Financial & Management Accounting -Intro.pptx

Introduction of finance and management

1. By- Prof. Shivganga Maindargi Financial & Management Accounting MBA(SEM-I)

2. ACCOUNTANCY “Business Language”   that managers use to communicate the firm's financial and economic information to external parties such as shareholders and creditors etc “ RECORDING FINANCIAL TRANSACTIONS ”

3. Accountancy Maintaining financial transitions day to day to know the monitory affairs of the company To know the profit or loss of the Business at the end of the year. Helps the Management of an organization to have control over its performance.

4. ACCOUNTING MEANS………..?

5. Why Accountancy ………………….?

6. HISTORY OF ACCOUNTACY …. Accounting is as old as civilization. It was initiated in Babylonia and Egypt around 4000 BC. Word accounting introduced by Fra luca pacioli Concept of Accounting introduced in India(300BC) by Chanakya - Mourya empire Arthashatra

7. ACCOUNTING INTRODUCED BY………. ?

8. HISTORY………. First person to publish book on Double Entry book keeping (1494) 19 th Century – Era of Industrialization dedicated Accounting professional 1854- First Institute of Charted Accountant was established. American Institute of certified public accountants was established -1887

9. Branches of ACCOUNTANCY Financial Accounting Management Accounting Cost Accounting International Accounting

10. GAAP GENRERALLY ACCEPTED ACCOUNTING PRINCIPLES It is widely accepted set of Rules, conventions, standards and procedures for reporting financial information as established by the Financial Accounting standard Board. It is combination of authoritative standards and accepted ways of doing accounting. They are given guidelines , more precisely a group of objectives and conventions that have evolved over time to govern how financial statement are prepared and presented.

11. Structure of GAAP

12. Accounting Concept

13. Accounting Conventions

14. Accounting Equation

15. Accounting Rules

16. Examples of Rule

17. ACCOUNTING CYCLE