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ACCOUNTING AND FINANCE STUDIES • Principals of Accounting
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Introduction to Accounting. Learning Objectives: • To understand the working of business organizations. • To understand the Importance and Objectives ....
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UNDERSTANDING BUSINESS ORGANIZATIONS • Business orgns provide goods and services in order to earn profit. • ....
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What is Accounting?. Accounting – The Language of Business Accounting is the information system that... measures....
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Definition of accounting?. What is Accounting? • Accounting is often called the language of Business. • Accounting, as an information system, is th....
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Accounting Information System. The Accounting Information System INPUT PROCESS OUTPUT Economic events •Recording C....
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Definition of Accounting.. Definition of Accounting • The American Institute of Certified Public Accountants (AICPA) defines accounting as “the a....
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Objectives of Accounting. OBJECTIVES OF ACCOUNTING To maintain accounting records. To calculate the results of operations To ascertain the finan....
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USERS OF ACCOUNTING INFORMATION Internal Users: External Users: Management group: Financing group: Board o....
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Branches /Classification of Accounting Accounting Financial Cost Management O ....
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Forms of Business Organization Sole Proprietorship Single individual Unlimited Liability Partnership Firms ....
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Financial Statements Profit and Loss A/c Statement of financial performance Balance sheet Statement of financi....
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Assets What a business “owns” Probable future economic benefits Examples Cash Investments Buildings Plan....
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Liabilities. Liabilities What a business “owes” Probable future sacrifices of economic benefits Examples Loans payable ....
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Revenues. Revenues • They are amounts received or to be received from customers for sales of products or services. – sales ....
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Expenses. • They are amounts that have been paid or will be paid later for costs that have been incurred to earn revenue. – s....
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Owners Equity. Owner’s Equity • It is what‟s left of the assets after liabilities have been deducted (Residual interest of owners) –....
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Accounting Equation. The Accounting Equation Assets = Liabilities + Owner’s Equity Economic Claims to Resources ....
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Transactions that Affect Owner’s Equity OWNER’S EQUITY OWNER’S EQUITY INCREASES ....
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Generally Accepted Accounting Principles - Meaning • Accounting principles may be defined as the set of c....
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The Accounting Equation Assets are the economic resources of a business that are expected to produce a ben....
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Classification of Accounts • There are some asset accounts? – Cash – Notes Receivable – Accounts Receivable – ....
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Classification of Accounts • There are some owner‟s equity accounts? – Capital or owner‟s interest in the business – Withd....
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Classification of Accounts • Real Account = Debit –What comes in Credit- what goes out • Personal....
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The Accounting Elements Probable future economic benefits obtained or controlled by a particula....
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The Accounting Elements Probable future sacrifices of economic benefits arising from present obligations ....
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The Accounting Elements The residual interest in the assets of an entity that remains after d....