SlideShare une entreprise Scribd logo

Introduction to financial accounting ( Simple understanding of financial accounting)

•Télécharger en tant que PPT, PDF•
•
Dr. Sanjay Sawant Dessai
Dr. Sanjay Sawant Dessai

Introduction to financial accounting. This presentation will help students to understand financial accounting in simple way , it covers basics of financial accounting process

Économie & financeBusiness
1  sur  10
Introduction to financial accounting By. Dr. Sanjay P Sawant Dessai Associate Professor VVMs Shree Damodar College of Commerce and Economics Margao Goa sanjaydessai@gmail.com 06/07/13 sanjaydessai@gmail.com 1
What is Accounting • Accounting is ---Reporting • Reporting through ---Financial Statements Financial statements are • Profit and loss Account / Income statement • Balance Sheet • Cash Flow Statement 06/07/13 sanjaydessai@gmail.com 2
Financial Accounting Definition American Institute of certified public Accountant defines accounting as “Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money, transaction and events which are, in part at least, of a financial character and interpreting the results thereof ” 06/07/13 sanjaydessai@gmail.com 3
Accounting • Art • Record • Transaction/Event • Monetary terms (money) • Financial Character • Classification • Summary & • Interpretation of results 06/07/13 sanjaydessai@gmail.com 4
Items disclosed in financial statements • Assets • Liabilities • Incomes / Gains • Expenses / Losses • Equity (Capital) • (Personal, Real and Nominal Accounts ) 06/07/13 sanjaydessai@gmail.com 5
Types of Accounts • Personal Accounts - Assets and liabilities • Real Accounts – Assets • Nominal Accounts - Incomes and expenses 06/07/13 sanjaydessai@gmail.com 6
Process of Accounting (Preparation of financial statements) 1. Transaction / event 2. Documentary evidence / Voucher 3. Journal /Subsidiary books 4. Ledger 5. Balancing / Totaling 6. Trial balance 7. Financial statements 06/07/13 sanjaydessai@gmail.com 7
Journal /Subsidiary books- Primary Books 1. Purchase Book 2. Sales Book 3. Purchase Return 4. Sales Return 5. Cash book 6. Bills Receivable Book 7. Bills Payable Book 8. Journal Proper 06/07/13 sanjaydessai@gmail.com 8
Reporting financial information on following 1. Sales 2. Purchases 3. Expenses 4. Incomes 5. Profits 6. Losses 7. Capital 8. Liabilities 9. Assets 10. Reserves 11. Loans and advances 12. Investment 13. Debtors 14. Creditors 06/07/13 sanjaydessai@gmail.com 9
Parties interested in financial information 1. Owners /Investors 2. Management 3. Potential investors 4. Suppliers and other creditors 5. Lenders (banks a 6. Employees 7. Government and other agencies 8. Public 9. Customers 06/07/13 sanjaydessai@gmail.com 10

Recommandé

BASIC ACCOUNTING
BASIC ACCOUNTINGBASIC ACCOUNTING
BASIC ACCOUNTINGRicko Mata
 
Financial accounting
Financial accountingFinancial accounting
Financial accountingReba Das
 
Ledger
LedgerLedger
LedgerJosephin Remitha M
 
Accounting basics
Accounting basicsAccounting basics
Accounting basicsRITESH KUMAR SINGH
 
Financial Accounts with Adjustments
Financial Accounts with AdjustmentsFinancial Accounts with Adjustments
Financial Accounts with AdjustmentsAmir Sharif Chishti
 
Basic concept of accounting
Basic concept of accountingBasic concept of accounting
Basic concept of accountingbadsharc
 
Incomplete records
Incomplete recordsIncomplete records
Incomplete recordsSanjaya Jayasundara
 
Account
AccountAccount
AccountNiyati Mehta
 

Recommandé

BASIC ACCOUNTING
BASIC ACCOUNTINGBASIC ACCOUNTING
BASIC ACCOUNTINGRicko Mata
 
Financial accounting
Financial accountingFinancial accounting
Financial accountingReba Das
 
Ledger
LedgerLedger
LedgerJosephin Remitha M
 
Accounting basics
Accounting basicsAccounting basics
Accounting basicsRITESH KUMAR SINGH
 
