MODULE 1

M 0 D U L E 9-

Definition of
Accounting
°

◦ Functions of
Accounting
Branches of
Accounting
◦

of
Accounting
◦ Pillars
 introduction
accounting
DEFINING ACCOUNTS AND UNDERSTANDING DEFINITION

Business →
canopic Activity to earn Profits
-

↓
Rules → based on
general principles of trade
,
social values
, legal framework
GOAL → add value to product or service

Accounting systems
↓
e n s u re s
accountability ]
cannot influence results
→
provides financial information → only .
[ personal drawing not
recorded

a
company obtains → data to file reports liabilities
showing
assets ,
but c a n help in
ensuring
higher profitability
and
capital
DEFINITION

"

Accounting is the art of

recording classifying ,
and summarizing in a

significant manner and in terms of

money ,
transactions and

eve n ts which a re in
part at least of afinancial character and
interpreting
the results thereof u American Institute of Certified Public Accountants

"

information
The process of
identifying ,
measuring
and
communicating economic

"
to informed by of
permit judgements and decisions the u s e rs
accounting
American Association
Accounting
-

Accounting It's function provide information

is a service
activity . is to
primarily
financial in nature about economic entities that is intended to be useful

of
"
in
making economic decisions u Accounting principles board AICPA

after
reporting financial
RECORDING transactions in order immediately
→
→
,

→ l i ke a scorekeeper
it 's occur rence → journal

CLASSIFYING →
and collecting transactions of similar type ledger
analysing
→

SUMMARISING →
planning and delivery of data to m a ke it useful to u s e rs

→ FS Balance sheet ✗ AS
preparing
CFS
, , ,

INTERPRETING →
viewing data periodically and is subjective → va r i e s
per person .

reflects future forecasts

what has
happened , why and
 Accounting is a
process of systematically [ecording summarizing analysing and

reporting
these transactions to stakeholders
↓ ↓
essence of
↓

impact of
m a ke s u re
↓ nothing
transaction
financial
on
ensuring authenticity goes unrecorded
the business
event

help
agency problem
STAKEHOLDERS →
solve
cuke customers ]

REGULATORS & TAX not and minorities

COLLECTION →
ensuring re s o u rce s
exploited ,
tan collected

rights protected

NATURE OF ACCOUNTING

Accounting Pˢ
•
is a
-

step by step of performing specific job to / targets

method
goals
a ace

→
process of collecting communicating financial
processing and
data
•
data
accompanied by
*
tracking compilation ,
description sumaieization (
finalizing
publishing
and

Accounting is an Art -
of recording , classifying , summarizing
and finalizing
financial ↓

1
data

the
way something is
performed
knowledge of behaviour →
involving
certain skills &

creativity that
help in
attaining specific goals
→ accountant has freedom to choose bw diff ways of doing the same

thing as Accounts follow GAAP

→
but it's important to be consistent logical & systematic
-

consequence of not being consistent & systematic

o i n te r -
firm comparison not possible as proper metrics not used

0 intra firm comparison of years not possible

Accounting is a critical function forming the basis of

future and
performs the function of
strategy
a

custodian in protecting the interest of the affected party

It's important for accountants to understand different

functions of business
 FUNCTIONS OF ACCOUNTING

Strategic Function

CREATING SYSTEMATIC PROCESS and how

things pertaining
0
→ when to

accounts needs to be executed transparent

system
→ .

From of
invoicing → to m a i n t a i n ence records
a
details of billing
°
CONSISTENCY to
IN FOLLOWING ACCOUNTING PROCESS →
creating system
to recording of transaction .
If not followed →
comparison not
possible
°
CREATING CHECKS AND BALANCES -
prevent fraud → deliberate → m o re
dangerous
→ human
prevent e r ro r s

°
ENSURING PROACTIVE APPROACH s
capture evolving nature of business
↓
Understanding of environment
transactions

deciding and it's

the
happenings
causes
business
,
understanding
e nv i ro n m e n t
comprehensively
ENSURING ROBUST AND TRANSPARENT SYSTEM No
opaqueness
° →

