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  • Financial Accounting Basics

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    Parminder Bajaj
    49 просмотров8 страниц
    The document discusses the basic concepts and terminology of financial accounting. It defines accounting as the process of recording, classifying, summarizing and interpreting financial transactions and events. The key branches of accounting are explained as financial accounting, cost accounting, and management accounting. Bookkeeping is defined as the initial process of identifying, measuring, recording, and classifying financial transactions, providing the basis for further accounting work.

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    Оригинальное название

    Financial Accounting 1

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    The document discusses the basic concepts and terminology of financial accounting. It defines accounting as the process of recording, classifying, summarizing and interpreting financial transactions and events. The key branches of accounting are explained as financial accounting, cost accounting, and management accounting. Bookkeeping is defined as the initial process of identifying, measuring, recording, and classifying financial transactions, providing the basis for further accounting work.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    49 просмотров8 страниц

    Financial Accounting Basics

    Загружено:

    Parminder Bajaj
    The document discusses the basic concepts and terminology of financial accounting. It defines accounting as the process of recording, classifying, summarizing and interpreting financial transactions and events. The key branches of accounting are explained as financial accounting, cost accounting, and management accounting. Bookkeeping is defined as the initial process of identifying, measuring, recording, and classifying financial transactions, providing the basis for further accounting work.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PPTX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 8

    Financial accounting

    Parminder Bajaj

    BUSINESS ENTITY CONCEPT


    CAPITAL (MONEY INVESTED)

    BUSINESS
    PROFITS (REWARD OF RISK)

    BUSINESSMAN

    Parminder Bajaj

    BASIC TERMINOLOGY

    ASSETS LIABILITIES CAPITAL EXPENSE INCOME PROFIT DEBTOR CREDITOR DRAWINGS OUTSTANDING EXPENSE PREPAID EXPENSE ACCRUED INCOME UNEARNED INCOME

    Parminder Bajaj

    WHAT IS ACCOUNTNG

    ACCORDING TO AICPA, Accounting is the art of recording, classifying, summarizing in a significant manner and in terms of money; transactions and events which are, in part at least, of financial character, and interpreting the results thereof.

    Parminder Bajaj

    Identifying Classifying Summarizing Interpreting communicating

    Parminder Bajaj

    Branches of accounting
    Branches of accounting

    Financial accounting

    Cost accounting

    Management accounting

    Parminder Bajaj

    Book keeping
    Book keeping is an art of recording in the books of accounts the monetary aspect of commercial and financial transaction. It is concerned with:i. Identifying financial transaction ii. Measuring them in terms of money iii. Recording financial transaction in the books of accounts iv. Classifying the recorded transaction i.e posting them into ledger

    Parminder Bajaj

    Book keeping Accountingconcerned Book keeping is


    1. 2. 3. 4. 5. 6.

    with identifying financial transaction; measuring them in money terms; recording and classifying them. It is primary stage Junior staff perform this function The job is clerical and routine in nature Basis for accounting

    Accounting is concerned with summarising the transaction, interpreting and communicating the results. It is secondary stage Senior staff perform this function The job is analytical and dynamic in nature Begins where book keeping ends Requires special skill and ability to interpret

    Mechanical in nature and does not require special skills

    Parminder Bajaj

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