing accounts. The accounting cycle ensures all business transactions are recorded and reported in a systematic manner.
Accounting for managers
INTRODUCTION TO ACCOUNTING, Accounting Information System, Accounting Transaction, Accounting Transactions and accounting equations, Double Entry System, Journal - The Book of Original Entry, Ledger & Trial Balance.
Fa practices 1
This document provides an overview of accounting concepts including the accounting equation, accounting activities and users, accounting principles and assumptions, and the accounting cycle. It discusses how accounting records business transactions using debits and credits in journals and ledgers. It also covers adjusting entries, preparing financial statements, and accounting for merchandising operations including perpetual and periodic inventory systems.
Fundamentals of accounting
Fundamentals of accounting showcased the basic approach to understanding and managing accounting systems in a simplified manner. Personnel in accounting and financial reporting roles would find the presentation a practice and refresher material for successful bookkeeping and financial reports.
Chapter 1 Introduction to Accounting and Accounting Systems Part - I
The document provides an introduction to accounting and accounting systems, defining key terms like transactions, assets, liabilities, revenues, and expenses. It explains the accounting process of recording, classifying, and summarizing transactions and the basic accounting equation that total assets equal total liabilities plus owner's equity. It also outlines the different types of accounts in accounting - personal, real, and nominal accounts - and the golden rules for debit and credit entries.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Bookkeeping and accountancy 2
Bookkeeping and accountancy are related but distinct concepts. Bookkeeping involves systematically recording business transactions in primary accounting books. It provides the source data for accountancy. Accountancy analyzes and interprets the bookkeeping records to prepare financial statements and reports that evaluate business performance and financial position. The key objectives of accountancy are to determine profit or loss, assess the financial position of the business, and provide information to stakeholders like managers, investors and the government.
Financial accounting
This presentation is based on the subject Financial Accounting which helps the beginners to know the basic concept of accounting . This is according to the syllabus of Pt. Ravishankar University , Raipur and Durg University, Durg.
Accounting Process & Procedure
The document provides information about accounting processes and procedures. It discusses transactions and events recorded in the general ledger. It describes different types of vouchers like supporting, journal, receipt, and payment vouchers. It also explains steps to prepare journal entries and the utility and limitations of journals. Furthermore, it discusses subsidiary books, ledger, trial balance and various financial statements like trading account, profit and loss account and balance sheet. It provides details about preparing bank reconciliation statements and their benefits.
exposicion de ingles nelly y cielo
The document discusses various accounting concepts including keeping journals, the general ledger, and the trial balance. Journals are used to record financial transactions on a daily basis. The general ledger records transactions from the journals in categorized accounts with column formatting. The trial balance is prepared from the general ledger accounts to check the arithmetic accuracy and ensure debits equal credits.
Accounting Basics Quantum presentation at Dubai SME
Presentation by Quantum Auditing CEO Dinesh Singh on "Accounting Basics and How to Choose an Accounting Software"
4. accounting cycle short mba
The accounting cycle refers to the complete sequence of accounting procedures that are repeated during each accounting period. It begins with recording transactions and ends with preparing financial statements. The key steps in the accounting cycle are: 1) analyzing transactions, 2) journalizing transactions, 3) posting to ledger accounts, 4) preparing a trial balance, and 5) preparing financial statements.
Accounting basics
Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.
Payroll Accounting.pptx
This document provides an introduction to accounting concepts and processes. It defines accounting as a system used to collect, analyze, and communicate financial information using a business language. The accounting process involves collecting documents, posting transactions to journals and ledgers, preparing trial balances and financial statements, and making adjusting and closing entries. Key concepts covered include the business entity, money measurement, and going concern concepts. Rules of double-entry bookkeeping and how to journalize, post to ledgers, and maintain cash and petty cash books are also outlined.
Epgp 09 10 -fra term 1 - end term submission - rajendra inani
This document provides an overview of key concepts in financial accounting and analysis including:
- The three principal financial statements: balance sheet, income statement, and statement of cash flows.
