Accounting process
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the accounting process is also called as accounting cycle it shows the process from the beginning to till the end of the financial year
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Introduction to accounting
Introduction to accountingAswin prakash i , Xantus Technologies
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Accounting is the technique of recording, classifying, and summarizing financial transactions and interpreting the results. It involves recording business transactions in journals and ledgers, grouping like transactions, and preparing financial statements like the trial balance, income statement, and balance sheet. The double-entry system records both aspects of each transaction to ensure accuracy and allow calculation of profit and financial position. Financial accounting focuses on external reporting while cost and management accounting support internal decision making.Ledger
LedgerSANGEETHASHAINU
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The ledger is the principal book of accounting that contains accounts where transactions are recorded. It collects all accounts from the journal and special journals. The ledger is useful for ascertaining the net result of transactions in an account on a given date. It organizes accounts by debit and credit sides, records journal folio references, and amounts. Ledger accounts are classified into five categories: assets, liabilities, capital, revenues/gains, and expenses/losses. Temporary accounts are closed at period end by transferring them to trading and profit and loss, while permanent accounts appear on the balance sheet.Trial balance
Trial balanceKULDEEP MATHUR
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The document discusses trial balance, which is a statement that lists the debit and credit balances of ledger accounts to test the arithmetical accuracy of accounting books. A trial balance has certain features, such as being prepared on a specific date and including all ledger accounts. It also discusses the purpose of a trial balance, which is to test accuracy, provide a summary of ledger account balances, and serve as the basis for preparing final financial statements. The document outlines different methods for preparing a trial balance and provides examples of common account adjustments that are made, such as for closing stock, depreciation, outstanding expenses, and prepaid expenses.Topic 8 trial balance
Topic 8 trial balanceSrinivas Methuku
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Know the Meaning, Objectives of Trial Balance.
Know the format of Trial Balance.
Preparation of Trial Balance.
Accounts and its functions
Accounts and its functionsHuma Ali
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Accounting records, classifies, and summarizes business transactions to provide financial information to both internal and external users. It aims to determine profits and financial position, facilitate management control, and assess tax liability. However, accounting has limitations as it uses monetary values and estimates, and may be manipulated. The main accounting systems are cash basis, accrual basis, and mixed basis. Stakeholders like shareholders, creditors, management, employees, and the government rely on accounting information for decision making.Final account ppt
Final account pptPratima57
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This PPT is for Students of 11th, 12th and BBA. This ppt includes basic information for Final Account.What Is Debit and Credit
What Is Debit and CreditTrendStatic Corporation
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Debit and Credit
Accounting is the systematic recording and organizing of all the financial information of a company. This refers to the bookkeeping function of Accounting; where bookkeepers record accounts in journals and transferring it to a ledger. Accounting also has the reporting function where all the gathered financial information is used to create financial statements to analyze and understand the financial health and performance of the business. Its pretty straightforward, almost all people can understand this definition at first look, but what confuses everybody is the concept of Debit and Credit. Now to set things clear, lets define first debit and credit.
We seriously do appreciate you examining this slide share. Just in case you want to study more about other important accounting theories, our company, TrendStatic Business Solutions delivers different Basic Accounting for Non-Accountants training programs. Educating regular individuals without Accounting qualifications all the stuff that they have to properly recognize to start out on accounting.
Accounting Basics
Accounting BasicsAccounts Arabia
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Basics of Accounting. Principles and concepts of Accounting
what is Double Entry System of Accounting?what Financial Statements?
