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Introduction to accounting

Introduction to accounting



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Introduction:

Accounting has greater discipline than book keeping. It includes conceptual knowledge of the subject
and applications also.
BOOK KEEPING:-It involves journal, ledger, cash book and other subsidiary books, it cannot
disclose the results of Business.
Meaning of Accounting:-It is process of identifying, measuring, recording and communicating the
financial information.

Economic Events:-

All events which can be measured in monetary Terms are known as Economic events. (Salary paid to
employees, Goods purchased from creditors, cash withdrew from bank)

CHANGING ROLE OF ACCOUNTANCY

1. As a language to communicate information an enterprises.
2. To provide valuable information for judging management ability.
3. To provide quantitative information this is useful in economic decision.

BRANCHES OF ACCOUNTING

1.
Financial accounting (Book Keeping + preparation of financial statement).
2.
Cost accounting (Determines the unit cost at different level of production).
3.
Management accounting (It blends financial and cost accounting to get maximum profit
at maximum cost).
4.
Tax accounting (Sales tax and income tax).
5.
Social responsibility (Focus on social benefits)
Objectives of Accounting
1. Provides information in systematic way.
2. Enables to get profit or loss of business during certain profit.
3. Shows the actual position of the business.

BASIC ACCOUNTING TERMS

1. Entity:- It means existence of an individual which includes two things 1.Business entity
2. Non business entity.
2. Transactions: - Exchange of goods and services for consideration.
3.Assets:- These are properties or economic resources of an enterprises which can be expressed in
monetary terms it can be divided in two parts 1.Fixed assets( more than 1 year period) 2. Current
assets(less than 1 year period)
4. Liabilities:-These are certain obligations or dues which firm has to pay.
5. Capital: It is an essential investment for commencement of every business.
6. Sales: It can be credit or cash, in which goods are delivered to customers.
7. Revenues:-It is the amount which is earned by selling of products.
8. Expenses:-It is known as cost of assets consumed or services which used.
9. Expenditure:-It means spending money for some benefit.
10. Profit: - Excess of revenues over expenses is called profit.
11. Gain: - It generates from incidental transaction such as sales of fixed asset, winning of court case.

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