rahul jauhari tally

ACCOUNTING : 

ACCOUNTING RAHUL JAUHARI

BOOK KEEPING: 

BOOK KEEPING Book keeping is a recording of the financial transaction of a business in a chronological order so that information relating to them can be easily obtained.

Accounting: 

Accounting “Accounting is an art to record, categorized & summaries the transaction which are of financial nature”.

PowerPoint Presentation: 

Recording:- Entering each business transaction into journal book. Categories:- posting journal entries into a ledger book. Summary:- preparing final account “Accounting is the language of business”.

Requirement of Accounting: 

Requirement of Accounting Records rather then memory. Help in taxation legal need(as proof) communication of financial result with varies group & users- internal users (company employee) external users(public, consumer) direct users (share holder) indirect users (government)

PowerPoint Presentation: 

Fixing responsibility. Forecasting & decision making. evaluation of profit & loss Sale of business.

Accounting process: 

Accounting process Journal ledger trial balance(summary) final A/c

Final Account: 

Final Account Trading A/c Direct ex. Direct in. Gross prof. Gross loss P & l A/c Indirect ex. Indirect in. Net profit Net loss Balance sheet Liabilities Asset

Accounting Concept: 

Accounting Concept Going concern concept (long term & machine, asset) Business entity concept Money measurement concept Dual concept Cost concept (d & In expenses) Periodic concept (year base pr)

Going concern concept: 

Going concern concept Based on the continuity of activity of assumption. It assumes that business that business will exist for on indefinite period of time. There are many business organization which are been in existence from more than a centaury even through the owners have been changed or in spite of heavy losses year after year. i.e.-ESSAR,OASIS,JAGAUR

PowerPoint Presentation: 

It provides a sound basis for proper income or profit measurement. It means item which provide future economic benefit or which are recorded as fixed assets rather than expenses because of going concern assumption. This assumption is of great help to the investor.

Business Entity concept: 

Business Entity concept Entity is something that exists separately from other things and has a clear identity of own. According to the concept, business and business man are two separate and district accounting entities. According to some persons this concept is also known as the concept of an ‘enterprise’ and Is one of the control concept of the accounting.

Money measurement concept: 

Money measurement concept The money measurement concept is based on assumption that all business transaction are expressed and record in money. Account only record only those transaction that are expressed or measured in money or can be translate d in term of money. Money is common measuring on it which make it possible to record and dissimilar or facts , event and transaction about business enterprise In the absence of common measurement unit. i.e.-it is not possible to add or subtract various.

Dual Aspect Concept: 

Dual Aspect Concept Every transaction has equal impact on two opposite side expressed in terms of debit and credit.

Cost Concept : 

Cost Concept The expenses made an purchase of any item or good are included entities cost.

Periodic concept: 

Periodic concept Only the transaction falling with the current accounting period shall be recorded in the book .

Accounting limitation : 

Accounting limitation Non monetary events are omitted Fixed assets recorded at original coast Accounting info. Based on estimates. Don’t display real picture of management Historical in nature Personal bias of accountant affect the accounting statements.

PowerPoint Presentation: 

Branches of Accounting Final accounting Cost accounting Management accounting

PowerPoint Presentation: 

Accounting convention consistency Materiality conservatism Full disclosure

Double entry system(2effect): 

Double entry system(2effect) Every business transaction has two fold effect & it affects 2 accounts in opposite direction for every transaction it is mandatory to debit one & credit other account. This is known as double entry system.

Type of Transaction: 

Type of Transaction cash credit Non – cash Like- Depreciation Adjustment

Account: 

Account Record of individual item is called an account. It is a