Jun 21, 2015
NEWS
CHESS
COLD
JOKE
AIM
DATE
EAT
PEN
SMILE
BYE
NEWS - NORTH EAST WEST SOUTH
CHESS - CHARIOT HORSE ELEPHANT SOLDIERS
COLD - CHRONIC OBSTRUCTIVE LUNG DISEASE
JOKE - JOY OF KIDS ENTERTAINMENT
AIM - AMBITION IN MIND
DATE - DAY & TIME EVOLUTION
EAT - ENERGY & TASTE
PEN - POWER ENRICHED IN NIB
SMILE - SWEET MEMORIES IN LIPS EXPRESSION
BYE - BE WITH YOU EVERY TIME.
BOOK KEEPING & ACCTG LIMITATIONS OF ACCOUNTING TYPES OF ACCOUNTING ACCOUNTING TERMS & DEFINITIONS ACCOUNTING CONCEPTS ACCOUNTING CONVENTIONS ACCOUNTING EQUATION BANK RECONCILIATION STATEMENT TRIAL BALANCE RULES OF ACCOUNTING RULES OF DEBIT AND CREDIT FIN STATEMENTS
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DOUBLE ENTRY SYS
FINANCIAL STATEMENTS
PROFIT & LOSS ACCOUNT
BALANCE SHEET
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BOOK KEEPING
OBJECTIVES OF FIN ACCTG
DEFINITIONS
SINGLE & DOUBLE ENTRY SYSTEM
RULES OF DOUBLE ENTRY SYS
FUNDS & GRANTS
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Recording of business transactions in a systematic manner in the books of account is called book-keeping.
Book- Keeping is concerned with recording of Financial data.
“The art of keeping a permanent record of business transactions is book keeping”.
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Accounting is identified with a system of recording of business transactions that creates economic information about business enterprises to facilitate decision making.
The function of accounting is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions.
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“It is the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organisation to the interested users of such information”.
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TO ASCERTAION ACCURATELY
PERFORMANCE DURING PERIOD
FINANCIAL POSN
MAINT CONT OVER ASSETS
CASH FLOW MGT & PLG
PROVIDING INFO TO GOVT AGENCIES & OTHER STAKE HOLDERS
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BASIS BOOK KEEPING ACCTG
NATURE Concerned with iden financial transactions; measuringthem in monetary terms; recording and classifying them.
concerned with summarizing the recorded transactions, interpreting them and communicating the results.
OBJ To maintain systematic recordsof financial transactions.
To ascertain business income and financial position by maint records of business transactions.
Function To record business transactions.So its scope is limited.
It is the recording, classifying,summarizing, interpreting business transactions and communicating the results. Thus its scope is quite wide.
Basis Vrs and other sp docus are necessary as evidence to record the business transactions
Book-keeping works as the basis for acctg info
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LEVEL OF KNOWLDGE
It is enough to have elementary Knowledge of accounting to do bookkeeping.
For accounting, advanced and in depthknowledge and understandingrequired.
RELATIONS
Book-keeping is the first step to accounting.
Accounting begins where bookkeepingends.
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FINANCIAL ACCOUNTING
COST ACCOUNTING
MANAGEMENT ACCOUNTING
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The word Accounting and Financial accounting are used interchangeably.
Concerned with recording the transactions of financial character, summarising and interpreting them and communicating the results to the users.
Ascertains profit earned or loss incurred during a period (usually one year as accounting year) and the financial position as on the date.
It can provide financial info required by the mgt and other parties.
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It analyses the expdr so as to ascertain the cost of various products manufactured by the firm and fix their selling prices.
It also helps in controlling the costs and providing necessary costing info to management for decision making.
Direct Costs.
In Direct Costs: Vacations, Holidays, Sick Lve, Health Ins, Taxes, Pension Costs, Eqpt Depreciation, etc
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It is concerned with info relating to funds, cost and profits, acqns of funds and Investment decisions, etc.
Basically, it is meant to assist the management in taking rational policy decisions and to evaluate the impact of its decisions and actions and assess the performance of various departments..
Uses both Financial Acctg & Cost acctg info.
This enables the management in decision making, pertaining to M & A, Expansion, Raising of funds, Cash flow Mgt & Investment decisions.
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