Академический Документы
Профессиональный Документы
Культура Документы
109
207
246
Dark 1
185
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164
Accent 3
255
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255
Light 1
151
75
7
Accent 4
131
56
155
Dark 2
193
187
0
Accent 5
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190
85
165
28
Light 2
Accent 1
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221
62
255
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255
Accent 6
Hyperlink
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149
197
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42
Accent 2
236
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29
Followed Hyperlink
255
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171
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213
Purple 50 %
Purple 25 %
Yellow 50 %
Yellow 25 %
241
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186
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180
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Brown 50 %
Brown 25 %
Green 50 %
Green 25 %
Learning Objectives
After going through this chapter, you will be able to have an idea about:
Scope of Accounting
Accounting Assumptions, Concepts & Principles
Book-keeping
Double-Entry System
Topics Covered
Introduction
Accounting Process
Purpose for accounting
Who uses Accounting?
Essential accounting terms
Branches of Accounting
Users of Accounting
Accounting Assumptions, Concepts & Principles
Accounting Cycle
Book-keeping
Approaches of recording transactions Double Entry System
Classification of accounts under the double entry system
Classification of accounts according to accounting equation approach
Introduction
For any business or non-business activities of organizations (may it be
business organizations or not-for profit organizations) where there is
money and other economic resources involved, there has to be
accounting in place to keep a track of those resources.
Accounting Process
Contd
Transaction
Proprietor
Asset
Liabilities
Drawings
Purchases
Sales
stock
Revenue
Expense
Income
Voucher
Invoice
Receipt
Account
Certificate in Accounting Fundamentals
Branches of Accounting
Financial accounting refers to recording of business transactions in
the book of accounts in a manner where the operating results
pertaining to a particular period and the financial position as on a
particular date can be ascertained.
Cost accounting refers to ascertainment of cost of production for
various jobs performed by the firm.
Management accounting makes use of accounting data generated
by financial accounting and cost accounting in order to formulate
policies, take managerial decisions, and make investment decisions
Users of Accounting
Accounting Cycle
Book-keeping
Book-keeping is defined as The art of keeping a permanent record of
business transactions in a systematic manner
Book-keeping is the initial step to accounting and it works as the basis
for accounting information.
While book-keeping is restricted to identifying and recording individual
financial transactions, accounting is concerned with classifying,
summarizing, interpreting and communicating the results
Meaning
Examples
Asset Account
Deals
with
tangible
intangible real assets
Liabilities Account
Deals
with
the
obligations of the
outsiders
Capital Account
Revenue Account
Deals with amount charged for Sales a/c, Royalty received a/c, interest
goods sold or services rendered received a/c, dividend received a/c
and other incomes
Expenses Account
Thank you
TCS Business Domain Academy