Financial Accounts with Adjustments
Financial Accounts with AdjustmentsFinancial Accounts with Adjustments
Financial Accounts with AdjustmentsAmir Sharif Chishti
 
Basic concept of accounting
Basic concept of accountingBasic concept of accounting
Basic concept of accountingbadsharc
 
Incomplete records
Incomplete recordsIncomplete records
Incomplete recordsSanjaya Jayasundara
 
Account
AccountAccount
AccountNiyati Mehta
 
Ppt 1 introduction to accounting
Ppt 1 introduction to accountingPpt 1 introduction to accounting
Ppt 1 introduction to accountingDr.Padma Shankar
 
Single entry system
Single entry systemSingle entry system
Single entry systemRossy Mathur
 
Topic 6 subsidiary books i
Topic 6 subsidiary books iTopic 6 subsidiary books i
Topic 6 subsidiary books iSrinivas Methuku
 
accounting process
accounting processaccounting process
accounting processManish Tiwari
 
Accounting cycle
Accounting cycleAccounting cycle
Accounting cycleKulbeer Bumrah
 
Basics of financial accounting
Basics of financial accountingBasics of financial accounting
Basics of financial accountingVisakhapatnam
 
Xii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure AccountXii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure AccountByju Antony
 
Ppt introduction to account
Ppt introduction to accountPpt introduction to account
Ppt introduction to accountDONBOSCO INSTITUTE OF BIOSCIENCES AND MANAGEMENT STUDIES
 
Accounting process
Accounting processAccounting process
Accounting processrohit kashyap
 
Introduction to Basic Accounting Concept
Introduction to Basic Accounting ConceptIntroduction to Basic Accounting Concept
Introduction to Basic Accounting ConceptKamrul Hasan
 
Basics of accounts
Basics of accountsBasics of accounts
Basics of accountsAnup Suchak
 
accounting
accounting accounting
accounting christian
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accountingAswin prakash i , Xantus Technologies
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accountingVishal Kukreja
 
Aa basic accounting
Aa basic accountingAa basic accounting
Aa basic accountingmrsamba8855
 
Double entry system
Double entry systemDouble entry system
Double entry systemRaJesh Thakur
 
Bookkeeping and accountancy 2
Bookkeeping and accountancy 2Bookkeeping and accountancy 2
Bookkeeping and accountancy 2kompal23
 
Control accounts
Control accountsControl accounts
Control accountsSanjaya Jayasundara
 
Trial balance and rectification of errors
Trial balance and rectification of errorsTrial balance and rectification of errors
Trial balance and rectification of errorsItisha Sharma
 
Introduction to Accounting
Introduction to AccountingIntroduction to Accounting
Introduction to AccountingDr. Bhavik Shah
 
Introduction to financial accounting
Introduction to financial accountingIntroduction to financial accounting
Introduction to financial accountingNayyar Kazmi
 
Power Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and PrinciplesPower Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and Principlesjinulazer
 

Contenu connexe

Tendances

Ppt 1 introduction to accounting
Ppt 1 introduction to accountingPpt 1 introduction to accounting
Ppt 1 introduction to accountingDr.Padma Shankar
 
Single entry system
Single entry systemSingle entry system
Single entry systemRossy Mathur
 
Topic 6 subsidiary books i
Topic 6 subsidiary books iTopic 6 subsidiary books i
Topic 6 subsidiary books iSrinivas Methuku
 
Basics of financial accounting
Basics of financial accountingBasics of financial accounting
Basics of financial accountingVisakhapatnam
 
Xii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure AccountXii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure AccountByju Antony
 
Introduction to Basic Accounting Concept
Introduction to Basic Accounting ConceptIntroduction to Basic Accounting Concept
Introduction to Basic Accounting ConceptKamrul Hasan
 
Basics of accounts
Basics of accountsBasics of accounts
Basics of accountsAnup Suchak
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accountingVishal Kukreja
 
Aa basic accounting
Aa basic accountingAa basic accounting
Aa basic accountingmrsamba8855
 
Bookkeeping and accountancy 2
Bookkeeping and accountancy 2Bookkeeping and accountancy 2
Bookkeeping and accountancy 2kompal23
 
Trial balance and rectification of errors
Trial balance and rectification of errorsTrial balance and rectification of errors
Trial balance and rectification of errorsItisha Sharma
 
