Accounting involves recording, classifying, and summarizing financial transactions and events in terms of money. It has the objectives of providing information for decision-making, external reporting, and statutory compliance. Some key principles of accounting include the business entity assumption, cost principle, dual aspect concept, and matching principle. Accounting follows conventions like conservatism, consistency, and full disclosure. Financial statements are prepared according to generally accepted accounting principles using either a single-entry or double-entry bookkeeping system.
This document provides an overview of key accounting concepts and conventions used to prepare financial statements. It discusses 10 accounting concepts: [1] entity concept, [2] dual aspect concept, [3] going concern concept, [4] accounting period concept, [5] money measurement concept, [6] cost concept, [7] revenue realization concept, [8] matching concept, [9] verifiable objective evidence concept, and [10] accrual concept. It also briefly explains 7 accounting conventions including entity concept, dual aspect concept, going concern concept, accounting period concept, money measurement concept, cost concept, and revenue realization concept. The document is intended to outline the basic principles and rules of accounting.
1. Bookkeeping is the process of recording business transactions in a systematic manner through journals, ledgers, and trial balances. It aims to keep permanent records, determine profits and losses, and know the financial position of the business.
2. Accounting includes classifying, summarizing, and interpreting bookkeeping records to provide useful financial information. It has branches like financial, cost, and management accounting.
3. Key accounting concepts include the business entity, money measurement, cost, matching, dual aspect, realization, and consistency principles.
1. The accounting process involves recording business transactions in journals and ledgers, preparing a trial balance to check for errors, and using the trial balance to create final accounts including a trading account, profit and loss account, and balance sheet.
2. Generally Accepted Accounting Principles (GAAP) provide uniform rules and guidelines for recording and reporting business transactions to standardize financial statement preparation and presentation.
3. Key accounting concepts include the business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, full disclosure, consistency, conservatism, materiality, and objectivity concepts.
its a introduction of accounts and its accounting principals and conventions with so many examples its carrying so many catchy images for the sake of student interest
Accounting is a comprehensive system to record, analyze, and communicate financial information according to certain principles. It has evolved over time as business transactions have increased. The accounting process involves collecting documents, journalizing transactions, posting to ledger accounts, preparing an adjusted trial balance, and ultimately generating financial statements. The objectives of accounting are to keep systematic records, ascertain profitability and financial position, assist in decision making, and ensure compliance with relevant laws.
This document provides an overview of key concepts in financial accounting, including:
- The meaning and functions of accounting, as well as its limitations.
- Important accounting concepts such as business entity, money measurement, going concern, cost, realization, accrual, matching, periodicity, and dual aspect.
- Details on how these concepts are applied, such as recording transactions at cost, recognizing revenue when earned rather than received, and preparing periodic financial statements to measure business performance and financial position over time.
- The document serves as an introduction to financial accounting fundamentals for students in their first semester.
This document discusses key accounting concepts and conventions. It explains concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. It also covers conventions like consistency, full disclosure, materiality and conservatism. The concepts and conventions establish the fundamental assumptions and guidelines for preparing financial statements according to standard accounting principles.
Accounting Concepts and Conventions.pdf.chalotrav5
The document discusses key accounting concepts and conventions. The concepts include business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. The conventions discussed are consistency, full disclosure, materiality and conservatism. Accounting concepts define the assumptions used to prepare financial statements, while conventions are common practices followed in recording and presenting accounting information. Key concepts include recording transactions in monetary terms, treating the business as separate from its owners, and recognizing revenue when earned rather than when cash is received.
This document provides an overview of key accounting concepts and conventions used to prepare financial statements. It discusses 10 accounting concepts: [1] entity concept, [2] dual aspect concept, [3] going concern concept, [4] accounting period concept, [5] money measurement concept, [6] cost concept, [7] revenue realization concept, [8] matching concept, [9] verifiable objective evidence concept, and [10] accrual concept. It also briefly explains 7 accounting conventions including entity concept, dual aspect concept, going concern concept, accounting period concept, money measurement concept, cost concept, and revenue realization concept. The document is intended to outline the basic principles and rules of accounting.
1. Bookkeeping is the process of recording business transactions in a systematic manner through journals, ledgers, and trial balances. It aims to keep permanent records, determine profits and losses, and know the financial position of the business.
2. Accounting includes classifying, summarizing, and interpreting bookkeeping records to provide useful financial information. It has branches like financial, cost, and management accounting.
3. Key accounting concepts include the business entity, money measurement, cost, matching, dual aspect, realization, and consistency principles.
1. The accounting process involves recording business transactions in journals and ledgers, preparing a trial balance to check for errors, and using the trial balance to create final accounts including a trading account, profit and loss account, and balance sheet.
2. Generally Accepted Accounting Principles (GAAP) provide uniform rules and guidelines for recording and reporting business transactions to standardize financial statement preparation and presentation.
3. Key accounting concepts include the business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, full disclosure, consistency, conservatism, materiality, and objectivity concepts.
its a introduction of accounts and its accounting principals and conventions with so many examples its carrying so many catchy images for the sake of student interest
Accounting is a comprehensive system to record, analyze, and communicate financial information according to certain principles. It has evolved over time as business transactions have increased. The accounting process involves collecting documents, journalizing transactions, posting to ledger accounts, preparing an adjusted trial balance, and ultimately generating financial statements. The objectives of accounting are to keep systematic records, ascertain profitability and financial position, assist in decision making, and ensure compliance with relevant laws.
