ACCOUNTING (FUNDAMENTALS

)
Dr. T.K. Jain. AFTERSCHOOOL Centre for social entrepreneurship Bikaner M: 9414430763 tkjainbkn@yahoo.co.in www.afterschool.tk www.afterschoool.tk

HOW MANY ACCOUNTING STANDARDS HAVE BEEN ISSUED BY ICAI?

29

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AS -1?

ACCOUNTING POLICIES

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AS -2?

VALUEATION OF INVENTORIES.

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AS -3

CASH FLOW STATEMENT

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AS – 4

EVENTS OCCURING AFTER BALANCE SHEET DATE

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AS – 5?

NET PROFIT OR LOSS AND CHANGES IN ACCOUNTING POLICIES

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AS - 6

DEPRECIATION

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AS – 7

ACCOUNTING OF CONSTRUCTION CONTRACTS.

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AS – 8?

R & D (RESEARCH AND DEVELOPMENT) (THIS STANDARD HAS BEEN WITHDRAWN IN 2003).

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AS – 9 ?

REVENUE RECOGNITION

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AS – 10?

ACCOUNTING OF FIXED ASSETS.

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AS -11?

EFFECTS OF CHANGES IN FOREIGN EXCHANGE RATES.

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AS -12?

ACCOUNTING FOR GOVERNMENT GRANTS

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AS -13?

ACCOUNTING FOR INVESTMENT

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AS -14?

ACCOUNTING FOR AMALGAMATION

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AS – 15?

EMPLOYEE BENEFITS INCLUDING VRS ETC.

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AS – 16?

BORROWING COSTS INCLUDING LOANS ETC.

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AS – 17?

SEGMENT REPORTING (WHEN AN MNC / LARGE COMPANY HAS MANY BRANCHES OR WANT TO REPORT ACCOUNTING OF DIFFERENT SEGMENTS – IT IS USEFUL).

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AS – 18?

RELATED PARTY DISCLOSURE

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AS – 19?

LEASE – AND ACCOUNTING OF LEASE - BOTH FINANCIAL AND OPERATING LEASE.

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AS – 20 ?

EARNING PER SHARE

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AS 21 ?

CONSOLIDATED FINANCIAL STATEMENT

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AS 22?

ACCOUNTING FOR TAXATION

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AS – 23?

INVESTMENTS IN ASSOCIATES IN CONSOLIDATED FINANCIAL STATEMENTS.

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AS 24?

DISCONTINUING OPERATIONS

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AS 25?

INTERIM FINANCIAL STATEMENT.

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AS 26?

ACCOUNTING OF INTELLECTUAL PROPERTY RIGHTS, INTENGIBLE ASSETS, ETC.

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AS 27?

JOINT VENTURES

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AS 28 ?

IMPAIRMENT OF ASSETS

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AS 29?

PROVISIONS, CONTINGENCIES AND CONTINGENT ASSETS.

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3 FUNDAMENTALS WHILE SELECTING ACCOUNTING POLICIES?
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PRUDENCE SUBSTANCE OVER FORM MATERIALITY

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WHEN CAN YOU CHANGE ACOUNTING POLICIES?
1.

2.

WHEN IT IS REQUIRED BY THE LAW OF THE LAND CHANGE WOULD RESULT IN BETTER PRESENTATION OF ACCOUNTING AND FINANCIAL STATEMENTS.

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WHAT IS MEASUREMENT?
ASSIGNING OF NUMBERS TO OBJECTS OR EVENTS IS CALLED MEASUREMENT. IT HAS 3 ELEMENTS: 2. IDENTIFICATION OF OBJECT 3. STANDARD TO USE 4. EVALUATION OF DIMENSION OF OBJECT ON STANDARDS.
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WHAT ARE PRINCIPLES OF MEASUREMENT?
1. 2. 3. 4.

HISTORICAL COST CURRENT COST REALISATION VALUE PRESENT VALUE

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IF I SELL MY CAR TODAY, I GET RS. 400000 FROM IT. WHAT AM I TALKING ?

REALISATION VALUE

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IF I PURCHASE A TAXI, IT WILL GIVE ME EARNING OF RS. 1 LAKH EVERY YEAR FOR NEXT 10 YEARS. WHAT AM I TALKING ABOUT?

PRESENT VALUE (HERE WE WILL TAKE PRESENT VALUE OF FUTURE EARNINGS).

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I SHALL GET RETURNS OF RS. 5000, 40000 AND 100000 IN NEXT 3 YEARS. DISCOUNT RATE IS 10% WHAT IS PRESENT VALUE?

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5000/ (1+.1)^1 + 40000/ (1+.1)^2 + 100000 / (1+.1)^3 = 4545+33057+ 75131 =112733 APPROX.

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MENTION ANY 3 BOOKS OF ORIGINAL ENTRY?
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PURCHASE DAY BOOK SALES DAY BOOK CASH BOOK PURCHASE RETURN DAY BOOK ETC.