- Key concepts in financial accounting like revenue recognition, expense matching, and accrual basis accounting.
- Financial ratio analysis and how it is used to evaluate performance, risk, growth potential, and more by comparing values over time, to industry norms, competitors, and more.
- The value of financial statement analysis for users like investors, creditors, and other stakeholders.
Introduction to accounting
The document provides an introduction to accounting transactions and the double-entry system of accounting. It discusses how accounting transactions are recorded in journals and ledgers to maintain equal debits and credits. It also presents examples of common accounting transactions like purchases, sales, and payments. The accounting equation of Assets = Liabilities + Owners Equity is introduced along with sample journal entries and T-accounts showing debits and credits for transactions.
MODULE 2.pptx
The accounting cycle is an 8-step process that begins when a transaction occurs and ends with its inclusion in financial statements. The key steps include recording journal entries, posting to the general ledger, preparing an unadjusted trial balance, making adjusting entries, and creating financial statements. Most accounting software now automates the entire accounting cycle. The cycle revolves around accounting periods, with transactions recorded throughout and financial statements prepared at the end.
Accounting process
the accounting process is also called as accounting cycle
it shows the process from the beginning to till the end of the financial year
TransitionBetween3-4.ppt
1. Record business transactions in a journal by analyzing source documents. 2. Post journal entries to ledger accounts in the general ledger. 3. Prepare a trial balance to prove debits equal credits. 4. Record adjustments through journal entries and a work sheet. 5. Prepare financial reports by using the adjusted trial balance data.
Similar to Systematic documentation of transaction (20)
Chapter 1 Introduction to Accounting and Accounting Systems Part - I
Chapter 1 Introduction to Accounting and Accounting Systems Part - I
Accounting Basics Quantum presentation at Dubai SME
Accounting Basics Quantum presentation at Dubai SME
Epgp 09 10 -fra term 1 - end term submission - rajendra inani
Epgp 09 10 -fra term 1 - end term submission - rajendra inani
More from Divya Chhabra
Agro chemical
This document discusses pesticide formulations and application technology. It describes different types of pesticide formulations including emulsifiable concentrates, wettable powders, solutions, dusts, aerosols, granular formulations, baits, and microencapsulated products. It also discusses various application techniques and methods like banding, broadcasting, spot treatment, and methods of applying formulations using different types of equipment like sprayers, granular applicators, and seed treaters. Proper calibration and maintenance of application equipment is also emphasized along with safety precautions.
Agri supply chain
The document discusses the prospects and challenges of the agricultural supply chain in India. It outlines problems in the current supply chain such as poor infrastructure, lack of adequate warehousing and cold storage facilities, and access to finance for farmers. It then discusses opportunities to improve the supply chain through public-private partnerships for warehousing, expanding cold storage, strengthening information systems, and enabling farmers. The document also compares food supply chains to more sustainable value chains and provides case studies of different models linking farmers to markets.
On the job training
This document discusses various methods of on-the-job training. It defines on-the-job training as employee training at the workplace while performing actual job duties. Some key on-the-job training methods discussed include job rotation, job instruction, committee assignments, apprenticeships, coaching, mentoring, and internships/understudies. The document also differentiates between education, training, and development.
Report writing
The document discusses the key aspects of report writing such as the definition, characteristics, types, format, common errors and features of a good report. It describes the different types of formal reports like informational, analytical and recommendation reports and the structure for preparing a formal report. The document also provides an overview of informal reports and their differences from formal reports. It highlights the relevance of report writing for communication, decision making and disclosing information within an organization.
Digital agriculture
This document discusses ICT applications in Indian agriculture. It begins by outlining the objectives and content, which includes the agricultural scenario in India, risks in agriculture, and how ICT can provide solutions. The document then covers the history of digital transformation, success stories of ICT projects in India, the emergence of agricultural web portals, benefits and criticisms of digitalization in agriculture. It concludes by discussing current and potential future advancements in areas like digital agriculture and one village one world networks.