This document provides an overview of key concepts in financial accounting, including:
- The meaning and functions of accounting, as well as its limitations.
- Important accounting concepts such as business entity, money measurement, going concern, cost, realization, accrual, matching, periodicity, and dual aspect.
- Details on how these concepts are applied, such as recording transactions at cost, recognizing revenue when earned rather than received, and preparing periodic financial statements to measure business performance and financial position over time.
- The document serves as an introduction to financial accounting fundamentals for students in their first semester.
This document discusses key accounting concepts and conventions. It explains concepts like business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. It also covers conventions like consistency, full disclosure, materiality and conservatism. The concepts and conventions establish the fundamental assumptions and guidelines for preparing financial statements according to standard accounting principles.
Accounting Concepts and Conventions.pdf.chalotrav5
The document discusses key accounting concepts and conventions. The concepts include business entity, money measurement, going concern, accounting period, cost, dual aspect, matching, realization and accrual. The conventions discussed are consistency, full disclosure, materiality and conservatism. Accounting concepts define the assumptions used to prepare financial statements, while conventions are common practices followed in recording and presenting accounting information. Key concepts include recording transactions in monetary terms, treating the business as separate from its owners, and recognizing revenue when earned rather than when cash is received.
Basics of finance and accounting written for owners of business including family business. Step by step learning by all professionals and self employed besides business owners. At the end of each chapter there are questions for revision & practice.
This document discusses key accounting concepts and conventions. It explains that accounting is based on certain assumptions to ensure consistency and comparability. Some key concepts discussed include business entity, money measurement, going concern, periodicity, matching, and realization. Accounting conventions like consistency, conservatism, full disclosure, and materiality are also summarized. Maintaining consistency from one period to the next allows for better comparison and analysis of financial performance over time.
The document provides information on key accounting concepts and the accounting process. It discusses how accounting measures and reports on business transactions and activities in financial terms. The accounting process involves analyzing, recording, classifying, summarizing, and reporting transactions. It also covers the basic accounting equation of assets equaling liabilities plus equity. Several key accounting concepts are defined, including the business entity, realization, accrual, and matching concepts.
Accounting Concepts and Principles-Module 3.docxhidilyndiaz
This document discusses accounting concepts and principles including:
1. Accrual accounting - recognizing income when earned and expenses when incurred regardless of cash flow.
2. Matching principle - expenses are matched to related revenues in the same period.
3. Use of judgment and estimates - approximations made in financial statements.
It provides examples and explanations of how these concepts are applied in accounting transactions and financial reporting.
The document provides an overview of financial accounting. It defines accounting and discusses its key functions, including recording, classifying, summarizing, analyzing, and communicating financial transactions. It notes that accounting involves both financial and management accounting. It also outlines some fundamental accounting concepts, principles, conventions, and the objectives and users of financial accounting information.
This document contains a presentation on accounting concepts and principles. It defines accounting and discusses key accounting concepts such as business entity, money measurement, accounting period, cost, dual aspect, matching, realization and full disclosure. It also covers accounting principles including consistency, materiality, conservatism and double entry system. The document concludes with explaining accounting processes such as journal, ledger, trial balance and financial statements including trading account, profit and loss account and balance sheet. It also discusses ratio analysis and different types of ratios to analyze business performance.
The document discusses key accounting concepts and terms related to bases of accounting, types of accounts, and elements of financial statements. It explains the differences between cash basis and accrual basis of accounting and covers topics like assets, liabilities, income, expenses, revenue, capital, and deferred revenue expenditure. Accounting standards and their role in maintaining uniformity is also summarized.
Accounting involves recording, classifying, and summarizing financial transactions and events. It has the objectives of keeping systematic records, protecting business assets, and facilitating decision making. The key concepts in accounting include separate entity, going concern, money measurement, cost, dual aspect, accounting period, and matching. Financial statements like the balance sheet, income statement, and statement of cash flows are prepared using accounts from the general ledger in accordance with accounting principles.
The document contains definitions and explanations of various accounting terms:
1. Intangible assets are assets that cannot be seen or touched, such as goodwill, patent rights, and trademarks.
2. Contra entries refer to transfers between cash and bank accounts within a cashbook.
3. Working capital is calculated as current assets minus current liabilities and refers to capital available for day-to-day business operations.
4. Ratio analysis simplifies financial statements and allows for comparison within and between firms to aid planning.
Accounting involves identifying, measuring, recording, classifying, and communicating the financial transactions and events of a business or organization. It provides essential financial information to evaluate an entity's activities. The key aspects of accounting include recording business transactions and activities, processing and storing financial data, and communicating information through financial reports. The accounting process involves setting up record keeping systems to track assets, liabilities, equity, revenues, and expenses according to accounting principles like the accounting equation.
This document discusses key accounting concepts and principles, including:
- Accrual accounting, which states that transactions should be recorded in the period they occur rather than when payment is received/made.
- The matching principle, which requires expenses to be matched with related revenues in the same period.
- Use of estimates and judgments in accounting when items cannot be exactly measured.
- The prudence concept, which requires that losses are recorded and gains are not overstated.