Accounting is a process of identifying, recording, summarising and reporting economic information
to decision makers in the form of financial statements.ACCOUNTING BASICS &PRINCIPLES
ACCOUNTING BASICS &PRINCIPLESChristine Michael
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This document provides an overview of accounting basics and principles. It defines accounting as the process of identifying, recording, and communicating financial information. The objectives of accounting are to provide useful information to decision makers through relevance, reliability, and other qualitative characteristics. The document outlines key accounting principles like the business entity, accrual basis, and matching principles. It also describes the main financial statements - the balance sheet, income statement, statement of cash flows, and statement of owners' equity - and their purpose in communicating financial information to both internal and external users of accounting data.Basic Accounting Terms
Basic Accounting TermsDr. Bhavik Shah
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Business transactions involve the exchange of value, such as goods or services for money, between two or more entities. There are two main types of transactions: cash transactions involving an exchange of cash, and credit transactions where payment is promised at a future date. Capital refers to the value invested in a business by its owner, while drawings refer to amounts withdrawn by the owner. Assets are items owned by a business that have value, and liabilities are amounts owed to outside parties. Revenue is the income generated from sales or services, while expenses are costs incurred to generate that revenue.Accounting basics
Accounting basicsRITESH KUMAR SINGH
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Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
Book- keeping includes recording of journal, posting in ledgers and balancing of accounts. All the records before the preparation of trail balance is the whole subject matter of book- keeping.
Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.Accounting process
Accounting processrohit kashyap
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The accounting process involves collecting documents, posting journal entries, transferring balances to ledger accounts, preparing a trial balance, making adjustments, creating an adjusted trial balance, preparing financial statements, making post-closing entries, and generating a post-closing trial balance. Source documents are collected and analyzed throughout the accounting period. Journal entries are posted using double entry accounting. Ledger accounts track debit and credit balances. An initial trial balance is prepared, then adjustment entries are made and an adjusted trial balance is created to develop financial statements showing the firm's profits, losses, and financial health. Finally, revenue and expense accounts are closed out and balances transferred in post-closing entries.Trial balance ppt
Trial balance pptharshika5
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A trial balance is a financial statement that lists the debit and credit balances of all accounts in the general ledger. It is prepared to check the arithmetic accuracy of the ledger accounts and help detect errors. The trial balance is not a conclusive proof of accuracy as certain errors may remain undetected even if the debit and credit totals match. Common errors include omissions, incorrect postings, or wrong account balances. If errors cannot be found, a suspense account is used to temporarily balance the trial balance.Journal Entries
Journal EntriesJosephin Remitha M
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Here are the journal entries for the transactions:
Jan 1: Capital 80,000
To Cash 80,000
(Commenced business with cash)
Jan 2: Bank 40,000
To Cash 40,000
(Deposited cash in bank)
Jan 3: Purchases 5,000
To Cash 5,000
(Purchased goods by paying cash)
Jan 4: Purchases 10,000
To Lipton & Co. 10,000
(Purchased goods from Lipton & Co. on credit)
Jan 5: Cash 11,000
To Sales 11,000
(Sold goods to Joy and received cash)
1 introduction to financial accounting
1 introduction to financial accountingItisha Sharma
油
This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventionsRectification of errors with accounting terms
Rectification of errors with accounting termsMuhammad Saqib Awan
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This document discusses various types of accounting errors and how to rectify them. It outlines two main types of errors: two-sided errors, which do not affect the trial balance, and one-sided errors, which do affect the trial balance. Two-sided errors include errors of omission, commission, original entry, principle, and compensating errors. One-sided errors require using a suspense account to rectify. The document provides examples for each type of error and explains how to make the correcting journal entries to rectify the errors.Double entry system
Double entry systemRaJesh Thakur
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It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.accounting process
accounting processManish Tiwari
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The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.Account
AccountNiyati Mehta