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GIVE 2 EXAMPLES OF SOURCE DOCUMENTS IN ACCOUNTING?
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INVOICE VOUCHER

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WHICH ARE THE IMPERSONAL ACCOUNTS?
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REAL ACCOUNTS NOMINAL ACCOUNTS

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WHICH ARE THE PERSONAL ACCOUNTS?
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ARTICIFICIAL REPRESENTATIVE NATURAL (PERSONAL)

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WHAT TYPE OF ACCOUNT IS DRAWING ACCOUNT?

REPRESENTATIVE PERSONAL ACCOUNT

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WHAT TYPE OF ACCOUNT IS GOVERNMENT ACCOUNT?

ARTIFICIAL (LEGAL) ACCOUNT

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WHAT TYPE OF ACCOUNT IS MACHINERY ACCOUNT?

REAL IMPERSONAL ACCOUNT

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WHAT TYPE OF ACCOUNT IS DEBTOR’S ACCOUNT?

NATURAL PERSONAL ACCOUNT

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WHAT TYPE OF ACCOUNT IS SALES ACCOUNT?

NOMINAL ACCOUNT (REVENUE)

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WHAT TYPE OF ACCOUNT IS PURCHASE ACCOUNT?

REAL

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WHAT TYPE OF ACCOUNT IS ADJUSTED PURCHASE ACCOUNT?

NOMINAL

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WHAT TYPE OF ACCOUNT IS INVESTMENT ACCOUNT?

REAL

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WHAT TYPE OF ACCOUNT IS RENT ACCOUNT?

NOMINAL

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WHAT TYPE OF ACCOUNT IS BANK DEPOSIT ACCOUNT?

PERSONAL

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WHAT TYPE OF ACCOUNT IS PROVISION FOR DEPRECIATION ACCOUNT?

REAL (VALUATION ACCOUNT)

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WHAT TYPE OF ACCOUNT IS PROVISION FOR BAD DEBT ACCOUNT?

VALUATION ACCOUNT – PERSONAL

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WHAT TYPE OF ACCOUNT IS BAD DEBT RECOVERD ACCOUNT?

NOMINAL (GAIN)

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WHAT TYPE OF ACCOUNT IS PRE PAID SALARY ACCOUNT?

PERSONAL

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WHAT TYPE OF ACCOUNT IS RENT RECEIVED IN ADVANCE ACCOUNT?

PERSONAL

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WHAT TYPE OF ACCOUNT IS DRAWING ACCOUNT?

PERSONAL

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EMPLOYEES TOOK GOODS WORTH 1000 AND AMOUNT WAS DEDUCTED FROM SALARY, WHAT WILL BE ENTRY?
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SALARY A/C DEBIT TO PURCHASE ACCOUNT CREDIT

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WAGES PAID RS. 1000. WORKERS WORKED ON INSTALLATION OF NEW MACHINE
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ACCOUNTING ENTRY: MACHINERY ACCOUNT DEBIT TO CASH (OR BANK) CREDIT

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WHICH ACCCOUNTS ARE BALANCED?

REAL ACCOUNT AND PERSONAL ACCOUNTS (THEIR BALANCE IS SHOWN IN BALANCE SHEET – SO THEY ARE BALANCED) NOMINAL ACCOUNTS ARE NOT BALANCED – THEIR BALANCE IS TRANSFERRED TO P & L ACCOUNT.
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PROCESS OF TRANSFERRING ENTRY FROM JOURNAL TO LEDGER IS ?

POSTING

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LEDGER BOOK IS ALSO KNOWN AS?

PRINCIPAL BOOK OF ACCOUNTS

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WRITE 3 METHODS OF PREPARING TRIAL BALANCE?
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TOTAL METHOD BALANCE METHOD TOTAL AND BALANCE METHOD

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MENTION 3 SUBSIDIARY BOOKS?
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PURCHASE BOOK SALES BOOK SALES RETURN BOOK BILLS PAYABLE BOOK JOURNAL PROPER BILLS RECEIVABLE BOOK PURCHASE RETURN BOOK
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MENTION 4 TYPES OF CASH BOOKS?
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SIMPLE CASH BOOK PETTY CASH BOOK CASH BOOK WITH DISCOUNT COLUMN CASH BOOK WITH BANK AND DISCOUNT COLUMN

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WHAT IS USE OF SUBSIDIARY BOOK?

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EFFICIENCY, SPEED, SPECIALISATION AVAILABILITY OF INFORMATION FACILITY IN CHECKING DIVISION OF WORK

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PREPARE : PURCHASE BOOK OR PURCHASE RETURN BOOK?

