Department of Business Administration Govt

Slides:

Advertisements

Similar presentations

Introduction to Accounting Chapter 1 © Luby & O’Donoghue (2005)

Advertisements

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

Accounting: The Language

Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 9-1 Chapter (1) An Overview Of Financial Management.

Accounting Is Fun! Introduction To Accounting

Copyright © 2006 Pearson Addison-Wesley. All rights reserved. 9-1 Chapter (1) An Overview Of Financial Management.

The Role of Accounting in Business Chapter 1

INTRODUCTION TO BOOK-KEEPING AND ACCOUNTANCY

Copyright by Paradigm Publishing, Inc. INTRODUCTION TO BUSINESS CHAPTER 15 Accounting and Financial Analysis.

Dr. Mohamed A. Hamada Lecturer of Accounting Information Systems

Prepared By Md. Masukujjaman Lecturer Northern University Bangladesh

Accounting: The Language

INTRODUCTION TO ACCOUNTING. ACCOUNTING Accounting is the language of business. The affairs and the results of the business are communicated to others.

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

HFT 2401 Chapter 1 Introduction to Accounting. Accounting A Means to an End  Provides answers to questions  How much cash do we have  What was our.

Additional Material-Lecture 2 MGT-101 Financial Accounting.

Introduction to Accounting and Business Types of Businesses Delta Air LinesTransportation services The Walt Disney CompanyEntertainment services.

Introduction to Accounting & Business CPA, MBA By Rachelle Agatha, CPA, MBA Slides by Rachelle Agatha, CPA, with excerpts from Warren, Reeve, Duchac.

C The Accounting Equation and Balance Sheet 2.The Double Entry System for asset, liabilities and capital 3.Inventory 4.The effect of profit and.

Accounting is a very old concept – as old as money. A description of proper keeping of accounts is found mentioned ‘Arthashashtra’ written by Kautilya.

Amity School of Business FINANCIAL ACCOUNTING. Module I Introduction to Accounting.

INTRODUCTION TO BOOK-KEEPING AND ACCOUNTANCY Samir K Mahajan.

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.

DEFINITION. The American Accounting Association defines Accounting as follows:

Introduction to Accounting Topic 1 10/26/2015Topic 1: Introduction to accounting.

Describe various organizational forms and business decision makers. 1-1.

ACC 115 Introduction (accounting in general) Introduction – Accounting in General Forms of business and their distinct characteristics Nature, purpose.

Introduction to Accounting BUSI 120A Nancy Goehring.

Chapter 1 The Role of Accounting in Business. Types of Businesses? Service Business Merchandising Business Manufacturing Business.

The Accounting function Understand the accounting function within an organisation.

The 10 Commandments Rules Which are?. Our laws are based on the 10 Commandments Why do we need laws? – So that everyone does the same thing.

DEFINITION BOOK KEEPING is the process of recording data relating to accounting transactions in the books of account. It can also be defined systematic.

Pratiksha Ranchod. Introduction to Accounting In the 15 th century Luca Pacioli developed the 1 st method of recording business transactions. Accounting.

HFT 2401 Chapter 1 Introduction to Accounting. Accounting – A Means to an End  Provides answers to questions  How much cash do we have  What was our.

Financial Accounting. Accounting Measures Processes Communicates…… Financial information to decision makers.

Financial and Managerial Accounting Wild, Shaw, and Chiappetta Fourth Edition Wild, Shaw, and Chiappetta Fourth Edition McGraw-Hill/Irwin Copyright © 2011.

* * Chapter Seventeen Understanding Accounting and Financial Information Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.

1 Chapter 1 The Link Between Business and Accounting.

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

Opening Activity What do you OWN?What do you OWE? What I OWN – What I OWE = Personal Net Worth Would you consider selling any items you own?

Copyright  2006 Pearson Education Canada Inc

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.

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

6.00 Understand Financial Analysis

Accounting: The Language

Introduction to Management Accounting

The Role of Accounting in Business

part I –Managerial accounting basics

Financial Accounting Prof. B.D.Panda.

Financial accounting.

6.00 Understand Financial Analysis

Learning Goals: To understand what accounting is

Intro to Fundamentals of Accounting (BAF 3M)

UNIT ONE INTRODUCTION TO ACCOUNTING

FINANCIAL STATEMENT ANALYSIS

6.00 Understand Financial Analysis

Managerial Accounting and the Business Environment

Accounting Courses in Chandigarh. Why is financial accounting needed? The goal of managerial accounting is to help company managers and supervisors make.

6.00 Understand Financial Analysis

Accounting Information and Managerial Decisions

Accounting Overview Financial Accounting Managerial Accounting

What is Accounting? Accounting is a process that involves collecting information, recording it, summarizing it and then reporting it to various decision.

Introduction to Accounting BUSI 120A

INTRODUCTION TO BOOK-KEEPING AND ACCOUNTANCY

Understanding Principles of Accounting

Source Documents The accounting department is informed of transactions by means of business papers that are sent to it. These business papers are called.

Introduction to Business Lecture 43

ACCOUNTING AS THE BASIS FOR MANAGEMENT DECISIONS

Introduction to Accounting BUSI 120A

Additional Material-Lecture 2

Presentation transcript:

Department of Business Administration Govt Department of Business Administration Govt. Degree College Kulgam (J&K) Unit-I: Financial Accounting Course: BBA-2nd Semester Course Code: BBA-201 Course Teacher: ZAMEER MUSTAFA BHAT

Introduction Financial accounting (or financial accountancy) is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business. This involves the preparation of financial statements available for public consumption. Stockholders, suppliers, banks, employees, government agencies, business owners, and other stakeholders are examples of people interested in receiving such information for decision making purposes

Financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, managerial accounting provides accounting information to help managers make decisions to manage the business.

Objectives of Financial Accounting 1 Objectives of Financial Accounting 1. Systematic recording of transactions. 2. Ascertainment of result of above recorded transactions. 3. Ascertainment of the financial position of business. 4. Providing information to the users for rational decision- making. 5. To know the solvency position.

Advantages of Accounting 1. Maintenance of Business records 2 Advantages of Accounting 1. Maintenance of Business records 2. Preparation of Financial Statements 3. Comparison of results 4. acts as Legal evidence 5. Facilities raising loans 6 Helpful taxation matters

Limitations 1) Records only monetary transactions Limitations 1) Records only monetary transactions. 2) No consideration of price level changes. 3) Personal bias of affects accounting statements. 4) window-dressing in balance sheet.