ACCOUNTHING

PRINCIPLES

ACCOUNTING IN COTEXT AND

BUDGETARY CONTROLS &
PROUCTION AND INTERPRETATION
OF FINANCIAL STATEMENTS

PRIYANTHINI JEGANATHAN
BM: 19
1
 2

ACKNOWLEDGEMENT
We would like to express our gratitude to all the business management
department who helped me in accomplishing my report. A special thanks
to our lecturer MS.M.Abirami by extending her invaluable co-operation
and guidance to complete our report. I also would like to thank the library
staff for their co-operation during my report work and special thanks to
our family & friends for their unconditional support in order to complete
the environmental scan successfully. At last, once again we like to praise
those persons whoever comprehends this proposal, with name of
almighty.
I offer my sincere thanks and humble regards to campus of BCAS, peon
for imparting me very valuable professional training in HNDM. We pay
our gratitude and sincere regards to MS.M.Abirami, my project guide for
giving me the cream of his knowledge. We are thankful to his as she has
been a constant source of advice, motivation and inspiration. I am also
thankful to her for giving her suggestions and encouragement throughout
the project work.
Thank you.
Ms. Priyanthini Jeganathan
J/BM/22/19/11
 3

EXECUTIVE SUMMARY REPORT.

ABANS ELECTRICALS PLC

 4

Abans Electricals Plc engages in the manufacture and assembly of household electrical and
electronic appliances and providing repairs and maintenance and technical services of
similar types of appliances. It operates through the following segments: Manufacturing and
Assembling, Services and Solar Installation. The Manufacturing segment manufactures and
sells washing machines, refrigerators, cookers and freezers. The Services segment focuses
on the installation, repair and maintenance, including all after sales services, of electrical and
household appliances. The Solar Installation Segment engages in the design, installation,
maintenance & servicing of rooftop Solar PV systems. The company was founded on
November 25, 1981 and is headquartered in Colombo, Sri Lanka. (MARKETS, 2023)

ABANS PRODUCT AND SERVICES

provider of household electric and electronic appliances. the company provides mobile
phones, computer equipment, industrial kitchen, laundry and cleaning equipment, central air
condition systems, environmental services, pharmaceuticals, automobiles, security services,
refrigerators, washing machines. it has a network of 200 showrooms island-wide and 450
approved dealers across sri lanka. (ABANS.COM, 2021)

BUSINESS OF ABANS

Abans Holdings Limited operates as a holding company. The Company, through its
subsidiaries, engages in investment management, trading, broking, gold refining, non-
banking financial services, agricultural trading, pharmaceuticals distribution, software
development, and real estate development.

WAY OF LIFE!

ACCOUNTHING
Accounting is concerned with collecting, analysing and communicating financial information.
 5

The ultimate aim is to help those using this information to make more informed decisions.

Accounting is the way a business keeps track of its operations. Accountants analyze the business
finances so the owner can make better decisions. This information is organized into reports that show
the financial health of a business.

DIFFERENT BRANCHES OF ACCOUNTING

 Financial accounting
 Cost accounting
 Management accounting
 Auditing
 Tax accounting
 Fund accounting
 Government accounting
 Forensic accounting
 Fiduciary accounting

IMPORTANT OF ACCOUNTING

The ultimate goal of any set of accounting principles is to ensure that a company’s financial
Statements are complete, consistent, and comparable.

Accounting principles help produce and present error free that accountants and investors can
use to analysis and compare financial statements creditors and stakeholders also use the
information to ascertain a company’s true standing.

 It helps in evaluating the performance of business.

 It ensures statutory compliance.
 It helps to create the budget and future projections.
 It helps in filling financial statements.