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  • Gla University: Accountancy

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    This document provides an overview of accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events. The objectives of accounting are to record financial data, determine profit/loss, assess financial position, and assist management and communicate information. Advantages include providing financial information, replacing memory, and facilitating tasks like taxes, loans, and decision making. Limitations are that accounting is not fully exact, ignores qualitative factors, and could enable window dressing. Users of accounting include internal parties like owners and employees, as well as external users such as suppliers, investors, and the government.

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    ljkhuihuihuio

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    Accountancyjhujyuy

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    This document provides an overview of accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events. The objectives of accounting are to record financial data, determine profit/loss, assess financial position, and assist management and communicate information. Advantages include providing financial information, replacing memory, and facilitating tasks like taxes, loans, and decision making. Limitations are that accounting is not fully exact, ignores qualitative factors, and could enable window dressing. Users of accounting include internal parties like owners and employees, as well as external users such as suppliers, investors, and the government.

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    4 views8 pages

    Gla University: Accountancy

    Uploaded by

    rinshi singh
    This document provides an overview of accounting. It defines accounting as recording, classifying, and summarizing financial transactions and events. The objectives of accounting are to record financial data, determine profit/loss, assess financial position, and assist management and communicate information. Advantages include providing financial information, replacing memory, and facilitating tasks like taxes, loans, and decision making. Limitations are that accounting is not fully exact, ignores qualitative factors, and could enable window dressing. Users of accounting include internal parties like owners and employees, as well as external users such as suppliers, investors, and the government.

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    of 8

    GLA UNIVERSITY

    2016-2017
    ACCOUNTANCY

    KHUSHBU AGRAWAL
    BBA FAMILY
    BUSINESS
    (1ST SEMESTER)

    ACCOUNTING

    ACCOUNTING IS AN ART OF
    RECORDING , CLASSIFYING
    AND SUMMARISING IN A
    SIGNIFICANT MANNER AND IN
    TERMSOF
    MONEY,TRANSACTIONS AND
    EVENTS WHICH ARE,IN PART
    ATLEAST,OF A FINANCIAL
    CHARACTER AND INTERPRETING
    THE RESULT,THEREOF
    -AICPA

    OBJECTIVES

    RECORD OF FINANCIAL
    TRANSACTIONS AND EVENTS

    DETERMINES PROFIT OR
    LOSS

    DETERMINE FINANCIAL
    POSITION

    ASSISTING THE
    MANAGEMENT

    COMMUNICATING
    ACCOUNTING INFORMATION
    TO USERS

    ADVANTAGES

    FINANCIAL INFORMATION
    ABOUT BUSINESS

    ASSISTANCETO
    MANAGEMENT

    REPLACES MEMORY

    FACILIATES COMPARATIVE
    STUDY

    FACILIATES SETTLEMENT OF
    TAX LIABILITIES

    FACILIATES LOAN

    EVIDENCE IN COURT

    FACILIATES SALE OF
    BUSINESS

    HELPS IN DECISION MAKING

    LIMITATIONS

    IT IS NOT FULLY EXACT

    IT DOES NOT INDICATE THE


    REALISABLE VALUE

    IT IGNORES THE QUALITATIVE


    ELEMENTS

    IT IGNORES THE EFFECT OF


    PRICE LEVEL CHANGER

    IT MAY LEAD TO
    WINDOWDRESSING

    USERS
    INTERNAL USERS
    OWNERS
    MANAGEMENT
    EMPLOYEES

    EXTERNAL

    USERS
    SUPPLIERS
    INVESTORS
    DEPARTMENT OF TAXES
    CONSUMERS
    GOVERNMENT

    THANK YOU

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