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Financial Accounting: Forms of Business Organization
Financial Accounting: Forms of Business Organization
Financial Accounting: Forms of Business Organization
Financial accounting
By professor shabbier Ahmed sheikh
First lecture
2. PARTNERSHIP.
3. Corporation.
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2. Secondary= PSE
AGM= Annual general meeting.
SECOND LECTURE=24-08-17
Definition of financial Accounting
Financial accounting is a systematic way of
recording, classifying, analyzing, and
interpreting the day to day business
transaction of financial nature.
Transaction= occurrence of events
ACCONTING CYCLE
Steps. 1. Recording the book = general journal
2. classifying = general ledger
3. summarizing= trail balance
4. adjusting entry= i.e depreciations
5. adjusted trail balance
6. income statement = profit and loss
7 . balance sheet
8. closing entries
Entry is soul of financial accounting
Adjusting is heart of financial accounting
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