→ checks and balances should be consistent

Function
Bookkeeping
RECORDING TRANSACTION
Following GAAP
0 →

◦
MAINTAINING DOCUMENTARY EVIDENCE OF TRANSACTION →

proof of transaction
Ensuring transactions a re backed by

°
CREATING C H E C KS AND human
BALANCES →
prevent er rors

ENSURE JOB from perspectives

managerial
°
ROTATION imp
→

fraud
→
help prevent

ENSURING TRANSPARENT CONTROL SYSTEM

0 ROBUST AND →
prevent reputation
risk

→ Al used
increasingly in modern
age
 Taxation Function

AWARENESS OF CHANGES IN
TAX LAWS AND TAX SYSTEMS →
Ignorance →

Unacceptable

DEDUCTING TDs → wherever mandated

CA LC U L AT I N G TAXES → Based on
statutory Requirement
-

TAX FILING →
on time ,
ensuring no Mista , being awa re
of
different tan
filings
If not complied to can lead to →

reputation risk
•

pecuniary loss / in terms of fine ]

ENSURING INCENTIVES AND TAX ADJUSTMENT → wherever possible

↳ like for panels for
opting solar tan
advantage

0 ENSURING ROBUST AND TRANSPARENT CONTROL SYSTEM

Management otcaountimg Function

trends
ANALYSING FINANCIAL STATEMENT →
Understanding and
patterns

IDENTIFYING BOTTLE NECKS IN REVENUG GENERATION AND COLLECTION →

of
Identifying marketing & finance dept on cau s e s delays in
payments or

veciepts .
→
help m a x i m i ze revenue

OPTIMIZE COST STRUCTURE →

By analyzing fined and variable costs

MANAGING CASH Maki mum

→
cash reserves

elongate payment duration &

→
e n s u re
quick reciept

Ensuring liquidity
→
control Function

INTERNAL AUDITING → continues process EXTERNAL AUDITING →

powerful
statutory Auditing
dissatisfaction on their behalf ensures

sanctions
regulatory
periodically
→

traditional
Accounting → score
keeping

Accounting
modern nature
→
managerial in

OBJECTIVES AND SCOPE OF ACCOUNTING

t
broad → not
just business but
throughout all facets
of
society
Important in social / professional institution / income not ]
any
generating
. or

→ need to
figure out net result after a cer tain fined period

0 TO
keep systematic records → for deriving correct and useful FS

Profitability profit of specific accounting period

0 To ascertain → & losses

Alc
can be evaluated
using trading &

PIL Alc .

°
To ascertain financial position of the business → Balance sheet indicates value of
asset ,
liability and
capital position of the firm
→ soundness
easily ascertained

decision to decisions nighttime

right
◦ to a ss i st in take at
making
→

platform for future with the

help of records
→
past
0 TO fulfill law compliance →
organization ,
trust ets a re
governed by different

legislative acts -
hence diff tarnation laws
applicable .

required to maintain va r i o u s
types of accounts and records
BRANCHES OF ACCOUNTING -

• OLDEST BRANCHES •

FINANCIAL ACCOUNTING →
Recording Financial Transaction
[ scorekeeper]
[ journal , ledger ,
trial balance ]

→ Balance sheet etc .

→
decisions based on these

analysing
the profits and losses
,

assets and liabilities

It characterized the of
systematically
is as ar t and science

classifying prepare
and business transactions
in
analyzing
order to a
report
reportingend
at the of the
year
to asses

the details
of the related year

+
Business Transactions that creates
• →
any activity
a
legal relationship
:
classifying transactions /
•
is → cash credit ,

0 receipt / payment
u
income
/ expenditure .

✓ "
transactions
Recording
"

entry
• →

MANAGEMENT ACCOUNTING →
decision
making pertaining
to cost
/ revenue

→ uses internal information to

make decision &

managerial
formulate policies
strategically
→
helps create a sustainable

business model →

aime
controlling
and
planning
 ACCOUNTING structure
optimizing
COST →
cost

→ assess input cost and fined cost

for each
production phase
↑ and record the cost
analyze
,
compare results with expected
outcomes .
→ used within the
f-
unlike
for
•
ace which is

community
external

for
budgeting
used &
→
setting
control
systems
cost _

TAX ACCOUNTING →

calculating
to
&
filing tan

from the
dept
replying queries
.

PROJECT Facilitates project

management
ACCOUNTING →

it doesnt overshoot
ensuring
cost revenue collection
,
proper ,

liquidity
sustainable

It is vital construction
industry&
→ in

when
company
is

augmenting
capacity
NOT for NPO
Accounting
-
FOR -

PROFIT ACCOUNTING →

stake
SOCIAL ACCOUNTING
Acknowledging society
→
as a

holder .

