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Title: Basics of Accounting
Description: Introduction of Accounting and concepts of accounting. It is very useful and helps in understanding the broader concept of accounting.
Description: Introduction of Accounting and concepts of accounting. It is very useful and helps in understanding the broader concept of accounting.
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What are Accounting &
Finance ?
Accounting
- Concerned with collecting, analysing and
communicating financial information
...
Role
Users
Management Internal Managers
Decisions
Planning
Directing
Controlling
Preferred Characteristics
Measure Inputs and Outputs
Timeliness
Identify Responsibility
Forward-Looking
Financial
Shareholders
Creditors
Other External
Users
Investment
Credit
Verifiable
Measure Organizational Value
Measure Risk of Organization
Consistent with IFRS
Tax
Taxing Authorities
Tax Liability Verifiable
Measure Past Income
Comparison
Financial Accounting
Management Accounting
External persons who
make financial decisions
Managers who plan for
and control an organization
Historical perspective
Future emphasis
3
...
Precision versus
timeliness
Emphasis on
precision
Emphasis on
timeliness
Primary focus is on
the whole organization
Focuses on segments
of an organization
Must follow IFRS or
and prescribed formats
Need not follow IFRS
or any prescribed format
Mandatory for
external reports
Not
Mandatory
1
...
Time focus
5
...
Accounting
Standards
7
...
g
...
g
...
g
...
g
...
g
...
Interrelationship between
the 3 Statements
Closing balance of Cash Flow Statement is included in
the cash or bank balance in the Statement of
Financial Position
...
Title: Basics of Accounting
Description: Introduction of Accounting and concepts of accounting. It is very useful and helps in understanding the broader concept of accounting.
Description: Introduction of Accounting and concepts of accounting. It is very useful and helps in understanding the broader concept of accounting.