PURCHASE RETURN BOOK

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WE PURCHASED A CAR, WHERE WILL ENTRY GO : PURCHASE BOOK / JOURNAL PROPER

JOURNAL PROPER

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STATIONERY ITEMS : PURCHASE / JOURNAL PROPER

JOURNAL PROPER

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CREDIT PURCHASE OF STATIONERY ITEMS BY STATIONERY DEALER: PURCHASE / JOURNAL PROPER

PURCHASE

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TOTAL OF PURCHASE DAY BOOK IS TRANSFERRED TO ?

PURCHASE ACCOUNT (DEBIT SIDE).

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SALES BOOK IS A PART OF JOURNAL / LEDGER?

JOURNAL

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TOTAL OF SALES BOOK IS POSTED IN ?

SALES ACCOUNT (CREDIT SIDE).

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ABOUT AFTERSCHOOOL
Afterschoool conducts three year integrated PGPSE (after class 12th along with IAS / CA / CS) and 18 month PGPSE (Post Graduate Programme in Social Entrepreneurship) along with preparation for CS / CFP / CFA /CMA / FRM. This course is also available online also. It also conducts workshops on social entrepreneurship in schools and colleges all over India – start social entrepreneurship club in your institution today with the help from afterschoool and help us in developing society.
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Why such a programme?

To promote people to take up entrepreneurship and help develop the society To enable people to take up franchising and other such options to start a business / social development project To enable people to take up social development as their mission To enable people to promote spirituality and positive thinking in the world www.afterschoool.tk

Who are our supporters?

Afterschoolians, our past beneficiaries, entrepreneurs and social entrepreneurs are supporting us. You can also support us – not necessarily by money – but by being promotor of our concept and our ideas.
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About AFTERSCHOOOL PGPSE – the best programme for developing great entrepreneurs

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Most flexible, adaptive but rigorous programme Available in distance learning mode Case study focused- latest cases Industry oriented practical curriculum Designed to make you entrepreneurs – not just an employee Option to take up part time job – so earn while you learn www.afterschoool.tk The only absolutely free course on

Workshops from AFTERSCHOOOL
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IIF, Delhi CIPS, Jaipur ICSI Hyderabad Branch Gyan Vihar, Jaipur Apex Institute of Management, Jaipur Aravali Institute of Management, Jodhpur Xavier Institute of Management, Bhubaneshwar Pacific Institute, Udaipur Engineering College, Hyderabad www.afterschoool.tk

Flexible Specialisations:
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Spiritualising business and society Rural development and transformation HRD and Education, Social Development NGO and voluntary work Investment analysis,microfinance and inclusion Retail sector, BPO, KPO Accounting & Information system (with CA / CS /CMA) Hospital management and Health care Hospitality sector and culture and heritage Other sectors of high growth, high technology and social relevance www.afterschoool.tk

Salient features:
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The only programme of its kind (in the whole world) No publicity and low profile course For those who want to achieve success in life – not just a degree Indepth knowledge and expertise Professional approac: World class approach Strong intellectual and business capabilities Flexible – you may stay for a month and continue the rest of the education by distance mode. / you may attend weekend classes Scholarships for those from poor economic background Latest and constantly changing curriculum – keeping pace with the time Placement for those who are interested Admissions open throughout the year Latest and most advanced technologies, books and www.afterschoool.tk study material

Components
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Pedagogy curriculum and approach based on IIM Ahmedabad and ISB Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad) Meditation, spiritualisation, and self development Essential softwares for business Business plan, Research projects Participation in conferences / seminars Workshops on leadership, team building etc. Written submissions of research projects/articles / papers Interview of entrepreneurs, writing biographies of entrepreneurs Editing of journals / newsletters Consultancy / research projects Assignments, communication skill workshops Participation in conferences and seminars Group discussions, mock interviews, self development diaryng Mind Power Training & writing workshop (by Dr. T.K.Jain)

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Pedagogy
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Case analysis, Articles from Harvard Business Review Quiz, seminars, workshops, games, Visits to entrepreneurs and industrial visits Presentations, Latest audio-visuals Group discussions and group projects Periodic self assessment Mentoring and counselling Study exchange programme (with institutions out of India) Rural development / Social welfare projects
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Branches

AFTERSCHOOOL will shortly open its branches in important cities in India including Delhi, Kota, Mumbai, Gurgaon and other important cities. Afterschooolians will be responsible for managing and developing these branches – and for promoting social entrepreneurs.
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Case Studies

We want to write case studies on social entrepreneurs, first generation entrepreneurs, ethical entrepreneurs. Please help us in this process. Help us to be in touch with entrepreneurs, so that we may develop entrepreneurs.
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Basic values at afterschoool
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Share to learn more Interact to develop yourself Fear is your worst enemy Make mistakes to learn Study & discuss in a group Criticism is the healthy route to mutual support and help Ask fundamental questions : why, when, how & where? Embrace change – and compete with yourself only
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www.afterschoool.tk social entrepreneurship for better society

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