Financial Accounting 2 Lecture Notes Pdf4/15/2021
Explore Try Prime New Upload Login Register Notes for Financial Accounting - FA by Verified Writer Favourite Report Home Financial Accounting Notes for Financial Accounting - FA by Verified Writer Download PDF Read Now Save Offline BPUT FA note 9 Topic 36784 View 789 Offline Downloads Total Page 84 Uploaded 4 years ago Topics Fundamentals Of Accounting 1 Recording Transaction The Journal 7 Ledger Postings Accounting Ledger 28 Capital And Revenue Transactions 39 Depreciation Policy 42 Balance Sheet Profit And Loss Statement 43 Trial Balance Trading And Manufacturing Account 66 Company Accounts 69 Share Capital And Issue Of Shares 75 Upgrade to Prime and access all answers at a price as low as Rs.49 per month.Check Your Learning PYQ Solution.
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Financial Accounting 2 Lecture Notes Download PDF ReadClassification enables us to reduce a mass of detail into compact and usable form. KNEC certificate courses, Diplomas, Higher Diplomas, KISM courses cpsp-k and aps-k, KASNEB cpa, atd, cs, cifa, ccp, dcm, cict and cict, Ksce and Kcpe. Since a language is a man-made means of communication, it is natural that languages should change to meet the changing needs of society. Accounting too, is a man-made art, one in which changes and improvements are continually being made in the process of communicating business information. Hence its merely concerned in making records of business transactions. Accounting Accounting is the process or art of recording classifying and summarizing financial information and interpreting the results thereof. The accounting information is financial data about business transactions expressed in monetary terms. Or Accounting has been referred to as the process of identifying, measuring and communicating economic information to permit informed judgement and decisions by the users of information. ![]() To keep books is to record transactions, and a bookkeeper is one who records transactions either manually with pen and ink or with a book keeping machine. This gives specific financial information to meet the demands of the management. To be useful, accounting data must be expressed in terms of a common denominator. Business transactions are therefore expressed in terms of a common measuring unit-money. The ultimate objective of accounting is the use of this information, its analysis and interpretation. Accountants are always concerned with the significance of the figures they have produced. They look for meaningful relationships between events and financial results they study the effect of various alternatives they search for significant trends that may throw some light on what will happen in future. If managers, investors and creditors are to make effective use of accounting information, they too must have some understanding of how the figures will be put together and what they mean. An important part of this understanding is to recognize clearly the limitations of accounting reports. The profitability firm can be improved by using accounting as a tool of control where the unnecessary costsexpenses are checked and potential income generating venture projects are under taken. ![]() The accounting information (mostly financial accounting) is used as a base for tax returns. Note more often than not this information is reorganized or adjusted to confirm with income tax reporting requirements. ![]() For example, goods and services are purchases and sold, credit is extended to customers, debts are incurred, and cash is which can be expressed in monetary terms, and must be entered in accounting records. The recording process may be performed in many ways: that is, by writing with pen or pencil, by printing with mechanical or electronic equipment, or by punching holes or making magnetic impressions on cards or tape. In addition to compiling a narrative record of events as they occur, we classify various transactions and events into related groups or categories.
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