Introduction Meaning & definition Accounting concepts Accounting types Accounting standards

Synopsis

Meaning & Definition

Accounting is the art of recording, classifying &summarizing in a significant manner &in terms of money , transaction &events which are part at least of financial character &interpreting the result.

Types of Accounts
Real a/c What comes in debit. What goes out in credit. Debit benefit to receiver. Credit benefit to giver. Debit all expenses & loss. Credit all income & gain..

Personal a/c

Nominal a/c

Accounting concepts
o Separate entity concept o Money measurement concept o Cost concept o Dual asset concept o Going concern concept o accounting period concept o Matching concept o Realization o Accrual concept

Accounting standards
Disclosures of accounting principles Valuation of invention Cash flow statement Contingencies &events occurring after the balance sheet Net profit &loss for the period , priors period items & changes in

accounting policies Depreciation accounting Constructing contract concept Accounting for research & development Revenue reorganization Accounting for fixed assets The effects of charges in foreign exchange rates Accounting for government grant

 Accounting for investment

accounting for amalgamation Employee benefit Borrowing cost of concept Segment reporting Related party disclosures Leases Earning for shares consolidated financial statements Accounting for taxes on income Accounting for investment in association c f s Discounting operation Interim financial services Intangible assets Financial reporting of interest in joint ventiion

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Implement of assets Provision contigenent liabilities & contingent asset

Financial instrument recognition & measurement

Financial instrument :presentation Financial instrument : disclosures