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Introduction of accounting

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Old Airport Road, Bangalore

Course ID: 378475

Old Airport Road, Bangalore

Students Interested 0 (Seats Left 0)

₹ 400

Chartered accountant qualified in 2012, 7.5 yrs experience in Big 4(EY) conducted training for 3 Yrs

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About the Course

Introduction
What is accounting?
To communicate – language is compulsory
Accounting is language of business
Accounting talk everything about business entity

Class 11th Suppose
Accounts
Introduction of accounting








Suppose Mr. A started a business and did the transaction.
1)Identification of financial transaction and events (Business Transaction) (I)
Example- Good purchased is business transaction whereas Electricity bill payment is not business transaction because it is for personal use.
2) Measuring the identified transaction (Money value)
If Mr A bought 3 Box of goods, He cannot write in book of accounts so it should
measure in term of money?
Here we need to identify the goods in the term of money value(INR 10,000).






×3) Recording in appropriate books.
Like Mr A have purchased good in INR10,000.








4) Classification of transaction
Goods- Purchase- 10, 15
Goods- Sale – sale 12, 13, 17,
Journal














LEDGER

So what we understand up to here
1)
2)
3)
4)

So what we understand up to here
1) I - Identification
2) M- Measurement
3) R- Recording- Journal
4) C- Classification- Ledger
Step 5- Summarising all the transactions.








Total Purchase=80,000/ Total sales=60,000/

Trial Balance (ch13)
Profit and Loss account (ch19)- Earning on business
Balance sheet (ch-19)- Asset

Steps 6 Analysis and Interpretation

Total sales=60,000
Total purchase-80,000



Steps 7 Communicating to users
Results- Profit and loss – Business communicate their information to their users.


Users

















Process of Accounting /Characteristics/Attributes
IMRCSAC

Now we can go on Definition of accounting-
Accounting is the art of recording , classifying and summarising in a significant manner and in terms of money; transaction and events which are in part at least financial character and interpreting the result there of.





Branches of accounting

Financial Accounting-



Cost Accounting (CMA)



Management Accounting

Financial Accounting-
Financial Accounting is branch of accounting which records the financial transaction and event summarises and interprets them before communicating the results to the users.
It determines profit earned or loss incurred during an accounting period (1 month, 3 months, 1 year) and Financial position at the year end.
In short – Financial accounting is confined to the preparation of financial statement, ie profit and loss account and the balance sheet for users of accounting information.
Cost Accounting
This is branch of accounting is concerned with ascertaining cost of products, operation, processes or activities. Its is that branch of accounting which deals with recording the costs with objective of ascertaining, reducing and controlling costs.

Management Accounting
Management accounting is the most recently developed branch of accounting. It is concerned with generating accounting information relating to funds, costs, profits etc. as it enables the management decision making.

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About the Trainer

Shikha Gupta picture

5 Avg Rating

1 Reviews

2 Students

4 Courses

Shikha Gupta

Chartered Accountant

3 Years of Experience

Experience was good.

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Shikha Gupta picture

Shikha Gupta

Chartered accountant qualified in 2012, 7.5 yrs experience in Big 4(EY) conducted training for 3 Yrs

No Reviews Yet

Students Interested 0 (Seats Left 0)

₹ 400

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Shikha Gupta

Chartered accountant qualified in 2012, 7.5 yrs experience in Big 4(EY) conducted training for 3 Yrs

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