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Basics of Accounting From Oracle Perspective

Basics of Accounting From Oracle Perspective

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Published by: Venkata Rajesh Mandava on Apr 02, 2012
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05/13/2014

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Fundamentals of AccountingFundamentals of Accountingfrom Oracle Perspectivefrom Oracle Perspective
Sivakumar GanesanSivakumar Ganesan ACA, AICWA, PMP, PDIM ACA, AICWA, PMP, PDIM
 
 Accounting is so Simple Accounting is so Simple
Do not become panic or do not curse the AccountantsDo not become panic or do not curse the Accountants without realizing the Importance of Accountancy. without realizing the Importance of Accountancy.No Business Manager can be successful in this world if No Business Manager can be successful in this world if they do Not have basic understanding of the concept of they do Not have basic understanding of the concept of  Accountancy like Asset, Liability, Expense and Revenue Accountancy like Asset, Liability, Expense and RevenueLook at Accounting in the above context then it is easy Look at Accounting in the above context then it is easy to understand rather than looking at debit or creditto understand rather than looking at debit or creditIt is not a Science or Art but Accountancy has evolvedIt is not a Science or Art but Accountancy has evolvedout of Proven practice, Established Standards andout of Proven practice, Established Standards andProfessional Bodies ManagementProfessional Bodies Management
 
What is AccountingWhat is Accounting
 Accounting is the art of recording, classifying and Accounting is the art of recording, classifying andSummarizing financial transactions in the Preparation of Summarizing financial transactions in the Preparation of Financial StatementsFinancial Statements
 –  – 
Recording refers to creating Journal entry for every financial tRecording refers to creating Journal entry for every financial transactionransaction with Debit and Credit amounts. with Debit and Credit amounts.
 –  – 
Classifying refers to Classifying each of the Debit / Credit TraClassifying refers to Classifying each of the Debit / Credit Transaction tonsaction toCapital or Revenue and Asset, Liability, Revenue or ExpenseCapital or Revenue and Asset, Liability, Revenue or Expense
 –  – 
Summarizing refers to Grouping the Transactions of asset, LiabilSummarizing refers to Grouping the Transactions of asset, Liability,ity,Revenue and Expenses and preparing the Financial Statements (TraRevenue and Expenses and preparing the Financial Statements (Trading,ding,Profit and Loss Account and Balance Sheet)Profit and Loss Account and Balance Sheet)
 –  – 
In case of In case of 
 Trading, Manufacturing and Customer Service oriented Organizatio Trading, Manufacturing and Customer Service oriented Organization, the sumn, the sumof all income and expenses is referred to as Profit and Loss accof all income and expenses is referred to as Profit and Loss accountount
Social Service oriented Organization like Schools, Hospitals andSocial Service oriented Organization like Schools, Hospitals andGovernmentGovernmentOrganizations, Banks it is referred to as Income and ExpenditureOrganizations, Banks it is referred to as Income and Expenditureaccount .account .
Note:Note:-- Trial Balance is not a Financial Statement. It is only a summar Trial Balance is not a Financial Statement. It is only a summar y yof all Debit and Credit Transactions.of all Debit and Credit Transactions.

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