Introduction to Business Lecture 43

Slides:

Advertisements

Similar presentations

Lesson 01 Introduction to Accounting. Contents What is accounting? Definitions and scope of accounting Book keeping, Accounting and Accountancy Accounting.

Advertisements

© March Finance ≠ Accounting What accounting? The process of collecting financial data, organizing and analyzing it using ageed- upon accounting.

Introduction to Accounting

Accounting: The Universal Language of Business

© PHI Learning, All rights reserved.1 Financial Accounting: A Managerial Perspective Third Edition Prepared by R. Narayanaswamy Indian Institute.

Introduction to accounting Debbie Gahr. Accounting  It is an information system that reports on the economic activities and financial condition of a.

Required Reading: P  The Balance Sheet was the first formal financial statement that we have examined.  The balance sheet is known as a “statement.

1–11–1 1-1 Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin.

ACCOUNTING - AN INTRODUCTION BY: WAQAR AHMAD LECTURER MANAGEMENT SCIENCE DEPARTMENT RANA UNIVERSITY KABUL, AFGHANISTAN.

Chapter 1 Accounting and the Business Environment

Gerald Trenholm 7 MacCauly Drive Fredericton NB Select economic events (transactions ) Record, classify, and summarize Account ing Reports SOFTBYTE Annual.

© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO1 Prepare an income statement for a service.

C1--1 Learning Objectives 1.Nature of a Business 2.The Role of Accounting in Business 3.Profession of Accounting 4.Generally Accepted Accounting Principles.

CHAPTER 1 BUSINESS DECISIONS BUSINESS DECISIONS And FINANCIAL ACCOUNTING..

1 Introduction to Accounting and Business Financial Accounting 14e

Essential Standard 4.00 Understanding the role of finance in business. 1.

Chapter 01 Accounting Information and Decision Making McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved.

McGraw-Hill/Irwin Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved. Accounting and the Business Environment Chapter 1.

Accounting: Measuring how Efficiently and Effectively Resources are Creating Value and Profit © 2007 The McGraw-Hill Companies, Inc., All Rights Reserved.

CDA COLLEGE ACC101: INTRODUCTION TO ACCOUNTING Lecture 1 Lecture 1 Lecturer: Kleanthis Zisimos.

© The McGraw-Hill Companies, Inc., 2003 McGraw-Hill/Irwin Slide 1-1 ACCOUNTING: Information for Decision Making Chapter 1.

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Chapter 1 The Role of Accounting in Starting a Business © 2009 The McGraw-Hill Companies, Inc.

Chapter 1 – Accounting The Link Between Business and Accounting.

THE INCOME STATEMENT Chapter 5.2. Terminology Review Revenue is the money or promise of money received from sale of goods or services Expenses are the.

Chapter 5 Notes Expanding the Ledger. Question: What is the purpose of expanding the ledger?

Chapter 5: Revenue, Expense and Drawings

Chapter 1 Accounting in Action. What is Accounting?  An information system that identifies, records and communicates economic events Identify: select.

Financial Accounting D.V. Ramana. Introduction Course Outline Group Assignment Evaluation: –Quiz –Mid and End Term Examinations –Grading Pattern Books.

GLENCOE / McGraw-Hill. Accounting: The Language of Business.

Lecture 1. Introduction to Accounting Lecture Outline What is Accounting? Why non-accounting students should study accounting? Users of accounting information.

Accounting Defined. What is accounting? The systematic and comprehensive recording of financial transactions pertaining to a business. In layman's terms.

Warren Reeve Duchac Corporate Financial Accounting 14e Chapter 1 Introduction to Adjusting and Business.

Chapter 1 The Nature and Purpose of Financial Accounting.

ACCOUNITNG. PURCHASE SHARES OF WHICH COMPANY? WHAT IS ACCOUNITNG ? BUY CAR ON CREDIT OR ON CASH? HOW WELL THE BUSINESS IS GOING? HOW MUCH TAXES SHOULD.

Chapter 5 Private-Sector Accounting C H A P T E R 5.

Copyright © 2012 Pearson Education, Inc. Publishing as Prentice Hall 15-1 # Copyright © 2015 Pearson Education, Inc. The Role of Accountants and Accounting.

Introduction to Accounting and Business

The Financial Statements

1.01 Generally Accepted Accounting Principles – Financial Statements

© 2014 Cengage Learning. All Rights Reserved.

Users of Accounting Information

Financial Accounting Chapter 1

Chapter 6 Work Sheet for a Service Business

Accounting Thursday September 29th, 2016.

© 2014 Cengage Learning. All Rights Reserved.

Power Notes Chapter 1 Introduction to Accounting and Business

Copyright John Wiley & Sons Canada, Ltd.

Accounting and Business

The Environment of Business

© 2014 Cengage Learning. All Rights Reserved.

Financial Statements.

Accounting and Financial Information

© 2014 Cengage Learning. All Rights Reserved.

Additional Material-Lecture 1

1.01 Generally Accepted Accounting Principles – Financial Statements

Introduction to Management Accounting

Accounting Overview Financial Accounting Managerial Accounting

Introduction to Business Lecture 45

Introduction to Financial Statements

© 2014 Cengage Learning. All Rights Reserved.

Accounting and the Business Environment

LESSON 7-1 Preparing an Income Statement

© 2014 Cengage Learning. All Rights Reserved.

Understanding Principles of Accounting

The Environment of Business

© 2014 Cengage Learning. All Rights Reserved.

Introduction to Management Accounting

Additional Material-Lecture 2

Presentation transcript:

Introduction to Business Lecture 43 MGT211 Introduction to Business Lecture 43

Accounting Period Summarizing Income Statement Profit Time span in which accounts are terminated. Summarizing Summary of all revenues and expenses. Income Statement A statement which shows the position of revenues and expenses or profit and loss. Profit Excess of revenues over expenditures.

Loss Excess of expenditures over revenues. Accounting is called language of the business because it tells inner story of the business.

Accounting Vs. Book Keeping Recording the information in the books is called book keeping. To draw a picture from the information is called accounting.

Accounting Information System A system that provides all information which is required to prepare financial statements. It provides timely and accurate information.

Types of Accounting Financial accounting is used by external users. Managerial Accounting Financial accounting is used by external users. Managerial accounting is used by internal users.

Auditing Systematic examination of accounting record.

Accounting Vs. Auditing Accounting is concerned with recording of accounting information. Auditing is concerned with examination of accounting information.

Types of Auditors Internal auditors External auditors People who are working within the organization. External auditors People who are not employees of the company.

Users of Financial Information Managers Employees Owners Investors Partners Banks Tax authorities Government

GAAP-Generally Agreed Accounting Principles Principles of accounting accepted all over the world.