Investment in terms of ESG has inesreased

↓
Govt
Environment /
Society
.
,
JOINT Facilitates Project Mgmt
VENTURE ACCOUNTING →
.

when
projects a re
joint
venture .

when

augmenting company
→ is

capacity
FORENSIC Deals with
ACCOUNTING →
legal issues

→ Incase of frauds .

→ Involves A I
-

Resolution
→ Involves
Dispute ,

Claim settlement etc .

→
helps develop a
system
with
less manual intervention and more

wrto fraudulent
systematic process
activities .

followed
Accounting by
INTERNATIONAL ACCOUNT ( Nhs process
MNC 's

→ need awareness
of tarnation and

legal requirements of companies &

countries .

Branches help develop a sustainable business model

 MANAGEMENT ACCOUNTING FINANCIAL ACCOUNTING

based data from based

monetary
◦ ◦
on on

financial
accounting transactions

for

torment
Reports meant
Reports
◦

manage
◦
meant
-

requirement stakeholder
per
as &
management

assisting classifying
Info to
management recording and
◦
◦

planning controlling transactions

in

monetary in

decision book of F- s

evaluating
accounts →

making
.

◦
Reports include subjective and ◦

Reports include relevant

objective
figures .

figures emphasizing
obiectinty
0
Reports not subject to ◦
Reports subject to

audit
statutory statutory
audit _
.

evaluates financial
strength
◦
◦
Evaluates sectional &

entire performance of whole business

FOUR PILLARS OF ACCOUNTS

Any Transaction has two sides

cdfsset
Includes and
→ properties ,
possession economic

resources .

ability of
to
They the the
generate
company money
→ i n c re a s e

→ Can be calculated in terms of revenue

have future benefits

→
They can also .

they are recorded

given point of time
→ on a

Benefit for than

accounting
more
period
→ one
accrue
'

outflow
'
involves
Generally cash
→ .

Liabilities
→
Amount the to the outsiders
entity owes

→
Obligations
"
or debts
payable .
and
they fund assets .

Generally inflow
>
→ involve cash

Income
earnings for given period
→
a .

→ involves inflow

Recurring
→ in nature

→ cash/ credit

&
includes
operating
non-operating
→ income

d ↓
day today investment -

→ Accrual running
in nature
Enpenses
→ Overheads for period / cost
given
a
incurred to r a i s e income

→ involves outflow

reaming
→ in nature

→ in cash / Payable in future [ recorded in accrual basis ]

Does not
prepaid expenses ]
include
→

when
advantages of money invested exhausts
→

it becomes if the lasts

an expense ,
advantage
for m o re than a it's called investment
year

capital
The
s cash
brought in
by the investor is called capital or owners
Equity
→
transported in cash or
properties .

responsibility
It needs to be
is a
Corporation which paid back
→

to the owner -
Hence shown in the Liabilities side .

after
deducting Drawings
shown
→
capital Acc .
accounting -
equation
ACCOUNTING EQUATION

The Equation the of

accounting equality
expresses
assets on on e side and claims
of outsiders and owners

the other side

or
proprietors on .

Asset Liabilities Capital

=
+
year ]
[ at the end of the
→
[ ◦e ]
.

Future benefits = Future Obligations .

/ Huge investment
Require
Financing
→

↑
from outsiders or ow n e rs

✓
new contributions / Part of profit which isnt

initial
capital distributed back

Owner 's
Equity Owner 's [Profit Dividend
'

Equity
= -
+
[ a t the end] [at the
beginning ] ↑
-

distribution
Profit =
Income -

Expense of profit

Asset = Liabilities + OF ◦
+ Income -

Expense -
Dividend .

Asset Dividend Liabilities -10£

+
Expense Income
+ e + .

A- =L +
[ OEO + I -
Ex -
Du ]
A + Ex + Div =
Lt OE t I
 THE CONCEPT OF DEBIT AND CREDIT

A- + Ex + Div =
L + OE -11

↓
↓
Increase → Debit .
Increase → credit

Decrease → credit Decrease → Debit .