Introduction to Accounting
Introduction to AccountingIntroduction to Accounting
Introduction to AccountingDr. Bhavik Shah
 

Tendances (20)

Ppt 1 introduction to accounting
Ppt 1 introduction to accountingPpt 1 introduction to accounting
Ppt 1 introduction to accounting
 
Single entry system
Single entry systemSingle entry system
Single entry system
 
Topic 6 subsidiary books i
Topic 6 subsidiary books iTopic 6 subsidiary books i
Topic 6 subsidiary books i
 
accounting process
accounting processaccounting process
accounting process
 
Accounting cycle
Accounting cycleAccounting cycle
Accounting cycle
 
Basics of financial accounting
Basics of financial accountingBasics of financial accounting
Basics of financial accounting
 
Xii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure AccountXii acc chapter 1 Income and Expenditure Account
Xii acc chapter 1 Income and Expenditure Account
 
Ppt introduction to account
Ppt introduction to accountPpt introduction to account
Ppt introduction to account
 
Accounting process
Accounting processAccounting process
Accounting process
 
Introduction to Basic Accounting Concept
Introduction to Basic Accounting ConceptIntroduction to Basic Accounting Concept
Introduction to Basic Accounting Concept
 
Basics of accounts
Basics of accountsBasics of accounts
Basics of accounts
 
accounting
accounting accounting
accounting
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accounting
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accounting
 
Aa basic accounting
Aa basic accountingAa basic accounting
Aa basic accounting
 
Double entry system
Double entry systemDouble entry system
Double entry system
 
Bookkeeping and accountancy 2
Bookkeeping and accountancy 2Bookkeeping and accountancy 2
Bookkeeping and accountancy 2
 
Control accounts
Control accountsControl accounts
Control accounts
 
Trial balance and rectification of errors
Trial balance and rectification of errorsTrial balance and rectification of errors
Trial balance and rectification of errors
 
Introduction to Accounting
Introduction to AccountingIntroduction to Accounting
Introduction to Accounting
 

En vedette

Introduction to financial accounting
Introduction to financial accountingIntroduction to financial accounting
Introduction to financial accountingNayyar Kazmi
 
Power Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and PrinciplesPower Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and Principlesjinulazer
 
Financial accounting concepts
Financial accounting conceptsFinancial accounting concepts
Financial accounting conceptsShyama Shankar
 
Financial Accounting
Financial AccountingFinancial Accounting
Financial Accountingashu1983
 
Chapter 1: Fundamentals of Accounting
Chapter 1: Fundamentals of AccountingChapter 1: Fundamentals of Accounting
Chapter 1: Fundamentals of AccountingAfzalur Rahman
 
Financial accounting-
Financial accounting-Financial accounting-
Financial accounting-Khalid Aziz
 
Important question of business tax for Bcom Part 2
Important question of business tax for Bcom Part 2Important question of business tax for Bcom Part 2
Important question of business tax for Bcom Part 2ali0323
 
Normal rates of tax for individual for assessment year 2016 17
Normal rates of tax for individual for assessment year 2016 17Normal rates of tax for individual for assessment year 2016 17
Normal rates of tax for individual for assessment year 2016 17Dr. Sanjay Sawant Dessai
 
Ratio analysis - Financial ratios for B Com students
Ratio analysis - Financial ratios for B Com students Ratio analysis - Financial ratios for B Com students
Ratio analysis - Financial ratios for B Com students Dr. Sanjay Sawant Dessai
 
Business Taxation Notes
Business Taxation NotesBusiness Taxation Notes
Business Taxation Notesjitendrasangle
 
Accounting Concepts and Principles with Examples
Accounting Concepts and Principles with ExamplesAccounting Concepts and Principles with Examples
Accounting Concepts and Principles with ExamplesRahul's Ventures
 
Accounting formula
Accounting formulaAccounting formula
Accounting formulahananmemon
 
Introduction to financial accounting
Introduction to financial accountingIntroduction to financial accounting
Introduction to financial accountingAbhishek Eraiah
 

En vedette (17)

Introduction to financial accounting
Introduction to financial accountingIntroduction to financial accounting
Introduction to financial accounting
 