Decision making
This document discusses decision making, including defining decision making, recognizing the need for decisions, characteristics of decision making, and the significance and process of decision making. It outlines several techniques used in decision making, such as pros and cons, cost-benefit analysis, and lexicographic and scientific methods. It also discusses types of decisions like programmed versus non-programmed and organizational versus personal decisions. Finally, it covers styles of decision making and levels of decision making within an organization.
Divya chhabra
This document discusses food waste at various stages from farm to household. It notes that roughly 1/3 of global food production is wasted while 8% of the world's population faces starvation. Types of food waste include crops not harvested or reaching consumers, uneaten food, and expired products. Causes include improper storage, packaging and transport. Festivals and cultural practices also contribute to waste. The document provides suggestions to reduce waste such as smart shopping, using leftovers, donating extra food, and food-sharing apps. Technologies aim to extend food freshness and convert waste to energy. The government recognizes world food day and millennium development goals to address hunger.
Essential commodity act 1955
Act to control production, supply and distribution in the interest of public to secure equitable distribution and availability at fair prices.
More from Divya Chhabra (8)
Recently uploaded
Business storytelling: key ingredients to a story
Storytelling is an incredibly valuable tool to share data and information. To get the most impact from stories there are a number of key ingredients. These are based on science and human nature. Using these elements in a story you can deliver information impactfully, ensure action and drive change.
Industrial Tech SW: Category Renewal and Creation
Every industrial revolution has created a new set of categories and a new set of players.
Multiple new technologies have emerged, but Samsara and C3.ai are only two companies which have gone public so far.
Manufacturing startups constitute the largest pipeline share of unicorns and IPO candidates in the SF Bay Area, and software startups dominate in Germany.
Part 2 Deep Dive: Navigating the 2024 Slowdown
Introduction
The global retail industry has weathered numerous storms, with the financial crisis of 2008 serving as a poignant reminder of the sector's resilience and adaptability. However, as we navigate the complex landscape of 2024, retailers face a unique set of challenges that demand innovative strategies and a fundamental shift in mindset. This white paper contrasts the impact of the 2008 recession on the retail sector with the current headwinds retailers are grappling with, while offering a comprehensive roadmap for success in this new paradigm.
-- June 2024 is National Volunteer Month --
Check out our June display of books on voluntary organisations
Creative Web Design Company in Singapore
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Understanding User Needs and Satisfying Them
https://www.productmanagementtoday.com/frs/26903918/understanding-user-needs-and-satisfying-them
We know we want to create products which our customers find to be valuable. Whether we label it as customer-centric or product-led depends on how long we've been doing product management. There are three challenges we face when doing this. The obvious challenge is figuring out what our users need; the non-obvious challenges are in creating a shared understanding of those needs and in sensing if what we're doing is meeting those needs.
In this webinar, we won't focus on the research methods for discovering user-needs. We will focus on synthesis of the needs we discover, communication and alignment tools, and how we operationalize addressing those needs.
Industry expert Scott Sehlhorst will:
• Introduce a taxonomy for user goals with real world examples
• Present the Onion Diagram, a tool for contextualizing task-level goals
• Illustrate how customer journey maps capture activity-level and task-level goals
• Demonstrate the best approach to selection and prioritization of user-goals to address
• Highlight the crucial benchmarks, observable changes, in ensuring fulfillment of customer needs
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Explore the fascinating world of the Gemini Zodiac Sign. Discover the unique personality traits, key dates, and horoscope insights of Gemini individuals. Learn how their sociable, communicative nature and boundless curiosity make them the dynamic explorers of the zodiac. Dive into the duality of the Gemini sign and understand their intellectual and adventurous spirit.
Company Valuation webinar series - Tuesday, 4 June 2024
This session provided an update as to the latest valuation data in the UK and then delved into a discussion on the upcoming election and the impacts on valuation. We finished, as always with a Q&A
Creative Web Design Company in Singapore
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
Mastering B2B Payments Webinar from BlueSnap
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Schedule Unveiled
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challenges
Holger Mueller of Constellation Research shares his key takeaways from SAP's Sapphire confernece, held in Orlando, June 3rd till 5th 2024, in the Orange Convention Center.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Know what your zodiac sign says about your taste in food! Explore how the 12 zodiac signs influence your culinary preferences with insights from MyPandit. Dive into astrology and flavors!