• Increase in Asset not

may

always good .
→
quality asset matter
like unsold
goods

• Loss is associated with

expense not always be terms of cash
→
may in

of
•
Liability / Future obligations always in terms
money
↑ in
liability reflects the funding of the
company 's needs

•
Profit associated with Income not be terms of cash
always
→ in
is
may .

Interest Income Recievable .

0
1112s ↑ → Debit .
CAT )

◦ Interest Income → credit .

C 1
)
↑

Sales Return Purchase Return .

credit °
Cash
↑ Asset ↑ → Debit
↓
→
◦ cash →
→ .

◦
Income ↓ → Debit °
Eupen se ↓ → Credit .

Sold Goods on credit .

Purchased hoods on credit .

◦
sales → ↑ → Income ↑ →
credit
◦ Purchase ↑ s
Expense ↑ → Debit

↑
◦
creditors ↑ → Liabilities ↑ → credit .

°
Debtors → → Asset ↑ → Debit .
Sold Purchase Goods
goods
.

↑ Purchase ↑ ↑
Sales ↑ → Income s credit .
→
Expense →
Debit .

Cash ↑ → Asset ↑ →
Debit cash ↓ → Asset ↓ → credit .

Income Revered in ddvance

Cash ↑ → Asset F →
Debit .

Rent hncome Relieved Advance Is

Liability
in →
Credit

Prepaid Expense Enpense

Outstanding
Debit
Prepaid Enpenseing Asset ↑ → .
01s expense ↑ → Liabilities↑ → credit

↓ Asset ↓ Credit ↑ + → Debit

cash
Salary Expense
→ . → .
uaccountinrgrpiinciphes
INTRODUCTION

Accounting
follow
Principle
when
are the rules

financial
and

data
guidelines
that
company
reporting
must

◦
It
provides a broad framework .

uniformity facilitate comparisons

°
Maintains across → to
companies . .

credibility
It
provides
◦
-

OBJECTIVES

reliability
◦ It e n s u re s .

It
transparency of fraud decreases
probability
• →
ensures

interpretation becomes
→
easier

→ stakeholder can understand better

consistency
0 It maintains Facilitates
comparison
• .

•
TO make it for investors
comparability
e n s u re → To easier .

FUNCTIONS .

of
Recognition Accounting Principles
◦

◦ Measurement of Financial transactions → Guidelines & Rules mandated

by
.

Principles
Accounting
the ac ts as a

form of m e a s u re

Presentation of
°
Information → In
dynamic and comprehensive manner

Accounting Principles provide level

ground
recording
→
a in

transactions and
,
analysing comparing
°
Full Disclosure of Information to stakeholders -

LIMITATION .

Difference
flexibility
Provides too much
geographies Regulatory
0 →
→ across norms

-
take
precedence → Full disclosure of information to stakeholders .
 Principles
Accounting
basic which standards
guidelines
are set

for scientific
accounting practices and
procedures they guide
.

on how to record and report the transaction and

guarantee
uniformity lay foundation for
and
understandability -

They
of
principles
accounting
.

ensures financial facts a re documented on solid foundation &

rational criteria .

Accounting conventions a re
widely accepted approaches or
procedures -

BASIC ASSUMPTION

Business
Entity concept
-

from
Business is
separte it 's owner →
separate legal entity
Business transactions to be recorded in the business books

Business is
completely separate from the ow n e r .

Company exists eve n after the death of promoter

:
share capital reserves and
surplus dividends a re recorded
eg , ,

SIGNIFICANCE

◦
helps in ascertainment of profit of business as
private transactions

recorded
a re
separately
restrains
private transactions
recording
◦
owner ;

Facilitates and of transaction from the business por

recording reporting
◦ -

It's the basis for and

accounting concepts conventions
◦
,
principles .

Money Measurement Concept

'

All business transactions should be terms of

money
in .

SIGNIFICANCE

◦
provides what and whatnot to record
guidance
on

helps uniform
recording
◦
in

facilitates
comprehension
◦

easy
◦ enables
comparison .
 eetccounting Period Concept
Transactions a re recorded
assuming
that the profits are to be

ascertained for a
specific period .
It
requires preparation of
balance sheet

and
profit & loss account . so as to ascer tain financial position ,
tan

calculation etc . It a ss u m e s the life of business is divided into parts .

SIGNIFICANCE

helps i n future
predicting concepts
◦
.

