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Dubai

Introduction To Accounting

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Published in: Accounting
321 Views

Accounting basics

Shradha / Dubai

1 year of teaching experience

Qualification: ACCA, CMA, MBA, B.Com

Teaches: Communicative English, Economics, Finance, Strategic Financial Management, Accounting, Cost Accounting, Financial Accounting, ACCA, CMA

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  1. Introduction to Accounting Basics of Accounting for Beginners
  2. Table of contents 01 Defination Importance Workings 02 Termonology 05 Accounting Cycle 03 Ty pes of Financial Statements 06 Overview
  3. Shradha Jindal, ACCA, CMA, MBA
  4. 01 Defination Importance
  5. What is Accounting? • The process of recording. summarizing, and reporting financial transactions to provide information that is useful for decision-making. Brief examples: tracking income. expenses. assets, and liabilities. Importance of Accounting Helps in tracking business performance Assists in budgeting and forecasting. • Supports informed decision- making. • Necessary for legal compliance
  6. 02 Termonologies
  7. Basic Accounting Terminology •Assets — Resources owned by a business (e.g., cash, inventory). •Liabilities — Debts or obligations (e.g., loans, accounts payable •Equity — Owner's claim after liabilities (Assets - Liabilities). •Revenue — Income generated from business operations. •Expenses — Costs incurred in operations.
  8. The Accounting Equation Formula: Assets = Liabilities + Equity ASSETS LIABILITIES OWNER'S EQUITY
  9. 03 Types of Financial Statements
  10. Types of Financial Statements a ance Sheet Income Statement Cash Flow Statement naps ot o assets, liabilities, and equity at a given time Shows revenue and expenses over a period, leading to net profit or loss Tracks cash inflows and outflows, categorized into operations, investing, and financing.
  11. Workings
  12. The Double Entry System Principle For every transaction. two entries are made to keep the equation balanced Example: Buying equipment for cash impacts both the asset and cash accounts. Accounting Enu•y: Equipment A/c Dr Cash A/c Cr
  13. Debits and Credits Debit (Dr) Entry on the left side of an account. typically increases assets and expenses. of Account Assets a c Liabilities a c Ca ital a c Revenue a c enditurea c Withdrawal a c Debit Increase Decrease Decrease Decrease Increase Increase Credit (Cr): Entry on the right side. typically increases liabilities. equity. and revenue. Credit Decrease Increase Increase Increase D e crease Decrease
  14. Golden Rules of Accounting Real Debit what comes in, credit what goes out Personal account Debit the receiver, credit the giver Nominal account Debit all expenses and losses, and credit all incomes and gains
  15. Basic Journal Entries Example journal entries Purchasing supplies Purchase A/c Dr Cash A/c Cr 01 Receiving revenue from sales Cash A/c Dr Sales A/c Cr 02 Paying rent Rent A/c Dr Cash A/c Cr Buying Property Property A/c Dr Cash A/c Cr 05 Borrowing Money Cash A/c Dr Loan A/c Cr 06
  16. Trial Balance Ensures total debits equal total credits after recording transactions Acc O Title Cash Accounts Receivable Office Supplies C)ffice Equipment Bark Inan Accounts Payable Common Stock C ons ultang Revenue Re nt nse Salute s Expense Used Trial Balance 31, 2005 Total Debit $7,000 3,000 3,000 5.000 600 2300 700 23 000 5.000 iö.ooj ,00ö 23 000
  17. 05 Accounting Cycle Overview
  18. Accounting cycle Transatims Financial ate nerts J curnd Ertries The Accounting Journa Ertries Cycle Po<ing Worksheet Trial
  19. 06 Summary
  20. Summary and Key Takeaways Accounting keeps financial data organized. Double-entry system ensures accuracy. Financial statements are essential for insights.
  21. Thank You

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