FINANCIAL ACCOUNTING

ASSIGNMENT NO: 01

Section MC1

Due Date:

22/11/2018

Submitted by:

Samiya Tauqeer L4F18MCOM0083

AreebaShahzad L4F18MCOM0085

ZainulAbideen L4F18MCOM0097

Syed Naq iRaza L4F18MCOM0108

Seemab Iftithar L4F18MCOM0129

Ammar Iqbal L4F18MCOMO144

Furqan Asif L4F18MCOM0145

Fatima Liaqat L4F18MCOMC0100

Submitted To:

Prof. ABID NOOR

Q:Define and Explain Accounting,What are the Types of Accounting and
Explain the object of IAS?
 Definition Of Accounting:

1. The system of recording and summarizing business and financial transactions and
analyzing, verifying, and reporting the results is called accounting.
2.
3. Accounting is the process of systematically recording, measuring, and communicating
information about financial transactions.
 Type Of Accounting

Financial Accounting:

This field is concerned with the aggregation of financial information into external reports.
Financial accounting requires detailed knowledge of the accounting framework used by the
reader of a company's financial statements, such as Generally Accepted Accounting Principles
(GAAP) or International Financial Reporting Standards (IFRS).
OR
Financial accounting provides information to users outsidthe company to assist in decision
making.

 Managerial Accounting:
Managerial accounting provides information to users inside the
Company to assist in decision making.

 Auditing:
Auditor inspect and certifies the A/Cs for accuracy, internal audit by the co. employee
also performed.
 Cost Accounting:
Evaluating cost calculation by considering all factors of both manufacturing and
administration, goal-price fixation, cost control, pinpoints wastages, leakages.
 Tax Accounting:
Expense book keeping is a structure of bookkeeping techniques concentrated on duties as
opposed to the presence of open money related proclamations. Assessment bookkeeping
is represented by the Internal Revenue Code, which manages the particular decides that
organizations and people must pursue while setting up their government forms.
 Accounting System Design:
The book keeping framework is basically a database of data about business exchanges.
The key factors in bookkeeping framework configuration are as per the following: Single
or twofold passage. A private company works just by account money receipts and
installments in its checkbook.
 Not for Profit Accounting:
Not for profit describes a type of organization that does not earn profits for its owners.
All of the money earned by or donated to a not-for-profit organization is used in
pursuing the organization's objectives and keeping it running.
 Budgetary Accounting:
A financial plan is a quantitative arrangement utilized as a device for choosing which
exercises will be decided for a future day and age. In a business, the planning for
activities will incorporate the accompanying: getting ready evaluations of future deals.
getting ready evaluations of future money accumulations and distributions.
OBJECT OF IAS(International Accounting Standards)