•
helps in tax calculation .

facilitates prepaid expense receivable

recording
◦
01s expense , ,
income

prerecieved income
,
capital expenditure
facilitates transactions
recording that do have
◦ not cash
a up Wnt

helps banks , financial institutions to performance

analyze
◦
,

of business .

°
helps distribute dividends at
regular
intervals .

cetccrual concept
that due
Accrual →
something is
especially money
.

Implies become
reve n u e s a re
recognized when
they recievable
"
both cash and credit -

↓
immediate effect on OE Mere obligation is created .

Reasonable certainty sufficient to record transactions .

It makes distinction bw cash

a- accrual
recept and right torecieve

SIGNIFICANCE

Helps determination of actual and

◦
in
enpenses income .

◦
Helps in accurate calculation of net profit _
Going concern .

When business started to

is
operations a re intendeo

be continued not
instantly dissolved or bankrupted .

It responsibilities The business

expects to meet .

may continue

even when ownership changes _

The concept assumes that the
business has
perpetual succession .

SIGNIFICANCE

◦
Facilitates
preparation of financial statements

◦
Depreciation i s charged on It 's basis .

investors
support
◦ .

u cost of fined asset →

enpense of the
year purchased .
in the

absence of the concept .

business be for it 's

will
judged capacity to
◦

accurately earn

profits .

◦
facilitates accrual basis of record i n

BASIC PRINCIPLES

Matching concept
Itis referred to as of
matching expenses
against income .

(
Income enpenses relating to a
particular income
)
must be recorded the same
in
accounting period .

Hence it
presents true picture of
profitability
SIGNIFICANCE

◦
Guides on how to balance expenditure with revenue to calculate

profit / for
loss a
given period
◦
Helpful for investors to determine enact amount of profit
Historical lost concept
Asset are recorded at the price at which
they were

bought ,
less the
depreciation applied .
It removes

asset there of
objectivity
recording
in , is avoidance

attached to transactions
arbitrary being
value .

However ,
the value of the asset in the market
may
not be

the the books It does not much of real time

same as in .

capture
changes
.

Fair Intrinsic
Value
Accounting →
Using value Method i ECF ,

comparable cost / transaction method etc .

Market Value At market value difficult determine

Accounting to
→ →

revenue
Recognition concept / Realization
Reasonable needed to record transactions
certainty
the transactions that realized
Recording only are

SIGNIFICANCE

Makes the information objective

accounting
◦ m o re

Transactions recorded delivered

only
must be when
goods
◦
ane

Dual atspect concept / concept

Duality
transaction
Every has debit and credit
aspect ie benefit
,
giving
of
and benefit It helps present true
picture profitability
revering
.

The of fundamental
duality concept is
expressed in terms

accounting equation .

Asset = Liabilities e
capital .
Verifiable Objective Concept
data be verified documentary
Accounting must →

proof transaction that

independent
can be checked
by
be without which available data will
respect must
given .

be inaccurate ,
and biased .
It
expresses dependability
reliability and trustworthiness .

SIGNIFICANCE

Requires asset to be shown at the price they have been

acquired . →
supporting documents .

•
Helps in calculation of depreciation

MODIFYING PRINCIP 1- F-

Consistency Principles
Accounting unchanged over
must
practices remain a

period of several
period .

Frequent changes reduces

third party acceptability of financial statements

eg
:
method of
charging depreciation
recognition
reve n u e -

inventory valuation
.

Recognizing
NPACNOU
Performing Asset )

Conservatism
Principles
recording
Revenue and Asset →
Reasonable care when

Enpenses and Liabilities → Record at the earliest

for
Planning
Ensures Better & Risk Management →
provisions
ekbenses .
It is essential for a sustainable business model .

When alternative valuations possible

→
the alternative that fairly
a re
represents
economic substance of transaction should be selected .
If choice not clear → alternative

least must be
likely to overstate n e t assets & income selected .

It for
provides best estimate all
expenditure & losses . on the basis of

if
expectation sum is not known with certainty .
It does not consider sales & profit -
collaterality Concept
Accounting Principle can be flouted →
gives power to not follow

accounting principle
when amount we a re
dealing is too small to bother

waste bin
eg
'
.

Materiality can be related to information amount procedure and nature .