- Additional concepts like substance over form, going concern assumption, accounting entity, time period assumption, and GAAP.
This document provides an overview of Generally Accepted Accounting Principles (GAAP) and key accounting concepts and conventions. It defines GAAP as the uniform set of standards and procedures for recording and reporting accounting information. Key concepts discussed include the business entity, money measurement, going concern, accounting period, cost, dual aspect, realization, accrual, and matching concepts. Examples are provided to illustrate how each concept is applied to ensure financial statements are reported consistently according to standard accounting guidelines.
This document outlines the syllabus for the Financial Accounting course for the 1st year of a B.Com degree. The syllabus covers key accounting concepts like the double-entry system, accounting standards, and preparation of final accounts. It also covers topics like partnership accounts, joint venture accounts, and accounting for non-profit organizations. The syllabus is divided into 5 units that will cover fundamental accounting principles, journals, ledgers, adjustments to accounts, branch accounts, and partnership accounts.
This document outlines the syllabus for the Financial Accounting course for the 1st year of a B.Com degree. The syllabus covers key accounting concepts like the double-entry system, accounting standards, and preparation of final accounts. It also covers topics like partnership accounts, joint venture accounts, and accounting for non-profit organizations. The syllabus is divided into 5 units that will cover fundamental accounting principles, journals and ledgers, adjustments to accounts, various specialized accounting topics, and partnership accounts.
The document provides an overview of basic accounting concepts, including:
- Accounting is the process of recording, classifying, and summarizing financial transactions to prepare financial statements.
- Key accounting concepts include business entity, money measurement, dual aspect, cost, accounting period, conservatism, realization, and matching.
- Accounting conventions include going concern, consistency, and accrual.
- The document also discusses classifying accounting events as capital, revenue, or deferred revenue expenditures.
Accounting concepts and principles provide a framework for financial reporting and ensure users are not misled. Some key concepts are:
- Going concern assumes the business will continue operating indefinitely.
- Entity treats the business and its owners separately.
- Duality means every transaction has two aspects recorded.
- Realization recognizes revenue when goods/services are delivered.
- Matching recognizes revenue and expenses in the periods to which they relate.
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
This document provides an overview of key accounting concepts and conventions. It discusses 12 concepts: entity, dual aspect, going concern, money measurement, cost, cost attach, accounting period, accrual, periodic matching of costs and revenues, realization, verifiable objective evidence. It also discusses 5 conventions: disclosure, consistency, materiality, conservatism. The concepts and conventions provide the foundational principles for preparing uniform accounting information, such as treating the business as a separate entity and recording transactions based on accrual accounting rather than cash basis.
Accounting involves recording, classifying, and summarizing financial transactions and events. The objectives of accounting include maintaining business records, ascertaining profit/loss, determining financial position, and providing information to internal and external users. The fundamental accounting equation shows that assets equal liabilities plus capital. Key accounting concepts include money measurement, entity, going concern, cost, dual aspect, periodicity, prudence, and realization. Accounting conventions include matching revenues and expenses, consistency, and materiality.
This document discusses key accounting concepts and conventions that provide the basic framework for preparing and maintaining consistent accounting records. It outlines concepts like the business entity, money measurement, going concern, accounting period, cost, dual aspect, realization, and matching. It also discusses conventions like consistency, full disclosure, and materiality that guide financial reporting. The concepts and conventions establish uniform rules for recording transactions and preparing financial statements.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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.
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Basics of finance and accounting written for owners of business including family business. Step by step learning by all professionals and self employed besides business owners. At the end of each chapter there are questions for revision & practice.
This document discusses key accounting concepts and conventions. It explains that accounting is based on certain assumptions to ensure consistency and comparability. Some key concepts discussed include business entity, money measurement, going concern, periodicity, matching, and realization. Accounting conventions like consistency, conservatism, full disclosure, and materiality are also summarized. Maintaining consistency from one period to the next allows for better comparison and analysis of financial performance over time.
The document provides information on key accounting concepts and the accounting process. It discusses how accounting measures and reports on business transactions and activities in financial terms. The accounting process involves analyzing, recording, classifying, summarizing, and reporting transactions. It also covers the basic accounting equation of assets equaling liabilities plus equity. Several key accounting concepts are defined, including the business entity, realization, accrual, and matching concepts.
Accounting Concepts and Principles-Module 3.docxhidilyndiaz
This document discusses accounting concepts and principles including:
1. Accrual accounting - recognizing income when earned and expenses when incurred regardless of cash flow.
2. Matching principle - expenses are matched to related revenues in the same period.
3. Use of judgment and estimates - approximations made in financial statements.
It provides examples and explanations of how these concepts are applied in accounting transactions and financial reporting.
The document provides an overview of financial accounting. It defines accounting and discusses its key functions, including recording, classifying, summarizing, analyzing, and communicating financial transactions. It notes that accounting involves both financial and management accounting. It also outlines some fundamental accounting concepts, principles, conventions, and the objectives and users of financial accounting information.
This document contains a presentation on accounting concepts and principles. It defines accounting and discusses key accounting concepts such as business entity, money measurement, accounting period, cost, dual aspect, matching, realization and full disclosure. It also covers accounting principles including consistency, materiality, conservatism and double entry system. The document concludes with explaining accounting processes such as journal, ledger, trial balance and financial statements including trading account, profit and loss account and balance sheet. It also discusses ratio analysis and different types of ratios to analyze business performance.