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The document defines accounting as recording, classifying, and summarizing financial transactions and events to prepare financial statements. It discusses the basic accounting concepts like the accounting equation, assets, liabilities, equity, revenues and expenses. It also explains the key steps in accounting cycle which includes recording transactions, posting to ledger accounts, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance and financial statements, and closing temporary accounts. The accounting cycle aims to generate useful financial information for decision making in the form of income statement, balance sheet, and other financial reports.Trading Profit And Loss Account
Trading Profit And Loss AccountMarcus9000
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The document discusses the Trading Profit and Loss Account, which is prepared annually to show a business's trading activities and determine its profit over the year. It has two parts: the Trading Account, which summarizes information on goods bought, sold and returned; and the Profit and Loss Account, which shows costs incurred and calculates gross and net profit. The document provides examples of key items included in each account, such as purchases, sales, opening/closing stock, expenses, and gross/net profit.Final Accounts 
Final Accounts PrachiSharma304
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The document discusses the preparation of final accounts, which includes three financial statements: (i) the trading account, which shows gross profit/loss; (ii) the profit and loss account, which shows net profit/loss; and (iii) the balance sheet, which shows the financial position. It provides details on what each statement shows and their importance. The trading account is the first stage and shows gross profit/loss. The profit and loss account indicates net profit/loss after deducting all expenses. The balance sheet presents the sources and uses of funds on a particular date. Final accounts are important to understand business results, financial position, and for tasks like getting loans.Accounting Cycle
Accounting CycleRavi Kapoor
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The accounting cycle is a series of 9 steps that are repeated each reporting period to record business transactions and prepare financial statements. The steps are: 1) analyze transactions, 2) journalize transactions, 3) post to ledger accounts, 4) prepare an unadjusted trial balance, 5) make adjustments, 6) prepare an adjusted trial balance, 7) make financial statements, 8) close temporary accounts, and 9) prepare a post-closing trial balance to verify the accounting records. The cycle ensures transactions are properly recorded and financial statements are prepared accurately.Accounting concept and convention
Accounting concept and conventionpoojanmantri
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This document discusses key accounting concepts and conventions. It defines 8 accounting concepts: business entity, money measurement, accounting period, accounting cost, going concern, dual aspect, realization, and matching. It also discusses 4 accounting conventions: consistency, materiality, conservatism, and full disclosure. The concepts and conventions establish standard principles and practices for preparing accurate financial statements and reports.Introduction to accounting
Introduction to accountingVishal Kukreja
油
This document provides an introduction to the concepts of accounting. It defines accounting as a system that collects and processes financial information to allow informed decisions by users. It discusses the need for accounting to determine results of business transactions and the financial position. It outlines the key functions of accounting like identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information. It also discusses the accounting cycle and different branches and users of accounting information. Finally, it provides definitions of some basic accounting terms.Ledger in financial accounting (11th commerce)
Ledger in financial accounting (11th commerce)Yamini Kahaliya
油
This presentation is on ledger which is the topic of financial accounting. it contents details about following points. There are:-
1. Meaning of ledger
2. Need & Importance of ledger
3. Advantage of Ledger
4. Difference b/w Journal & ledger
5. Format of ledger
6. Rules of posting
7. Illustrations
8. Exercise
Double entry systme
Double entry systmeAsian Institute of Virtual Learning
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After reading this topic you should be able to understand
1-Double Entry System
2- Accounts and their classification
3- Rules of Debit and CreditLedger
LedgerJosephin Remitha M
油
This document defines key concepts related to ledgers. It begins with defining a ledger as a summary of all transactions relating to an account over a period of time, showing the net effect. It then provides a flow chart and discusses the utilities of ledgers, including providing quick information on accounts, controlling transactions, preparing trial balances and financial statements. The document also covers the format of ledger accounts, the distinction between journals and ledgers, and the procedures for posting transactions to ledgers, including opening entries, compound entries, and balancing accounts.Recording Transactions
Recording TransactionsAlamgir Alwani
油
This document discusses key concepts in accounting, including the double-entry system, T-accounts, journal entries, posting transactions, closing revenue and expense accounts, preparing trial balances, and correcting errors. It also covers how computers have transformed accounting data processing.Basics of Finance and Accounts
Basics of Finance and AccountsDr. Sushil Bansode
油
This document provides an overview of key concepts in finance and accounting, including:
1. It defines financial accounting as the process of recording business transactions and preparing financial statements like the income statement and balance sheet.