Power Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and PrinciplesPower Point Presentation on Accounting Concepts and Principles
Power Point Presentation on Accounting Concepts and Principles
 
Financial accounting concepts
Financial accounting conceptsFinancial accounting concepts
Financial accounting concepts
 
Financial Accounting
Financial AccountingFinancial Accounting
Financial Accounting
 
Chapter 1: Fundamentals of Accounting
Chapter 1: Fundamentals of AccountingChapter 1: Fundamentals of Accounting
Chapter 1: Fundamentals of Accounting
 
Financial accounting-
Financial accounting-Financial accounting-
Financial accounting-
 
Important question of business tax for Bcom Part 2
Important question of business tax for Bcom Part 2Important question of business tax for Bcom Part 2
Important question of business tax for Bcom Part 2
 
Cash Flow Statement
Cash Flow StatementCash Flow Statement
Cash Flow Statement
 
Computation of income from other sources
Computation of income from other sourcesComputation of income from other sources
Computation of income from other sources
 
Normal rates of tax for individual for assessment year 2016 17
Normal rates of tax for individual for assessment year 2016 17Normal rates of tax for individual for assessment year 2016 17
Normal rates of tax for individual for assessment year 2016 17
 
Ratio analysis - Financial ratios for B Com students
Ratio analysis - Financial ratios for B Com students Ratio analysis - Financial ratios for B Com students
Ratio analysis - Financial ratios for B Com students
 
Business Taxation Notes
Business Taxation NotesBusiness Taxation Notes
Business Taxation Notes
 
Accounting Concepts and Principles with Examples
Accounting Concepts and Principles with ExamplesAccounting Concepts and Principles with Examples
Accounting Concepts and Principles with Examples
 
Practical Accounting
Practical AccountingPractical Accounting
Practical Accounting
 
Accounting formula
Accounting formulaAccounting formula
Accounting formula
 
Introduction to financial accounting
Introduction to financial accountingIntroduction to financial accounting
Introduction to financial accounting
 
1.1 What is Accounting?
1.1 What is Accounting?1.1 What is Accounting?
1.1 What is Accounting?
 

Similaire à Introduction to financial accounting ( Simple understanding of financial accounting)

Book Keeping.pptx
Book Keeping.pptxBook Keeping.pptx
Book Keeping.pptxWSARANYA
 
Fundamental of Accounting.pdf
Fundamental of Accounting.pdfFundamental of Accounting.pdf
Fundamental of Accounting.pdfUmaMageshwari53
 
Financial Accounting
Financial AccountingFinancial Accounting
Financial AccountingNandhakumar M
 
PPT ON INTRODUCTION TO ACCOUNTING - 1
PPT ON INTRODUCTION TO ACCOUNTING - 1PPT ON INTRODUCTION TO ACCOUNTING - 1
PPT ON INTRODUCTION TO ACCOUNTING - 1Jayanta Biswal
 
Accounting for Entrepreneurs
Accounting for EntrepreneursAccounting for Entrepreneurs
Accounting for EntrepreneursGOL_Academic
 
Cambridge o level introduction to accounting
Cambridge o level introduction to accountingCambridge o level introduction to accounting
Cambridge o level introduction to accountingSanjaya Jayasundara
 
Accounting process
Accounting process Accounting process
Accounting process Atul Palve
 
INTRODUCTION TO ACCOUNTANCY
INTRODUCTION TO ACCOUNTANCYINTRODUCTION TO ACCOUNTANCY
INTRODUCTION TO ACCOUNTANCYYamini Kahaliya
 
Introduction of accounting
Introduction of accountingIntroduction of accounting
Introduction of accountingNandhakumar M
 
Block1 1 why does accounting matter
Block1 1 why does accounting matterBlock1 1 why does accounting matter
Block1 1 why does accounting matterÁngel Martín Soto
 
Journal Entries Que and it answers .pptx
Journal Entries Que and it answers .pptxJournal Entries Que and it answers .pptx
Journal Entries Que and it answers .pptxsreeja704563
 
Accounting for entrepreneurs
Accounting for entrepreneursAccounting for entrepreneurs
Accounting for entrepreneursMostafa Mahmoud
 
Accounting for entrepreneurs
Accounting for entrepreneursAccounting for entrepreneurs
Accounting for entrepreneursMostafa Mahmoud
 