The document discusses key accounting concepts and terms related to bases of accounting, types of accounts, and elements of financial statements. It explains the differences between cash basis and accrual basis of accounting and covers topics like assets, liabilities, income, expenses, revenue, capital, and deferred revenue expenditure. Accounting standards and their role in maintaining uniformity is also summarized.
Accounting involves recording, classifying, and summarizing financial transactions and events. It has the objectives of keeping systematic records, protecting business assets, and facilitating decision making. The key concepts in accounting include separate entity, going concern, money measurement, cost, dual aspect, accounting period, and matching. Financial statements like the balance sheet, income statement, and statement of cash flows are prepared using accounts from the general ledger in accordance with accounting principles.
The document contains definitions and explanations of various accounting terms:
1. Intangible assets are assets that cannot be seen or touched, such as goodwill, patent rights, and trademarks.
2. Contra entries refer to transfers between cash and bank accounts within a cashbook.
3. Working capital is calculated as current assets minus current liabilities and refers to capital available for day-to-day business operations.
4. Ratio analysis simplifies financial statements and allows for comparison within and between firms to aid planning.
Accounting involves identifying, measuring, recording, classifying, and communicating the financial transactions and events of a business or organization. It provides essential financial information to evaluate an entity's activities. The key aspects of accounting include recording business transactions and activities, processing and storing financial data, and communicating information through financial reports. The accounting process involves setting up record keeping systems to track assets, liabilities, equity, revenues, and expenses according to accounting principles like the accounting equation.
This document discusses key accounting concepts and principles, including:
- Accrual accounting, which states that transactions should be recorded in the period they occur rather than when payment is received/made.
- The matching principle, which requires expenses to be matched with related revenues in the same period.
- Use of estimates and judgments in accounting when items cannot be exactly measured.
- The prudence concept, which requires that losses are recorded and gains are not overstated.
- Additional concepts like substance over form, going concern assumption, accounting entity, time period assumption, and GAAP.
This document provides an overview of Generally Accepted Accounting Principles (GAAP) and key accounting concepts and conventions. It defines GAAP as the uniform set of standards and procedures for recording and reporting accounting information. Key concepts discussed include the business entity, money measurement, going concern, accounting period, cost, dual aspect, realization, accrual, and matching concepts. Examples are provided to illustrate how each concept is applied to ensure financial statements are reported consistently according to standard accounting guidelines.
This document outlines the syllabus for the Financial Accounting course for the 1st year of a B.Com degree. The syllabus covers key accounting concepts like the double-entry system, accounting standards, and preparation of final accounts. It also covers topics like partnership accounts, joint venture accounts, and accounting for non-profit organizations. The syllabus is divided into 5 units that will cover fundamental accounting principles, journals, ledgers, adjustments to accounts, branch accounts, and partnership accounts.
This document outlines the syllabus for the Financial Accounting course for the 1st year of a B.Com degree. The syllabus covers key accounting concepts like the double-entry system, accounting standards, and preparation of final accounts. It also covers topics like partnership accounts, joint venture accounts, and accounting for non-profit organizations. The syllabus is divided into 5 units that will cover fundamental accounting principles, journals and ledgers, adjustments to accounts, various specialized accounting topics, and partnership accounts.
The document provides an overview of basic accounting concepts, including:
- Accounting is the process of recording, classifying, and summarizing financial transactions to prepare financial statements.
- Key accounting concepts include business entity, money measurement, dual aspect, cost, accounting period, conservatism, realization, and matching.
- Accounting conventions include going concern, consistency, and accrual.
- The document also discusses classifying accounting events as capital, revenue, or deferred revenue expenditures.
Accounting concepts and principles provide a framework for financial reporting and ensure users are not misled. Some key concepts are:
- Going concern assumes the business will continue operating indefinitely.
- Entity treats the business and its owners separately.
- Duality means every transaction has two aspects recorded.
- Realization recognizes revenue when goods/services are delivered.
- Matching recognizes revenue and expenses in the periods to which they relate.
Introduction to Accounting
Theory base of Accounting
Recording of Transactions – I
Recording of Transactions – II
Bank Reconciliation Statement
Trial Balance and Rectification of errors
Depreciation, Provisions and Reserves
Bill of Exchange
Financial Statements -I
Financial Statements -II
Accounts from Incomplete Records
Application of Computers in Accounting
Computerised Accounting System
This document provides an overview of key accounting concepts and conventions. It discusses 12 concepts: entity, dual aspect, going concern, money measurement, cost, cost attach, accounting period, accrual, periodic matching of costs and revenues, realization, verifiable objective evidence. It also discusses 5 conventions: disclosure, consistency, materiality, conservatism. The concepts and conventions provide the foundational principles for preparing uniform accounting information, such as treating the business as a separate entity and recording transactions based on accrual accounting rather than cash basis.
Accounting involves recording, classifying, and summarizing financial transactions and events. The objectives of accounting include maintaining business records, ascertaining profit/loss, determining financial position, and providing information to internal and external users. The fundamental accounting equation shows that assets equal liabilities plus capital. Key accounting concepts include money measurement, entity, going concern, cost, dual aspect, periodicity, prudence, and realization. Accounting conventions include matching revenues and expenses, consistency, and materiality.