Recruiting in the Digital Age: A Social Media Masterclass
In this masterclass, presented at the Global HR Summit on 5th June 2024, Luan Wise explored the essential features of social media platforms that support talent acquisition, including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok.
2022 Vintage Roman Numerals Men Rings
Discover timeless style with the 2022 Vintage Roman Numerals Men's Ring. Crafted from premium stainless steel, this 6mm wide ring embodies elegance and durability. Perfect as a gift, it seamlessly blends classic Roman numeral detailing with modern sophistication, making it an ideal accessory for any occasion.
https://rb.gy/usj1a2
Building Your Employer Brand with Social Media
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
Organizational Change Leadership Agile Tour Geneve 2024
Organizational Change Leadership at Agile Tour Geneve 2024
Recently uploaded (20)
Training my puppy and implementation in this story
Training my puppy and implementation in this story
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Company Valuation webinar series - Tuesday, 4 June 2024
Company Valuation webinar series - Tuesday, 4 June 2024
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Hamster Kombat' Telegram Game Surpasses 100 Million Players—Token Release Sch...
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challenges
Event Report - SAP Sapphire 2024 Orlando - lots of innovation and old challenges
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Taste
Recruiting in the Digital Age: A Social Media Masterclass
Recruiting in the Digital Age: A Social Media Masterclass
Organizational Change Leadership Agile Tour Geneve 2024
Organizational Change Leadership Agile Tour Geneve 2024
Systematic documentation of transaction
- 2. CONTENT • Introduction • Accounting cycle • Source document • Journal • Ledger • Trial balance • Final account • Balance sheet 2
- 3. INTRODUCTION • Accounting is the art of recording, classifying and summarizing the financial transactions and interpreting the results therefore. • The accounting cycle is a series of steps done in each accounting period to keep records in an orderly fashion. 3
- 4. ACCOUNTING CYCLE 1 2 3 4
- 5. SOURCE DOCUMENT • COMMONLY USED SOURCE DOCUMENTS Invoice Receipt Memorandum Cheque stub 5
- 7. JOURNAL • A chronological record of the transactions of a business. • Journalizing- The process of recording business transactions • General journal- An all-purpose journal in which all the transactions of a business may be recorded. • Two Columns of the General Journal 7
- 8. 8
- 9. RULE OF DEBIT AND CREDIT PERSONAL • Debit the receiver and credit the giver REAL • Debit what comes in and credit what goes out NOMINAL • Debit all expenses & losses and credit all gains & incomes 9
- 10. LEDGER • A book that contains all the accounts. • Ledger posting means transferring the debit and credit items from journal to their respective accounts in the ledger. • Record in analytical order. 10
- 12. BALANCING OF ACCOUNT • technique of finding out the net balance of an account, after considering the total of debit and credit side separately. • Concept of carried down/ forward and brought down/forward 12
- 13. TRIAL BALANCE • Statement containing the various ledger balances on a particular date. • can be prepared by - 1.total balance 2. balance method 3.total and balance method 13
- 14. EXAMPLE OF BALANCE TRIAL METHOD 14
- 15. Voucher system • A plan or method of procedure for the verification , recording and payment of all the items which requires the disbursement of cash. • Establishes safeguards to protects company's cash. • Suitable only for a well equipped enterprises. 15
- 16. FINAL ACCOUNTS • TRADING ACCOUNT- gives the overall result of trading, i.e., purchasing and selling of goods. 16
- 17. • PROFIT AND LOSS ACCOUNT-consider all expense and incomes and gives the net profit or loss suffered. 17
- 18. MANUFACTURING ACCOUNT • Gives the cost of the goods manufactured by a manufacturer during a particular period. 18
- 19. BALANCE SHEET • An itemized list of the assets, liabilities and proprietorship of the business at a certain date. 19
- 20. 20