Similaire à Introduction to financial accounting ( Simple understanding of financial accounting) (20)

Book Keeping.pptx
Book Keeping.pptxBook Keeping.pptx
Book Keeping.pptx
 
Fundamental of Accounting.pdf
Fundamental of Accounting.pdfFundamental of Accounting.pdf
Fundamental of Accounting.pdf
 
An Introduction to Financial Management and Reporting
An Introduction to Financial Management and Reporting An Introduction to Financial Management and Reporting
An Introduction to Financial Management and Reporting
 
Financial Accounting
Financial AccountingFinancial Accounting
Financial Accounting
 
Introduction to accounting
Introduction to accountingIntroduction to accounting
Introduction to accounting
 
PPT ON INTRODUCTION TO ACCOUNTING - 1
PPT ON INTRODUCTION TO ACCOUNTING - 1PPT ON INTRODUCTION TO ACCOUNTING - 1
PPT ON INTRODUCTION TO ACCOUNTING - 1
 
Accounting Resume 2015
Accounting Resume 2015Accounting Resume 2015
Accounting Resume 2015
 
Accounting for Entrepreneurs
Accounting for EntrepreneursAccounting for Entrepreneurs
Accounting for Entrepreneurs
 
Cambridge o level introduction to accounting
Cambridge o level introduction to accountingCambridge o level introduction to accounting
Cambridge o level introduction to accounting
 
Accounting process
Accounting process Accounting process
Accounting process
 
B1 - Introduction carrefour
B1 - Introduction carrefourB1 - Introduction carrefour
B1 - Introduction carrefour
 
AAUP 2017: "Finances for Everyone"
AAUP 2017: "Finances for Everyone"AAUP 2017: "Finances for Everyone"
AAUP 2017: "Finances for Everyone"
 
INTRODUCTION TO ACCOUNTANCY
INTRODUCTION TO ACCOUNTANCYINTRODUCTION TO ACCOUNTANCY
INTRODUCTION TO ACCOUNTANCY
 
ACCOUNTING
ACCOUNTINGACCOUNTING
ACCOUNTING
 
Introduction of accounting
Introduction of accountingIntroduction of accounting
Introduction of accounting
 
Block1 1 why does accounting matter
Block1 1 why does accounting matterBlock1 1 why does accounting matter
Block1 1 why does accounting matter
 
Journal Entries Que and it answers .pptx
Journal Entries Que and it answers .pptxJournal Entries Que and it answers .pptx
Journal Entries Que and it answers .pptx
 
Fmi
FmiFmi
Fmi
 
Accounting for entrepreneurs
Accounting for entrepreneursAccounting for entrepreneurs
Accounting for entrepreneurs
 
Accounting for entrepreneurs
Accounting for entrepreneursAccounting for entrepreneurs
Accounting for entrepreneurs
 

Plus de Dr. Sanjay Sawant Dessai

India Budget 2024 25. Highlights of budgeted expediture
India Budget 2024 25. Highlights of budgeted expeditureIndia Budget 2024 25. Highlights of budgeted expediture
India Budget 2024 25. Highlights of budgeted expeditureDr. Sanjay Sawant Dessai
 
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa Dr. Sanjay Sawant Dessai
 
Computation of income from house property
Computation of income from house property Computation of income from house property
Computation of income from house property Dr. Sanjay Sawant Dessai
 
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa Dr. Sanjay Sawant Dessai
 
Performance of sensex ( index) companes over period of one year
Performance of sensex ( index) companes over period of one year Performance of sensex ( index) companes over period of one year
Performance of sensex ( index) companes over period of one year Dr. Sanjay Sawant Dessai
 
Filing of income tax return for financial year 2017
Filing of income tax return for financial year 2017Filing of income tax return for financial year 2017
Filing of income tax return for financial year 2017Dr. Sanjay Sawant Dessai
 
Permissible deductions from gross total income
Permissible deductions from gross total income Permissible deductions from gross total income
Permissible deductions from gross total income Dr. Sanjay Sawant Dessai
 
Computation of profits & gains of business or profession
Computation of profits & gains of business or professionComputation of profits & gains of business or profession
Computation of profits & gains of business or professionDr. Sanjay Sawant Dessai
 