All information
having chance to influence financial information
including owners is

relevant & must be the

integrated into
accounting process .

Timeliness Concept
All transactions should be recorded in
proper time → to u s e rs to
present
-

fulfill their decision needs Transactions recorded date

making
.
should be wise

Delay → irrelevant and less useful & manipulation misplacement ,

etc .

followed balance verification

Particularly during day to
day cash
'

and by verifies with cash book

banks .
ie bank cash balance within the s a m e
day

Industry kractice
Each industry has their ow n set of practices , characteristics and features .

Every industry follows the standards

accounting principles
and

for out the activities

carrying .
accountingstandards
ACCOUNTING ASSUMPTIONS

◦
Infinite life / Going concern
Mercantile / Accrual of Recording Transactions
◦
system

consistency
o
-

INTRODUCTION TO GAAP

generally otcceptccecetccoruntng Principle

A of rules procedures
Wi :

ely accepted set conventions standards and

for financial information Financial

Accounting
established
reporting
as
by
standards board .

They help standardize

practices .

Help compare companies

that function His issued by the authorities

locality regulatory →
in a
given .

help protect interest of stakeholders .

It helps in
comprehension and
providing
credibility Provides light GAAP from to
guiding may vary region region
.

GAAP defines presentation of financial statement

→
Balance sheet , statement of shareholder
Equity , Comprehensive Income

Income Statement Cash Flow statement -

, Notes to Account Revenue

, •

Recognition , Consolidation ( not mandated by Indian ↳ AAP

) .

GAAP of standards set bodies

is a m i n
by government → and commonly

accepted of collecting information

methods and
presenting on
accounting
GAAP be followed by organizations have optimal
is to → investors
consistency
while firms for Investment
evaluating for
-

statements
prepared
.

a re investors & tan

Tones not
paid will be shown as
liability &

Takes @a i d in advance will be shown as

the books

Lydian
asset in
as deferred tan liability &

GAAP .
deterred +an asset .

Issued hrdia
by ICAI 2-7 As
→ in

Based On
Accounting Principles ,
concepts and conventions

Regulated regularly → reduce

ambiguity & follow best international standards

In comparison to IS consolidation is absent and deferred tan Indian GAAP

accounting
-
in
,
 US GAAP
It FASB
is issued
by .

All companies in V5
including Indian companies
follow
Operating in US Us GAAP

Gratian GAAP us US GAAP

Follows follow
Consistency Principle Does not
•
→

• Prudence based → Rule based

fined
presentation of
• Format Fs → → Flexible

Consolidation of
mandatory
•
subsidiary companies →

not
mandatory

INTERNATIONAL FINANCIAL REPORTING STANDARDS [introduced in 2005 ]

They a re set by International

Accounting Standards Board . established in

2001 to International Standards Committee

replace Accounting
IFRS wa s
previously known as / AS They
-
a re standards , interpretations

and the framework and Financial statements

preparing presenting
4-
helps standardize
practices .
In the
beginning focus wa s on
Europe
further joined by Asian and African countries joined .

Now Globally focused .

16
Accounting standards

setting body
IASB standard of IFRS
independent
→
to approve
interpretations of IFRS as
developed by IFRS
interpratiou committee

→
closely engages
with investors ,
analysts ,
regulators globally .

Formulation of ( ASB is
necessary
as →

→
Recognized need for c o m m o n international standard
and
growing
→
No individual best solution As
setter has monopoly ove r a to

No setter to standard that

position
→ set
national is in
accounting gain
around the world
acceptance
 convergence
◦
Compatibility of Accounting standards

Bridging by aligning
0
GAP bw IAS and IFRS

◦
Convergence enable us as
accompany to reduce burden of preparing
diff formats while
accounts i n
expanding
Convergence enables the
globe
0
investors to a c ro ss
compare
°
Convergence helps attract foreign country into
investing → for
economy

u
Ensures transparency → lesser fraud

steps taken by IASB for global convergence

Issued
Conceptual adopted framework
◦
framework →
by IASC in 1989

guide
→ acts as a

◦
Issue of IAS → 41 international
Accounting standards

of
0
Issue IFRS

Setting IFRS interpretation interpretive body of Ast

0
up Committee → /

timely content IAS IFRS that

accounting
rev i e w w to , i ss u e s a re
,

debatable → clarification .

LFRS Foundations Notes