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  • Accounting Primer

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    Nitin Gupta
    10 Ansichten6 Seiten
    Accounting provides the foundation for understanding financial processes by establishing assumptions like the going concern principle and conventions like conservatism. Key accounting processes include recording transactions, classifying them, summarizing data, and reporting financial statements. Financial management focuses on monitoring the inflow and outflow of funds, ensuring adequate resources are available and funds are efficiently used to generate returns. Financial processes involve estimating funding needs, arranging sources, avoiding mismatches, and monitoring returns relative to costs. Principal financial statements are the balance sheet, income statement, and cash flow statement, with ratios and analysis providing further insights.

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    Accounting Primer (1)

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    Accounting provides the foundation for understanding financial processes by establishing assumptions like the going concern principle and conventions like conservatism. Key accounting processes include recording transactions, classifying them, summarizing data, and reporting financial statements. Financial management focuses on monitoring the inflow and outflow of funds, ensuring adequate resources are available and funds are efficiently used to generate returns. Financial processes involve estimating funding needs, arranging sources, avoiding mismatches, and monitoring returns relative to costs. Principal financial statements are the balance sheet, income statement, and cash flow statement, with ratios and analysis providing further insights.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    10 Ansichten6 Seiten

    Accounting Primer

    Hochgeladen von

    Nitin Gupta
    Accounting provides the foundation for understanding financial processes by establishing assumptions like the going concern principle and conventions like conservatism. Key accounting processes include recording transactions, classifying them, summarizing data, and reporting financial statements. Financial management focuses on monitoring the inflow and outflow of funds, ensuring adequate resources are available and funds are efficiently used to generate returns. Financial processes involve estimating funding needs, arranging sources, avoiding mismatches, and monitoring returns relative to costs. Principal financial statements are the balance sheet, income statement, and cash flow statement, with ratios and analysis providing further insights.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als PPTX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 6

    Accounting/ financial Primer

    Accounting Assumptions/conventions
    Two major assumptions Going concern Separate entity from owners

    Three Major Conventions Conservative Historical basis Constant value of currency unit

    Accounting processes

    Recording transactions having financial impact. Classifying Summation Reporting

    Financial basics
    Focusses on inflow and outflow of funds in an enterprise. Monitoring the funds movement to ensure that adequate and timely funds are available; Manage in a manner that funds are efficiently used to generate adequate surplus(returns)

    Financial processes
    Estimating needs of funds (amount, time, period) Arranging for funds(identifying sources, negotiating) Avoiding mismatch Monitoring returns to ensure that returns on the fund is greater than cost of funds

    Financial statements
    Three principal statements Balance sheet(sources and uses of fund. Profit and Loss(income/revenue statement) Cash flow(incoming and outgoing of funds)

    Even inspection of the statements is quite informative, but financial analysis using techniques such as %, ratios, is very rewarding.

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