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...Income exempted under section 10 of Income tax Act 1961 for assessment year 2...
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...Dr. Sanjay Sawant Dessai
 
Permissible deductions from gross total income chapter VI A - u/s 80C to 80U
Permissible deductions from gross total income chapter VI A - u/s 80C to 80UPermissible deductions from gross total income chapter VI A - u/s 80C to 80U
Permissible deductions from gross total income chapter VI A - u/s 80C to 80UDr. Sanjay Sawant Dessai
 
Computation of Capital Gains for Assessment year 2016-17
Computation of Capital Gains for Assessment year 2016-17Computation of Capital Gains for Assessment year 2016-17
Computation of Capital Gains for Assessment year 2016-17Dr. Sanjay Sawant Dessai
 
Computation of Income from House property
Computation of Income from House property Computation of Income from House property
Computation of Income from House property Dr. Sanjay Sawant Dessai
 
Goods and services tax in the indian context
Goods and services tax in the indian contextGoods and services tax in the indian context
Goods and services tax in the indian contextDr. Sanjay Sawant Dessai
 
Sensex companies price movement after demonetisation
Sensex companies price movement after demonetisationSensex companies price movement after demonetisation
Sensex companies price movement after demonetisationDr. Sanjay Sawant Dessai
 
NCC common syllabus for B and C certificate examination
NCC common syllabus for B and C certificate examination NCC common syllabus for B and C certificate examination
NCC common syllabus for B and C certificate examination Dr. Sanjay Sawant Dessai
 

Plus de Dr. Sanjay Sawant Dessai (20)

India Budget 2024 25. Highlights of budgeted expediture
India Budget 2024 25. Highlights of budgeted expeditureIndia Budget 2024 25. Highlights of budgeted expediture
India Budget 2024 25. Highlights of budgeted expediture
 
Introduction to National Cadet Corps
Introduction to National Cadet CorpsIntroduction to National Cadet Corps
Introduction to National Cadet Corps
 
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa
The Cuncolim Educational Society's College of Arts and Commerce Cuncolim Goa
 
Computation of income from house property
Computation of income from house property Computation of income from house property
Computation of income from house property
 
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa
Cuncolim Education Society's College of Arts and Commerce , Cuncolim Goa
 
Performance of sensex ( index) companes over period of one year
Performance of sensex ( index) companes over period of one year Performance of sensex ( index) companes over period of one year
Performance of sensex ( index) companes over period of one year
 
Basics of Cost Accounting
Basics of Cost AccountingBasics of Cost Accounting
Basics of Cost Accounting
 
Filing of income tax return for financial year 2017
Filing of income tax return for financial year 2017Filing of income tax return for financial year 2017
Filing of income tax return for financial year 2017
 
Computation of income from other souces
Computation of income from other soucesComputation of income from other souces
Computation of income from other souces
 
Income from house property
Income from house propertyIncome from house property
Income from house property
 
Permissible deductions from gross total income
Permissible deductions from gross total income Permissible deductions from gross total income
Permissible deductions from gross total income
 
Computation of profits & gains of business or profession
Computation of profits & gains of business or professionComputation of profits & gains of business or profession
Computation of profits & gains of business or profession
 
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...Income exempted under section 10 of Income tax Act 1961 for assessment year 2...
Income exempted under section 10 of Income tax Act 1961 for assessment year 2...
 
Permissible deductions from gross total income chapter VI A - u/s 80C to 80U
Permissible deductions from gross total income chapter VI A - u/s 80C to 80UPermissible deductions from gross total income chapter VI A - u/s 80C to 80U
Permissible deductions from gross total income chapter VI A - u/s 80C to 80U
 
Computation of Capital Gains for Assessment year 2016-17
Computation of Capital Gains for Assessment year 2016-17Computation of Capital Gains for Assessment year 2016-17
Computation of Capital Gains for Assessment year 2016-17
 
Computation of Income from House property
Computation of Income from House property Computation of Income from House property
Computation of Income from House property
 
Goods and services tax in the indian context
Goods and services tax in the indian contextGoods and services tax in the indian context
Goods and services tax in the indian context
 
Sensex companies price movement after demonetisation
Sensex companies price movement after demonetisationSensex companies price movement after demonetisation
Sensex companies price movement after demonetisation
 