2. Accounting principles and concepts are discussed, such as the business entity concept and matching principle. Conventions like conservatism are also covered.
3. Basic bookkeeping elements are introduced, including journals, ledgers, trial balances, and how final accounts like trading, profit and loss, and balance sheets are prepared.
4. The document distinguishes between financial and management accounting.
5. Cost accounting concepts are outlined, including different types of costs, cost statements, work-
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Business transactions involve the exchange of value, such as goods or services for money, between two or more entities. There are two main types of transactions: cash transactions involving an exchange of cash, and credit transactions where payment is promised at a future date. Capital refers to the value invested in a business by its owner, while drawings refer to amounts withdrawn by the owner. Assets are items owned by a business that have value, and liabilities are amounts owed to outside parties. Revenue is the income generated from sales or services, while expenses are costs incurred to generate that revenue.Accounting basics
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Accounting is defined as the art of Recording, Classifying and Summarizing transactions in monetary terms (in Money terms) for preparation of Financial Statements
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Accounting, is an information system is the process of identifying, measuring and communicating the economic information of an organization to its users who need the information for decision making.Accounting process
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The accounting process involves collecting documents, posting journal entries, transferring balances to ledger accounts, preparing a trial balance, making adjustments, creating an adjusted trial balance, preparing financial statements, making post-closing entries, and generating a post-closing trial balance. Source documents are collected and analyzed throughout the accounting period. Journal entries are posted using double entry accounting. Ledger accounts track debit and credit balances. An initial trial balance is prepared, then adjustment entries are made and an adjusted trial balance is created to develop financial statements showing the firm's profits, losses, and financial health. Finally, revenue and expense accounts are closed out and balances transferred in post-closing entries.Trial balance ppt
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A trial balance is a financial statement that lists the debit and credit balances of all accounts in the general ledger. It is prepared to check the arithmetic accuracy of the ledger accounts and help detect errors. The trial balance is not a conclusive proof of accuracy as certain errors may remain undetected even if the debit and credit totals match. Common errors include omissions, incorrect postings, or wrong account balances. If errors cannot be found, a suspense account is used to temporarily balance the trial balance.Journal Entries
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Here are the journal entries for the transactions:
Jan 1: Capital 80,000
To Cash 80,000
(Commenced business with cash)
Jan 2: Bank 40,000
To Cash 40,000
(Deposited cash in bank)
Jan 3: Purchases 5,000
To Cash 5,000
(Purchased goods by paying cash)
Jan 4: Purchases 10,000
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1 introduction to financial accounting
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This presentation talks about Meaning, of accounting, distinction between book keeping and accounting, Branches of accounting, Objectives of accounting, Uses and users of accounting information, Advantages of Accounting, Is accounting a science or an art, double entry system of financial accounting, limitations of financial accounting, important terms, journal entry, accounting concepts and conventionsRectification of errors with accounting terms
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This document discusses various types of accounting errors and how to rectify them. It outlines two main types of errors: two-sided errors, which do not affect the trial balance, and one-sided errors, which do affect the trial balance. Two-sided errors include errors of omission, commission, original entry, principle, and compensating errors. One-sided errors require using a suspense account to rectify. The document provides examples for each type of error and explains how to make the correcting journal entries to rectify the errors.Double entry system
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It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.accounting process
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The document provides an overview of the accounting process. It defines accounting and discusses its key principles and concepts. It describes the different branches and types of accounting. It then explains the accounting process which involves identifying transactions, preparing documents, recording transactions in a journal, posting to ledgers, preparing trial balances and final accounts such as profit and loss statements and balance sheets. It also discusses the different books of accounts used such as journals, ledgers and trial balances. Finally, it covers accounting systems and basics such as debits and credits, types of accounts and how to prepare and balance accounts.Account
