Financial Accounting - DR Rakesh Kumar - Academia

9/22/13
FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

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by DR RAKESH KUMAR
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FINANCIAL ACCOUNTING
Study Material Prepared By
INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA

for
Junior Accounts Officer(Civil) Examination

Conducted By
CONTROLLER GENERAL OF ACCOUNTS
www.academia.edu/1207926/FINANCIAL_ACCOUNTING#
BASICS
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BASICS OF FINANCIAL ACCOUNING

Page No.
1.0 Introduction to Financial Accounting 1
1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8
Subdivision of Accounting Concepts and Conventions in Accounting Golden Rule of Accounting Accounting Records Books of Account Trial Balance Specimen Questions with Answers Self-examination Questions
4 4 12 14 16 32 48 52
1.0
INTRODUCTION TO FINANCIAL ACCOUNTING

Accounting is a social science. The nature of accounting information has been dictated from time immemorial by the needs of the users of the day. The history of accounting reflects the pattern of social developments and the forces which necessitate the changes in accounting system from time to time. Over the years accountancy has made tremendous progress in the field of commerce and industry. Accounting can be described as being concerned with measurement and management. Measurement of recording transactions and management with the use of data for making decisions are the two fundamental aspects.
STUDY MATERIAL PREPARED BY ICWAI FOR J.A.O (CIVIL) EXAMINATION
Financial Accounting Fundamentals
Accounting function is vital for every entity of the society whether individuals, house wives, business entity, nonprofit making organisations like municipalities, panchyats, clubs, etc. All are required to maintain accounts. Accounting is commonly referred to as the language of the business as it is effectively employed to communicate the financial performance of business to various interested parties or stakeholders. It is concerned with the measurement and communicating financial data. Financial Accounting is based on double entry system of accounting which comprises of (i) (ii) (iii) (iv) recording of business transactions in the books of prime entry, posting into respective ledger accounts, striking balance, and preparing the performance statement (profit and loss statement) and position statement (balance sheet).
Financial Accounting is concerned with the collection, recording, classification and presentation of financial data to serve the purposes of the management, shareholders and stakeholders, such as, creditors, bankers, Government, etc.
The nature and purpose of accounting

The basic aim of accounting in a business entity is to provide financial information for
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The basic aim of accounting in a business entity is to provide financial information for making decisions on its activities. Managers of an economic entity at various levels require analysed financial information for planning and programming, for controlling expenditure, for ascertaining the extent of profitability or otherwise of a department even of each production item for undertaking new jobs, etc. Financial information in tabular forms and with graphs and charts are also required by the outsiders, namely, bankers, financial institutions, creditors, investors, government agencies and even by the labour unions and the general public who have some interest in the particular business concern.
Definition of Accounting
A widely accepted definition of accounting has been provided by the American Accounting Association. According to this definition accounting is the process of identifying, measuring and communicating information to permit judgement and decisions by the users of accounts. This definition implies that (1) (2) (3) there should be users of accounts who need relevant information, the information should enable the users to make judgement and decisions, and transact ions and events are measured and the data are processed and then communicated to the users through accounting.
STUDY MATERIAL PREPARED BY ICWAI FOR J.A.O (CIVIL) EXAMINATION
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9/22/13

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

Search People, Research Interests and Universities

FINANCIAL ACCOUNTING more

Study Material Prepared By

INSTITUTE OF COST AND WORKS ACCOUNTANTS OF INDIA

Junior Accounts Officer(Civil) Examination

CONTROLLER GENERAL OF ACCOUNTS

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

BASICS OF FINANCIAL ACCOUNING

1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8

INTRODUCTION TO FINANCIAL ACCOUNTING

STUDY MATERIAL PREPARED BY ICWAI FOR J.A.O (CIVIL) EXAMINATION

Financial Accounting Fundamentals

The nature and purpose of accounting

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

STUDY MATERIAL PREPARED BY ICWAI FOR J.A.O (CIVIL) EXAMINATION

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu

FINANCIAL ACCOUNTING | DR RAKESH KUMAR - Academia.edu