NCC common syllabus for B and C certificate examination
NCC common syllabus for B and C certificate examination NCC common syllabus for B and C certificate examination
NCC common syllabus for B and C certificate examination
 
Service tax
Service taxService tax
Service tax
 

Dernier

Role of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxRole of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxNarayaniTripathi2
 
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...beulahfernandes8
 
Guard Your Investments- Corporate Defaults Alarm.pdf
Guard Your Investments- Corporate Defaults Alarm.pdfGuard Your Investments- Corporate Defaults Alarm.pdf
Guard Your Investments- Corporate Defaults Alarm.pdfJasper Colin
 
Unit 4.1 financial markets operations .pdf
Unit 4.1 financial markets operations .pdfUnit 4.1 financial markets operations .pdf
Unit 4.1 financial markets operations .pdfSatyamSinghParihar2
 
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》rnrncn29
 
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Amil baba
 
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Amil baba
 
10 QuickBooks Tips 2024 - Globus Finanza.pdf
10 QuickBooks Tips 2024 - Globus Finanza.pdf10 QuickBooks Tips 2024 - Globus Finanza.pdf
10 QuickBooks Tips 2024 - Globus Finanza.pdfglobusfinanza
 
INTERNATIONAL TRADE INSTITUTIONS[6].pptx
INTERNATIONAL TRADE INSTITUTIONS[6].pptxINTERNATIONAL TRADE INSTITUTIONS[6].pptx
INTERNATIONAL TRADE INSTITUTIONS[6].pptxaymenkhalfallah23
 
Global Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride ConsultingGlobal Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride Consultingswastiknandyofficial
 
cost of capital questions financial management
cost of capital questions financial managementcost of capital questions financial management
cost of capital questions financial managementtanmayarora23
 
2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGeckoCoinGecko
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...Amil baba
 
Financial Preparation for Millennia.pptx
Financial Preparation for Millennia.pptxFinancial Preparation for Millennia.pptx
Financial Preparation for Millennia.pptxsimon978302
 
Stock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfStock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfMichael Silva
 
Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Commonwealth
 
Overview of Inkel Unlisted Shares Price.
Overview of Inkel Unlisted Shares Price.Overview of Inkel Unlisted Shares Price.
Overview of Inkel Unlisted Shares Price.Precize Formely Leadoff
 
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderThe Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderArianna Varetto
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...amilabibi1
 

Dernier (20)

Role of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptxRole of Information and technology in banking and finance .pptx
Role of Information and technology in banking and finance .pptx
 
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...
Unveiling Poonawalla Fincorp’s Phenomenal Performance Under Abhay Bhutada’s L...
 
Guard Your Investments- Corporate Defaults Alarm.pdf
Guard Your Investments- Corporate Defaults Alarm.pdfGuard Your Investments- Corporate Defaults Alarm.pdf
Guard Your Investments- Corporate Defaults Alarm.pdf
 
Unit 4.1 financial markets operations .pdf
Unit 4.1 financial markets operations .pdfUnit 4.1 financial markets operations .pdf
Unit 4.1 financial markets operations .pdf
 
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
《加拿大本地办假证-寻找办理Dalhousie毕业证和达尔豪斯大学毕业证书的中介代理》
 
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
Uae-NO1 Black Magic Specialist In Lahore Black magic In Pakistan Kala Ilam Ex...
 
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
Uae-NO1 Rohani Amil In Islamabad Amil Baba in Rawalpindi Kala Jadu Amil In Ra...
 
10 QuickBooks Tips 2024 - Globus Finanza.pdf
10 QuickBooks Tips 2024 - Globus Finanza.pdf10 QuickBooks Tips 2024 - Globus Finanza.pdf
10 QuickBooks Tips 2024 - Globus Finanza.pdf
 
INTERNATIONAL TRADE INSTITUTIONS[6].pptx
INTERNATIONAL TRADE INSTITUTIONS[6].pptxINTERNATIONAL TRADE INSTITUTIONS[6].pptx
INTERNATIONAL TRADE INSTITUTIONS[6].pptx
 
Global Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride ConsultingGlobal Economic Outlook, 2024 - Scholaride Consulting
Global Economic Outlook, 2024 - Scholaride Consulting
 
cost of capital questions financial management
cost of capital questions financial managementcost of capital questions financial management
cost of capital questions financial management
 
2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko2024 Q1 Crypto Industry Report | CoinGecko
2024 Q1 Crypto Industry Report | CoinGecko
 
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
NO1 Certified Black Magic Specialist Expert In Bahawalpur, Sargodha, Sialkot,...
 