This document discusses key accounting concepts and conventions that provide the basic framework for preparing and maintaining consistent accounting records. It outlines concepts like the business entity, money measurement, going concern, accounting period, cost, dual aspect, realization, and matching. It also discusses conventions like consistency, full disclosure, and materiality that guide financial reporting. The concepts and conventions establish uniform rules for recording transactions and preparing financial statements.
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...my Pandit
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.
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[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
The 10 Most Influential Leaders Guiding Corporate Evolution, 2024.pdfthesiliconleaders
In the recent edition, The 10 Most Influential Leaders Guiding Corporate Evolution, 2024, The Silicon Leaders magazine gladly features Dejan Štancer, President of the Global Chamber of Business Leaders (GCBL), along with other leaders.
Understanding User Needs and Satisfying ThemAggregage
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
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
How are Lilac French Bulldogs Beauty Charming the World and Capturing Hearts....Lacey Max
“After being the most listed dog breed in the United States for 31
years in a row, the Labrador Retriever has dropped to second place
in the American Kennel Club's annual survey of the country's most
popular canines. The French Bulldog is the new top dog in the
United States as of 2022. The stylish puppy has ascended the
rankings in rapid time despite having health concerns and limited
color choices.”
IMPACT Silver is a pure silver zinc producer with over $260 million in revenue since 2008 and a large 100% owned 210km Mexico land package - 2024 catalysts includes new 14% grade zinc Plomosas mine and 20,000m of fully funded exploration drilling.
How MJ Global Leads the Packaging Industry.pdfMJ Global
MJ Global's success in staying ahead of the curve in the packaging industry is a testament to its dedication to innovation, sustainability, and customer-centricity. By embracing technological advancements, leading in eco-friendly solutions, collaborating with industry leaders, and adapting to evolving consumer preferences, MJ Global continues to set new standards in the packaging sector.
Easily Verify Compliance and Security with Binance KYCAny kyc Account
Use our simple KYC verification guide to make sure your Binance account is safe and compliant. Discover the fundamentals, appreciate the significance of KYC, and trade on one of the biggest cryptocurrency exchanges with confidence.
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.
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How to Implement a Strategy: Transform Your Strategy with BSC Designer's Comp...Aleksey Savkin
The Strategy Implementation System offers a structured approach to translating stakeholder needs into actionable strategies using high-level and low-level scorecards. It involves stakeholder analysis, strategy decomposition, adoption of strategic frameworks like Balanced Scorecard or OKR, and alignment of goals, initiatives, and KPIs.
Key Components:
- Stakeholder Analysis
- Strategy Decomposition
- Adoption of Business Frameworks
- Goal Setting
- Initiatives and Action Plans
- KPIs and Performance Metrics
- Learning and Adaptation
- Alignment and Cascading of Scorecards
Benefits:
- Systematic strategy formulation and execution.
- Framework flexibility and automation.
- Enhanced alignment and strategic focus across the organization.
Zodiac Signs and Food Preferences_ What Your Sign Says About Your Tastemy Pandit
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!
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
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unit 1.docx
1. 1. What is accounting?
American Institute of CPAS (AICPA) defined
accounting as: "Accounting is the Art of Recording,
Classifying and Summarizing in terms of money,
transactions and events which are of a financial
character and interpreting the
results thereof.
Accounting is done by a person who is qualified
and demonstrates his skills by maintaining books of
accounts and provides reports to various
stakeholders.
2. Objectives of Accounting
Following are the Primary Objectives of Accounting
Provide Management with data needed for decision
making
Provide accounting information for the owners who
provide capital for the business
Disclose true and fair value of the assets
Ensure to follow good accounting controls and cost
reduction
External reporting to entity stake-holders (share-
holders, creditors, lenders etc.)
Timely preparation of Financial statements (P&L
A/c. & Balance sheet)
2. Related party disclosure
Consolidated Financial statements (consolidated
financial statement of holding and subsidiary)
Statutory disclosure etc.
Various MIS for Management Decision making
Profit planning and control (Budgeting and variance
analysis)
These rules and conventions of accounting are
commonly referred to as principles of accounting.
3. Basic Accounting Principles and guidelines
Basic accounting principles and guidelines can be
sub-categorized as:
Accounting assumptions
Accounting concepts (postulates or conditions
guiding recording of transactions)
Accounting conventions (customs or traditions
guiding accounting statement)
3. 4. Accounting Assumptions
To ensure uniformity in preparation of accounts
across entities, following assumptions are applied
when recording accounting transactions.
Business Entity Assumptions
The business for which accounts are maintained is
treated as an entity' distinct from its owners and other
businesses. The transactions of the business should be
recorded and maintained separately from the personal
transactions of the Owner. This should also apply to
partnership and sole proprietorship firms.Failure to
recognize the business as a separate accounting entity
would make it extremely difficult to evaluate the
performance of the business. Normally initial capital has
to be brought in to start up a business. For example
Richards wants to start a Retail Grocery shop. If he has
to do so, he has to bring money as a start-up capital to
buy Goods, Furniture, Computer etc.,
In this case, Richard's Capital will the money brought
in by him into the business and Furniture and
Computer will be his assets and Goods bought by him
will be part of his stock.
