CHAPTER 1 INTRODUCTION OF ACCOUNTING CLASS 11

              https://educationallyear.blogspot.com/2020/07/introduction

             INTRODUCTION OF ACCOUNTING

TERM

• FECTIOUS ASSETS :-   THIS IS NOT A ASSETS .
• PURCHASE RETURN :-  DEFECTED GOODS RETURN TO SUPPIIERS .
• STOCK:-  ALL THE GOODS WE HAVE STOCK
• OPENING STOCK:- GOODS OTHER BEGANING OF THE YEAR 
• CLOSING STOCK :- GOODS AT THE ENDS OF YEAR 
• BAD DEPTS-  AMOUNT WHICH BECOMES FROM DEBTOR.

ACCOUNTING 

ACCOUNTING REFER TO COLLECT SUMMERISING , ANANLYSING ,& REPORTING  THE INFORMATION OF BUSINESS IN MONETRY TERM (CSAR) .

CHARACTERISTICS OF ACCOUNTING

• AN ART AS WELL AS SCIENCE

• RECORDING AS FINANCIAL TRANSCTIONS ONLY .

• RECORDING IN TERM OF MONEY .

• CLASSIFYING 

• SUMMERISING 

• INTERPRETATION

• COMMUNICATION

OBJECTIVE OF ACCOUNTING

• TO KEEP SYSTEMATIC RECORD OF BUSINESS TRANSCATIONS

• TO CALCULATE A PROFIT & LOSSES

• TO AS CERTAIN FINANCIAL POSITION 

• TO CHECK THE PROGRAME OF BUSINESS 

• TO PROVIDE A INFORMATION TO VARIOUS PARTICES

                            TYPE OF ACCOUNTING

• FINANCIAL ACCOUNTING :- IT IS CALCULATE A PROFIT & LOSSES .

• COST ACCOUNTING :- IT IS HELP TO FOUND OUT A COST OF GOODS .

• TAX ACCOUNTING :- IT IS HELP TO APPLY TAX IN GOODS

• MANAGEMENT ACCOUNTING :- IT IS MANAGE TO MONEY FOR A BUSINESS 

• SOCIAL RESPONSIBILITY ACCOUNTING

ADVANTAGE OF ACCOUNTING 

• FACILITES TO REPLACE  OF MONEY .
• LEGAL REQUIRMENT 
• FACILITES THE USE TO TAKE DECISION 
• COMPARATIVELY STUDY
• CONTROL OUR ASSETS .
• ACT AS LEGAL EVIDENCE 
• VALUE OF BUSINESS 

        USERS OF ACCOUNTING INFORMATION

              THERE ARE A TWO TYPES

•             INERNAL                    EXTERNAL

 EX :- WORKERS / EMPLOYERS          EX:-    BANKERS 

LIMITATIONS OF ACCOUNTING 

• INFLUENCED OF PERSONAL JUDGEMENT .
• INCOMPLETE INFORMATION
• OMISSION OF QUALITATIVE INFORMATION 
• AFFECTIVE BY WINDOW DRESSING .