Additional Material-Lecture 1

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Presentation transcript:

Additional Material-Lecture 1 MGT-101 Financial Accounting Additional Material-Lecture 1

What is Accounting Financial Language of Business Describes all financial/ monetary business activities What is Business? Any legal, economic & social activity Carries out by producing/ purchasing & selling goods Satisfies human wants Earns profit

Types of Business Trading engaged in buying and selling of goods Manufacturing engaged in manufacturing and selling of goods Services engaged in selling services

What is Business Organization? Organized unit/ group of people People work together to achieve “Common Business Objective” Owned by one person or group of persons Three basic types: Sole proprietorship Partnership Company.

Accounting Definitions: Systematic recording, reporting, and analysis of financial transactions According to American Institute of Certified Public Accounts: Art of recording, classifying, and summarizing financial transactions By Meigs & Meigs art of interpreting, measuring and communicating the results of economic activities

What are different accounting fields? Financial Accounting provides information about the general working of business Records transactions and prepares formal financial statements Cost Accounting Provides information about operating cost Identifies measures and control cost

Cont… Managerial Accounting Similar to financial accounting Helps management in selecting maximum output alternative. Government Accounting Records various departments’ revenues, taxes and expenditures Measures the efficiency of different department & prepares annual budget

Cont… Auditing Tax Accounting Budgetary Accounting Adds credibility to financial statements Verify 'fairness and reliability of financial statements. Tax Accounting Prepares income tax and sales tax returns Budgetary Accounting Develops formal plans for organizations future activities. Compares actual operations with predetermined plan

Cont… Not-for-profit Accounting Records reports and plans for various non-profit organizations Social Accounting New field of accounting Measures social costs and benefits

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