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Accounting & Financial Analysis II

Accounting & Financial Analysis II

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Published by javs1525
accounting basic details that are good for MBA 1st semester students.
accounting basic details that are good for MBA 1st semester students.

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Published by: javs1525 on Aug 25, 2009
Copyright:Public Domain

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09/06/2010

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Accounting & Financial AnalysisAccounting & Financial Analysis
An IntroductionAn IntroductionProf. Raman ChawlaProf. Raman Chawla
 
 
What is accountingWhat is accounting
Accounting is the art of identifying,Accounting is the art of identifying,recording, classifying and summarizing inrecording, classifying and summarizing ina significant manner and in terms oa significant manner and in terms omoney transactions and events which are,money transactions and events which are,in part at least of a financial character andin part at least of a financial character andinterpreting the result thereof.interpreting the result thereof.
Accounting is a system in which all theAccounting is a system in which all thefinancial transaction are recorded in afinancial transaction are recorded in aproper and system way.proper and system way.
 
 
Characteristics of financialCharacteristics of financialaccountingaccounting
Accounting is an art- Art is that part of knowledge which helps us inAccounting is an art- Art is that part of knowledge which helps us inattaining our aim. Accounting helps us in attaining our aim of attaining our aim. Accounting helps us in attaining our aim of ascertaining the financial results by showing the best way of ascertaining the financial results by showing the best way of recording, classifying and summarizing the business transaction.recording, classifying and summarizing the business transaction.Recording, Classifying and summarizing- It provides informationRecording, Classifying and summarizing- It provides informationabout all the transactions of financial in nature, recorded in journal,about all the transactions of financial in nature, recorded in journal,classifying in forms of ledgers, preparation of trial balance for classifying in forms of ledgers, preparation of trial balance for checking the accuracy of accounts.checking the accuracy of accounts.In terms of money-Only those transaction are recorded which are inIn terms of money-Only those transaction are recorded which are interms of money.terms of money.Interpreting the results- It provide the tools for their analysis, throughInterpreting the results- It provide the tools for their analysis, throughwhich various parties of business obtain information related to them.which various parties of business obtain information related to them.

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