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The document discusses the Trading Profit and Loss Account, which is prepared annually to show a business's trading activities and determine its profit over the year. It has two parts: the Trading Account, which summarizes information on goods bought, sold and returned; and the Profit and Loss Account, which shows costs incurred and calculates gross and net profit. The document provides examples of key items included in each account, such as purchases, sales, opening/closing stock, expenses, and gross/net profit.Final Accounts
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The document discusses the preparation of final accounts, which includes three financial statements: (i) the trading account, which shows gross profit/loss; (ii) the profit and loss account, which shows net profit/loss; and (iii) the balance sheet, which shows the financial position. It provides details on what each statement shows and their importance. The trading account is the first stage and shows gross profit/loss. The profit and loss account indicates net profit/loss after deducting all expenses. The balance sheet presents the sources and uses of funds on a particular date. Final accounts are important to understand business results, financial position, and for tasks like getting loans.Accounting Cycle
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2. Need & Importance of ledger
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5. Format of ledger
6. Rules of posting
7. Illustrations
8. Exercise
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Title:
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Description:
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Other Link :
1.Introduction to computer network - /slideshow/lecture-notes-introduction-to-computer-network/274183454
2. Physical Layer - /slideshow/lecture-notes-unit-ii-the-physical-layer/274747125
3. Data Link Layer Part 1 : /slideshow/lecture-notes-unit-iii-the-datalink-layer/275288798
Target Audience:
Final year B.Sc. Computer Science students at Alagappa University seeking a solid foundation in Computer Network principles for academic.
About the Author:
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Accounting process
- 1. Dr. RACHAKONDA SRIKANTH Assistant Professor of Commerce
- 2. ACCOUNTING PROCESS Accounting process also called as Accounting cycle Accounting cycle is a process of a complete sequence of accounting procedures in appropriate order during each accounting period. Accounting process is a combination of a series of activities that begin when a transaction takes place and ends with its inclusion in the financial statements at the end of the accounting period.
- 4. 1. Identifying and Analyzing Business Transactions The accounting process starts with identifying and analyzing business transactions. Only those that pertain to the business entity are included in the process.
- 5. 2. Recording in the Journals A journal is a book in which transactions are recorded at first. Hence, it is called book of prime entry or original entry. Business transactions are recorded in the form of journal entries by using the double-entry bookkeeping system. Each entry has at least two accounts (one debited and one credited). The process of recording transaction in the book journal is called as Journalising. Transactions are recorded in chronological order and as they occur.
- 6. 3. Posting into Ledger It is also known as the principal book of accounts as well as the book of final entry. It is a book in which all ledger accounts and related monetary transactions are posted and maintained in a summarized and classified form. It is a permanent record of all transactions. it helps in the creation of trial balance. The process of transforming journal entries to Ledger is called as Posting
- 7. 4. Balance of Accounts At the end of every accounting year all the accounts which are operated in the ledger book are closed, totalled and balanced. Balancing of ledgers means finding the difference between the total of debit side and total of credit side of a particular account total difference should be recorded on the lesser side of an account.
- 8. 5. Preparation of Trial Balance Trial Balance is a statement in which the balances of all ledger accounts are assembled into debit and credit columns T.B. is a base for the preparation of financial statements the objective is to preparation of T.B. is to check the arithmetical accuracy of the ledger accounts. If there is any difference between the totals of debit columns and credit column , should be transferred temporarily Suspense account It helps to rectify the mistakes or errors.
- 9. 6. Preparation of Financial statements It is the last stage in the accounting cycle It includes trading, profit and loss account, and balance sheet. Trading account: It helps in determining the gross profit or gross loss of a business concern, made strictly out of trading activities means buying and selling activities. It considers only direct expenses.
- 10. Profit and Loss account: It is opened by recording the gross profit on the credit side or gross loss on the debit side. It records only indirect expenses and indirect incomes It finds Net Profit or Net Loss of a business enterprise Both trading and profit and loss accounts shows operational performance of business Balance Sheet: It is a statement and shows the financial position of a business It shows business's net worth at the end Assets = Liabilities + Equity