Monetary unit Assumption
This assumption assumes that all the transactions and
events are recorded in terms of money i.e.,
Transactions, events or assets are expressed in terms
4. of equivalent monetary value are recorded in the books
of accounts. For example, if a business owns 2000 kg of
Raw Material, Three Vans, 5000 square feet of Plant,
Rs.20,000 in cash etc.,
These numbers cannot be put together to provide a
meaningful value of the business. All the items should
be converted into money terms like Rs.50,000 of Raw
Materials, Rs.3,00,000 of Vans, Rs.10,00,000 of Plant,
Rs.20,000 of cash in hand, all the above items can be
added to find out the value of the assets owned by the
business and will provide a precise and meaningful
estimate. Also, recording of transaction should be in the
base currency of the country. In our country transactions
are recorded in terms of Rupees. In case of a
multinational company operating from different
Geographical Regions, the transactions will be recorded
in the base currency of the country from where the
organization is operating. For E.g., if the organization
has a branch in United Kingdom, the base currency will
be GBP (Sterling Pounds).
Events or transactions which cannot be expressed in
terms of money are not recorded, even if they are very
important or useful for the business. For example, Death
of an executive, resignation of a manager, integrity of
persons etc., are events which cannot be expressed in
money and not recorded as an accounting transaction.
In general Transaction and events are recorded in
common currency monetary unit and are adjusted for
inflation (based on National Indices) to reflect the
5. accurate value of the assets and liabilities. All the
organizations will pass entries related to Currency
fluctuation in case they involve in exports or Imports,
and adjust Forex (Foreign Exchange) Gain/Loss.
Going Concern Assumption
This accounting principle assumes that the business will
be in operation for a long time and not likely
liquidated in foreseeable future. In other words, it means
that the business will continue to operate for fairly a long
time and does not imply permanent existence but there
is neither the necessity nor the intention to liquidate.
This assumption validates accounting asset
capitalization, depreciation and amortization. For
example, if a business holds Fixed Assets worth Rs.5,
00,000 with an estimated life span of 10 years, then
probably, it will charge a depreciation of Rs.50,000 per
year.
If the company's financial situation is such that the
liquidation is certain or the concerned venture will exist
only for a limited time, the accounting record will be kept
accordingly and will no more come under Going
Concern Assumption
Periodic reporting Assumption
This accounting principle assumes that it is possible to
report complex and ongoing business operations in a
relative distinct time-interval referred as accounting
period. An "accounting period" is the interval of time at
the end of which the Income and Expenditure statement
6. or Profit and Loss Account and Balance Sheet are
prepared to know the results and resources of the
business. For Example if the year begins from 1 January
and ends on 31 December, it is known as Calendar
Year. Year begging with 1st April and ending with 31"
March of the following years known as Financial Year.
Organizations have the liberty either to follow either
Calendar Year or Financial Year or any one year period
as their accounting period. Most of the organizations will
split the year into 12 months and Quarters to effectively
monitor their performance (including present and past
period) and take corrective actions
5. Accounting Concepts
Accounting Concepts are postulates or conditions
upon which accounting transactions are recorded.
Historic Cost Concept This principle requires
companies to account and report based on
acquisition costs i.e., Original Purchase price
which will include cost of acquisition, transportation
and installation, rather than fair market value for
assets.
Cost concept
Cost concept brings objectivity in the preparation and
presentation of financial statements. Figures shown in
the
accounting records should be based on objective
evidence and not on the subjective views of a person.
7. For Example, if an organization purchases a piece
of land for say Rs.2,00,000 and if the factual market
value is
Rs.2.25,000, but the entry to be recorded in the
books of accounts will be only Rs.2,00,000, the cost
actually paid.
In short, every transaction is recorded at actual cost to
the business and not perceived value.
The effect of concept is that if the organization does
not pay anything for acquiring an asset, the same will
not appear in the books of accounts. E.g., Goodwill.
Goodwill appears in the books of accounts only if the
business had purchased this intangible asset for a
price. Another example can be, that there could be
few instances where Assets are transferred at "Zero
Cost" and hence will reflect with Zero cost are
recorded in books.
Dual Aspect Concept
Every transaction has two aspects -a 'debit' and a
'credit' - and the sum of all debits will equal the sum of
all credits
When an asset is acquired, one of the following
events will also take place:
Another asset is forgone or
8. A liability (obligation to pay) is undertaken
For example, if Mohan starts a business with a Capital
of Rs.1,00,000, then, per Dual Aspect Concept, two
entries Get generated in the books of accounts viz.,
the asset (Cash) of the business goes up; On the
other hand the Business has to pay Mohan
(Proprietor) Rs.1,00,000, which is the Capital.
This method of recording transaction gives rise to
fundamental Accounting Equation
Assets = Liabilities + Capital or
Capital = Assets -Liabilities
Matching Concept
This concept states that Expenses incurred have to be
matched with revenues as long as it is reasonable to
do so and both expenses and revenues must belong
to the same accounting period.
After the accounting period is over, the entity will
prepare Profit and Loss Account to understand the
profit generated/Loss incurred. P&L statement will
also give an indication on the overall performance of
the business and provide an insight to the Leadership
team to take up necessary action.
