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    MST512 - Introduction To Financial Accounting

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    Ashish Saini
    Accounting is defined as the practice and body of knowledge concerned with recording financial transactions, keeping financial records, performing internal audits, reporting and analyzing financial information for management, and providing tax advice. It involves systematically identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. The document discusses key concepts of accounting including the business entity, money measurement, cost, going concern, dual aspects, and realization concepts. It also covers common conventions regarding financial statements such as consistency, disclosure, and conservatism. Finally, it identifies the main branches of accounting as financial, cost, and management accounting.

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    MST512 - Introduction To Financial Accounting

    Uploaded by

    Ashish Saini
    4 views8 pages
    Accounting is defined as the practice and body of knowledge concerned with recording financial transactions, keeping financial records, performing internal audits, reporting and analyzing financial information for management, and providing tax advice. It involves systematically identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. The document discusses key concepts of accounting including the business entity, money measurement, cost, going concern, dual aspects, and realization concepts. It also covers common conventions regarding financial statements such as consistency, disclosure, and conservatism. Finally, it identifies the main branches of accounting as financial, cost, and management accounting.

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    Lecture on Financial accounting

    Original Title

    Lecture 1

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    Accounting is defined as the practice and body of knowledge concerned with recording financial transactions, keeping financial records, performing internal audits, reporting and analyzing financial information for management, and providing tax advice. It involves systematically identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. The document discusses key concepts of accounting including the business entity, money measurement, cost, going concern, dual aspects, and realization concepts. It also covers common conventions regarding financial statements such as consistency, disclosure, and conservatism. Finally, it identifies the main branches of accounting as financial, cost, and management accounting.

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    © All Rights Reserved
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    4 views8 pages

    MST512 - Introduction To Financial Accounting

    Uploaded by

    Ashish Saini
    Accounting is defined as the practice and body of knowledge concerned with recording financial transactions, keeping financial records, performing internal audits, reporting and analyzing financial information for management, and providing tax advice. It involves systematically identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. The document discusses key concepts of accounting including the business entity, money measurement, cost, going concern, dual aspects, and realization concepts. It also covers common conventions regarding financial statements such as consistency, disclosure, and conservatism. Finally, it identifies the main branches of accounting as financial, cost, and management accounting.

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    MST512– INTRODUCTION TO FINANCIAL

    ACCOUNTING
    Lecture 1
    Topics to be covered today
    1. Definition of Accounting
    2. Concepts and conventions of accounting
    3. Branches of accounting
    What is accounting?
    Definition:-

    Practice and body of knowledge concerned primarily with


    1. Methods for recording transactions
    2. Keeping financial records
    3. Performing internal audits
    4. Reporting and analyzing financial information to the management , and
    5. Advising on taxation matters
    It is a systematic process of identifying, recording, measuring,
    classifying, verifying, summarizing, interpreting and communicating
    financial information. It reveals profit or loss for a given period, and the
    value and nature of a firm's assets, liabilities and owners' equity
    Concepts of Accounting:

    • Business Entity Concept


    • Money Measurement Concept.
    • Cost concepts.
    • Going Concern Concept
    • Dual Aspects Concept
    • Realization Concepts
    • Accrual Concept
    Conventions regarding financial Statements:

    1.Consistency
    2.Disclosure
    3.Conservatism.
    Branches of Accounting:

    • Financial Accounting
    • Cost Accounting
    • Management Accounting
    Summary
    1. What accounting is
    2. Why is accounting important
    3. Concepts and conventions of accounting
    Thank you

    Mr Chander Mohan Gupta


    School of Business management
    Shoolini University
    Village Bajhol, Solan (H.P)

    +91 9817190555(Mob No.)


    Chandermohan@shooliniuniversity.com

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