Financial Preparation for Millennia.pptx
Financial Preparation for Millennia.pptxFinancial Preparation for Millennia.pptx
Financial Preparation for Millennia.pptx
 
Stock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdfStock Market Brief Deck FOR 4/17 video.pdf
Stock Market Brief Deck FOR 4/17 video.pdf
 
Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]Economic Risk Factor Update: April 2024 [SlideShare]
Economic Risk Factor Update: April 2024 [SlideShare]
 
Overview of Inkel Unlisted Shares Price.
Overview of Inkel Unlisted Shares Price.Overview of Inkel Unlisted Shares Price.
Overview of Inkel Unlisted Shares Price.
 
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance LeaderThe Inspirational Story of Julio Herrera Velutini - Global Finance Leader
The Inspirational Story of Julio Herrera Velutini - Global Finance Leader
 
Q1 2024 Newsletter | Financial Synergies Wealth Advisors
Q1 2024 Newsletter | Financial Synergies Wealth AdvisorsQ1 2024 Newsletter | Financial Synergies Wealth Advisors
Q1 2024 Newsletter | Financial Synergies Wealth Advisors
 
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
Amil Baba In Pakistan amil baba in Lahore amil baba in Islamabad amil baba in...
 

Introduction to financial accounting ( Simple understanding of financial accounting)

  • 1. Introduction to financial accounting By. Dr. Sanjay P Sawant Dessai Associate Professor VVMs Shree Damodar College of Commerce and Economics Margao Goa sanjaydessai@gmail.com 06/07/13 sanjaydessai@gmail.com 1
  • 2. What is Accounting • Accounting is ---Reporting • Reporting through ---Financial Statements Financial statements are • Profit and loss Account / Income statement • Balance Sheet • Cash Flow Statement 06/07/13 sanjaydessai@gmail.com 2
  • 3. Financial Accounting Definition American Institute of certified public Accountant defines accounting as “Accounting is an art of recording, classifying and summarizing in a significant manner and in terms of money, transaction and events which are, in part at least, of a financial character and interpreting the results thereof ” 06/07/13 sanjaydessai@gmail.com 3
  • 4. Accounting • Art • Record • Transaction/Event • Monetary terms (money) • Financial Character • Classification • Summary & • Interpretation of results 06/07/13 sanjaydessai@gmail.com 4
  • 5. Items disclosed in financial statements • Assets • Liabilities • Incomes / Gains • Expenses / Losses • Equity (Capital) • (Personal, Real and Nominal Accounts ) 06/07/13 sanjaydessai@gmail.com 5
  • 6. Types of Accounts • Personal Accounts - Assets and liabilities • Real Accounts – Assets • Nominal Accounts - Incomes and expenses 06/07/13 sanjaydessai@gmail.com 6
  • 7. Process of Accounting (Preparation of financial statements) 1. Transaction / event 2. Documentary evidence / Voucher 3. Journal /Subsidiary books 4. Ledger 5. Balancing / Totaling 6. Trial balance 7. Financial statements 06/07/13 sanjaydessai@gmail.com 7
  • 8. Journal /Subsidiary books- Primary Books 1. Purchase Book 2. Sales Book 3. Purchase Return 4. Sales Return 5. Cash book 6. Bills Receivable Book 7. Bills Payable Book 8. Journal Proper 06/07/13 sanjaydessai@gmail.com 8
  • 9. Reporting financial information on following 1. Sales 2. Purchases 3. Expenses 4. Incomes 5. Profits 6. Losses 7. Capital 8. Liabilities 9. Assets 10. Reserves 11. Loans and advances 12. Investment 13. Debtors 14. Creditors 06/07/13 sanjaydessai@gmail.com 9
  • 10. Parties interested in financial information 1. Owners /Investors 2. Management 3. Potential investors 4. Suppliers and other creditors 5. Lenders (banks a 6. Employees 7. Government and other agencies 8. Public 9. Customers 06/07/13 sanjaydessai@gmail.com 10