For example, if a business has earned Rs.5,00,000
against expenses of Rs.450,000, the differential is
treated as profit earned during that period which is
9. Rs.50,000. If the Revenue is more than the Expenses
it is called Profit. If the Revenue is less the Expenses,
then it is called as Loss.
Revenue recognition/accrual concept
Revenue and expenses are recorded in the period in
which they are earned or incurred immaterial of
whether the income/expense has been actually
received or paid. This concept is contrary to CASH
accounting system of recording wherein revenues and
expenses are recorded only if they are actually
received or paid irrespective of the accounting period
to which they belong. In short, this concept does not
require waiting for the physical receipt of cash or
cheque, which will happen at a later stage. income is
recorded when goods are supplied or a service is
rendered, even if the proceeds (monetary receipts) for
sale or service is received later. Similarly, expenditure
is recorded when goods are procured or a service is
availed, even if the payment for purchase or service is
made in later period
For Example, an organisation sells goods for
Rs.25,000 on 28th March and even if the payment is
due for receipt on 01" of April, the organisation must
include the sales as part of their revenue for the
ending 31" March. Similarly, if
the firm purchases goods on 25 March for Rs.5, 000,
which is due for payment on 10 of April, the
organisation
10. even though payment is not made before 31" March,
has to include the expenses for the period ending 31"
March.
6. Accounting Conventions
Conventions are generally the guidelines for
preparing various financial statements. Convention
of full disclosure. Every Company must disclose all
material information which is necessary for better
understanding of financial statements by its stake
holders (Government Agency, Investors, Lenders,
creditors, Employees etc.). Information to be
disclosed should be decided based on its relevance
and should include Contingent Liability to users of
financial
statements (to be used for cost-benefit analysis).
Contingent Liability has been defined by Institute of
Chartered Accountants of India in its Guidance
Note on Terms used in Financial Statements as "An
obligation relating to an existing condition or
situation which may arise in future depending on
the occurrence or non-occurrence of one or
more uncertain future events". Generally,
disclosure to accounts (or notes to accounts)
Information is presented below the main body of
financial statements, as supplementary information.
Few Disclosures are necessary as per
statutory requirements. Few examples of
Disclosure are:
11. Change in method of Depreciation
Claims against company not acknowledged as debts
Excise / Customs duty or any Tax matters under
appeal
Convention of conservatism
This principle guides the accountant to anticipate or
disclose losses but does not allow similar action for
gains.
For example in case of Inventory, there will always be
a fluctuation in the market prices. Hence while
reporting it is
prudent to compare the market price and Book value
and adopt the lower value. Similarly, if the business
find out
any missing assets or inventory (out of Physical
Verification) it is judicious to prepare a write off
proposal and
remove them from the books of accounts, so that the
account will show the actual value.
The convention of conservatism is a very useful tool in
situation of uncertainty and doubts.
Convention of consistency
This concept implies that the procedures used in
accountancy for a given entity should be appropriate
12. for the size of its activities and to be followed
consistently from period to period. For example, if an
organization follows 'Straight Line Method' for
charging depreciation, then the same should be
followed consistently. In case the entity wants to
change the deprecation method to WDV (Written
down Value), the entity has to inform the Company
Law Board and also disclose the intention as part of
notes to accounts. Reliability of accounting depends
on the uniformly applying Accounting Principles, laid
down procedures with regular check on how they are
put in place. Any changes or deviation in practice
should be sufficiently disclosed.
Consistency does not mean lack of flexibility and does
not preclude desired change in accounting policy. Any
change in applying accounting principles, procedures
and practices should be disclosed in the year of
change along with the impact of such change on the
profit/loss and asset / liability
Convention of Materiality
Accountants have to exercise professional judgment
to determine whether or not an item is material for
disclosure. Trivial matters are to be disregarded so
that the disclosure is not over burdened with minute
details. Items which are important and material to
matter are to be disclosed. Sometimes even trivial
matter may be material.
For example if a director is remunerated more than
what is authorized by an agreement, the said matter
13. ought to be disclosed and get approval from the
shareholders, though it may not be material in value
terms. Detailed rules and standards are issued by
accounting boards for bringing uniformity in
accounting and disclosure of accounting transactions.
These standards may either be rule or principle
based.
7. Accounting Statements
Accounting statements are prepared in standard
accounting language with common accounting
rules. These rules are called 'Generally Accepted
Accounting Principles' (GAAP).
The phrase "Generally accepted accounting
principles" (or "GAAP') consists of three important
set of rules: -
Basic accounting principles and guidelines
Detailed rules and standards issued by
Accounting Boards
Generally accepted industry practices.
The above sets of rules are accepted all over
the world as general guidelines for preparing
Accounting Statements.
With business going more global, there is a
14. need for all countries to follow a single
accounting standard for recording and
disclosing uniform accounting transactions
Accounting procedures should follow standard
industry practice
The generally accepted industry practices
serve as a guide for recording and disclosing
accounting information
Certain industries like Banking, Insurance etc.,
and statues governing these industries have
provided guidelines
for accounting and disclosing information.
8. Systems of Book Keeping
The recording of transactions may be done in the
following two systems:
Single Entry System
Double Entry System
Single Entry System:
It is a book-keeping system, which identify transaction
pertaining to Cash Transaction and Personal
Accounts and record entries in the books of accounts.
