Power point presentation (4)
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![Page 1: Power point presentation (4)](https://reader038.fdocuments.net/reader038/viewer/2022103018/55ac77171a28ab82758b461b/html5/thumbnails/1.jpg)
INQUIRY TRAINING MODEL
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WELCOME
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UNIT :INTRODUCTION
OF ACCOUNTING
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ACCOUNTINGAccording toe the American Institute
of Certified Public Accountants(AICPA)
“Accounting is an art of recording,classifying,and summarizing in a significant manner in terms of money transactions in part at least of a financial character and interpreting the results there of”
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Recording
Classifying
Summarizing
Analysis and Interpretation
Communication
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Maintained of record of business
Calculation of profit or loss
Depiction of financial position
Making information various group
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Explain the Accounting,Definition,Function,and
Objectives.
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THANK YOU
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WELCOME
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TYPES OF ACCOUNTING
INFORMATION
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Accounting information can be classified on the basis of the users of such information.
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INVESTORS
LENDERS
MANAGEMENT
EMPLOYEES
SUPPLIERS
CUSTOMERS
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Investors are the suppliers of finance. Financial statement and financial reports constitute the
end product in the accounting process .
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Lenders are the banks and financial institutions and other individuals who have supplied funds
to the business.
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Accounting information helps the manager for planning and controlling the operations
of the business.
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Accounting information is very helpful to the users for understanding financial position of the firm.
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Financial reports gives vital information on utilization of fund and financial health.
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Government require information to regulate business practices, implement policy. initiatives
charge appropriate taxes etc.
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State the types of accounting information required by long term lenders.
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THANK YOU
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WELCOME
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UNIT :INTRODUCTION OF
ACCOUNTING
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RELIABILITY
RELEVANCE
UNDERSTANDABILITY
COMPARABILITY
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Accounting information should reliable
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Accounting information should be available in time and must be right
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Accounting information should be understandable to the users
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Accounting information should be comparable for a period of time between two or more entities
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Ram are a senior accountant of Saravana Enterprises Ltd what three steps would you take your company's financial
statements understandable and decision useful
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tHANK YOU
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WELCOME
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UNIT :INTRODUCTION
OF ACCOUNTING
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Accounting is an Information system which receives data inputs, processes the same and
gives its output in the form of information.
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Accounting includes book keeping as its preliminary function. Book keeping consists of
recording transactions.
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DIFFERENCE BETWEEN
BOOK KEEPING AND ACCOUNTING
BOOK KEEPING ACCOUNTING
The objective of book keeping is to prepare original books of accounts
It has limited scope
It is restricted to clerical work of recording transactions
Book keeping has to depend on accounting for making the accounting records
The objective of accounting is to record analysis and interpret the business transaction
It has wider scope
It is concerned with lower level, medium level and top level management
Accounting has to depend on book keep in for getting the records
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Explain the difference between Book keeping and Accounting.
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THANK YOU