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  • Financial Accounting

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    Shashi Kiran
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    This document provides an overview of financial accounting. It outlines the key branches of accounting including financial accounting, cost accounting, and management accounting. It discusses the need for accounting to track profits, forecast finances, monitor financial health, and provide information to various internal and external users. The document also summarizes important accounting concepts like the going concern assumption, dual aspect concept, and accrual basis. It concludes by defining generally accepted accounting principles (GAAP) as the standard framework and guidelines used for financial reporting in a given jurisdiction.

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    Financial Accounting[1]

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    This document provides an overview of financial accounting. It outlines the key branches of accounting including financial accounting, cost accounting, and management accounting. It discusses the need for accounting to track profits, forecast finances, monitor financial health, and provide information to various internal and external users. The document also summarizes important accounting concepts like the going concern assumption, dual aspect concept, and accrual basis. It concludes by defining generally accepted accounting principles (GAAP) as the standard framework and guidelines used for financial reporting in a given jurisdiction.

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    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
    62 views9 pages

    Financial Accounting

    Uploaded by

    Shashi Kiran
    This document provides an overview of financial accounting. It outlines the key branches of accounting including financial accounting, cost accounting, and management accounting. It discusses the need for accounting to track profits, forecast finances, monitor financial health, and provide information to various internal and external users. The document also summarizes important accounting concepts like the going concern assumption, dual aspect concept, and accrual basis. It concludes by defining generally accepted accounting principles (GAAP) as the standard framework and guidelines used for financial reporting in a given jurisdiction.

    Copyright:

    Attribution Non-Commercial (BY-NC)
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    of 9

    FINANCIAL ACCOUNTING

    Base for your MBA


    CIMS B SCHOOL

    ACCOUNTING
    The 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 there of .

    FEATURES
    OF

    Branches Of Accounting
    1. Financial Accounting 2. Cost Accounting 3. Management Accounting

    ACCOUNTING
    RECORDING CLASSIFYING SUMMARIZING INTERPRETING

    Need for Accounting


    O To know the Profits O To Forecast O To observe the Financial Health O To know the Business position O To provide information to the users O As mandatory requirement

    *To maintain Systematic record of Transactions &


    resources

    *To facilitate proper management of Cash *To ascertain the financial condition & take
    corrective actions

    *To provide information for decision making *To Disclose information to the users

    Users Of Accounting Information Internal Users Owners Promoters Shareholders Management Employees External Users Creditors Government Consumers General Public Other Parties

    Accounting Concepts
    Business Entity Money Measurement Going Concern Cost Concept Dual Concept Accounting Concepts Realization Concepts Objective Evidence Accrual Concepts

    Accounting Conventions
    Convention of Consistency Convention of Full Disclosure Convention of Conservatism Conversion of Materiality

    GAAP
    Generally Accepted Accounting Principles

    Is a term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements.

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