It is exactly opposite to Double Entry system.
Accounting is always completed with incomplete
records.
15. Double Entry System:
As the name says, this system recognizes that every
transaction will have two fold effects, which is in line
with the dual aspect concept as discussed as part of
accounting concepts. Cash and Mercantile System
In the Cash system of accounting, transactions are
entered into books of accounts, only when cash is
either received or paid. No entries are passed, based
on accrual or due basis. On the other hand, in
Mercantile system, transactions are recorded based
on the Receipt or Payment become due or accrued.
Most of the Industries follow mercantile system, since
it takes into consideration, the amounts that become
due, which is based on accrual concept.
9. Classification of Accounts
Transactions to be recorded in the books of
accounts can be ascertained based on the following
Classification:
PERSONAL
Natural
artificial
Representative
REAL
Tangible
16. tangible
NOMINAL
Expenses and losses
Incomes and Gains
Personal Accounts relate to Natural Persons (Name
of a person - Chandra, Subash) & Artificial Persons
(Company Corporation - Chandra & Co., TVS Motor
Limited) Impersonal Accounts are those which are
not Personal Accounts (Real and Nominal Account)
Real Accounts represent Properties and Assets
including Tangible (Land, Building, Plant &
Machinery, Automobiles, Computers etc.) and
Intangible (Goodwill, Patents, trademarks, designs,
copy rights, trade secrets, Franchises,
Licenses etc.)
nominal Accounts do not have existence, form or shape.
Relate to Incomes (Sales, Interest Earned etc.,) and
Gains (Profit on sale of an asset) and Expenses (Salary,
Travel etc.,) & Losses (Loss on sale of an Investment)
10. Basic Accounting Rules
Based on the classification, basic Accounting rules
are defined. These rules are also called as 'Golden
Rules of
Accounting'. Accounting rules support in
17. journalizing various transactions.
Few examples are given below for better
understanding of the accounting rule.
Personal Account
Debit the receiver or who owes to
business
Credit the giver or to whom
business owes
Real Account
• Debit what comes into business
• Credit what goes out of business
Nominal Account
- Debit the expenses and losses
• Credit the incomes or galns
An example of Personal Account Journal entry
'A' gave a loan of Rs.100 to 'B' where A is the 'Giver'
and B is the 'Receiver and the following entry will be
passed.
Debit 'B' Account - Rs.100
Credit 'A' Account - Rs. 100
18. An example of Real Account Journal entry
'A Ltd' purchased a Building for Rs.100 on cash. Here
the asset (Building) comes in and cash goes out and
the following entry will be passed.
Debit 'Building (Asset)' Account - Rs.100
Credit 'Cash' Account - Rs. 100
An example of Nominal Account (Income) Journal
entry Received a commission of Rs.100 by cash.
Cash being a real account will be debited and
commission being an income is credited
Debit Cash Account' - Rs.100
Credit Commission Account'- Rs.100
An example of Nominal Account (Expenses) Journal
entry
Salary of Rs.100 paid through Bank for an employee.
Salary being an expense is debited and cash being a
real account is credited and following entry will be
passed.
Debit Salaries Account - Rs.100
Credit Bank Account'- Rs.100
Accruals and Provision Entries:
As part of accrual concept, both revenue and
expenses are to be recognised as they occur.
Revenues that have been earned but are not yet
recorded in the accounts,
Expenses that have been incurred but are not yet
recorded in the accounts.
The accruals need to be added via adjusting entries
so that the financial statements report these amounts.
19. An example of a Revenue Accrual is interested
earned in the year on the Fixed Deposit held with the
Bank. An example of an accrual involving an expense
is an employee's bonus that was earned in 2011, but
will not be paid until 2012.
The 2011 financial statements need to reflect the
bonus expense and the bonus liability. Therefore,
prior to issuing the 2011 financial statements an
adjusting entry is prepared to record this.
Apart from accruals, certain provision has to be
provided in the books of accounts based on the
necessity for the business, as part of prudence. For
example, if the entity feels that recovery from a
particular debtor seems to be difficult, since the debtor
has become bankrupt, and then based on the
estimated recovery, the value of outstanding has to be
brought down suitably.
11 Accounting Cycle:
Accounting cycle starts with recording of a transaction
and gets completed with Book closing Basic
accounting definition says that it is an art of recording,
classifying and summarising the financial transactions
and interpreting the results there of. Given below is a
picture which depicts the various stages of accounting
cycle:
Accounting Process Cycle
Giving below the accounting cycle, which starts from
Accounting Transaction
20. Journal Entry Opening Balance Sheet Entry +
Other Transactional Entry)
Ledger Posting
Trial Balance
Manufacturing/Trading Account
Profit and Loss Account
Balance Sheet (Closing)
Recording of Transactions - Recording of
Transaction are done in the books through
Vouchers 1 Journals
Classification of Transaction - This is done in the
book termed as Ledger
Summarising of Transaction - This includes
preparation of Trial Balance, Manufacturing or
Trading Account, (Income and Expenditure
Account, Receipts and Payments Account in case
of Charitable or Non Profit Institutions)
Profit and Loss Account and Balance Sheet of a
Business
Interpretation of Results - This involves Analysis
and computation of various ratios to understand
the performance of the Business