accounting for non accounting professionals
DESCRIPTION
TRANSCRIPT
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Accounting For Non Accounting Professionals
Munir Ahmad – Manager Projects Accounts
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Agenda
What is Accounting Why Accounting Basic Classification of Accounts Basic Accounting Equation Accounting Cycles Basic Financial Statements Understanding Financial Statement
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What is Accounting
Accounting is a process of recording, analyzing, interpretation and communication of financial transactions.
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Why Accounting
To know the status of affairs To know the state of affair Responsibility to Stake holders Legal Responsibility – Company Law International Standards Taxation law
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Basic Classification
Capital Liabilities Assets Sales Expenses
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Basic Accounting Equation
Capital = Assets Capital + Liabilities = Assets Capital + Liabilities + Sales = Assets + Expenses Capital + Liabilities = Assets Capital = Liabilities
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Accounting Cycles
Capitalization Purchase Sales Payroll Operations
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Capitalization Cycle
Formation of Business Organization Sponsors investment Financing Arrangement Initial Public Offering
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Purchase Cycle
Purchase Requisition Request For Purchase Repeat Order Request Market Inquiry Comparative Statement Purchase Order / Work Order / Sub
Contract Goods / service Receipt
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Sales Cycle
Customer inquiry Quote / Performa invoice Customer order Acceptance of Order Advance Dispatch Invoice Receipt
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Operation Cycle
Capacity Planning Master Production Scheduling Material Requirement Planning Shop Floor Control / Posting Ware Housing
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Basic Financial Statements
Balance Sheet Profit and Loss Account Cash Flow Notes to The Accounts
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Payroll And Allied Matters
Induction Pay Package Deduction Net Pay Provident Fund Gratuity Bonus
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Understanding Balance Sheet
Format Comparative Figures Notes
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Corporate & Management Reporting
Corporate Reporting Management Reporting
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Control (GL) and Sub Ledger
General Ledger Accounts Payable Accounts Receivables Inventory
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Understanding Profit and Loss
Format Comparative Figure – (Annual Accounts) Notes to the Accounts
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Understanding Cash Flow
Format Comparative Figures Notes
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Financial Statement Analysis
Ratio Analysis Vertical Horizontal Time Series Industry Average
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Cost Accounting
Costing For Planning Costing For Pricing Costing For Control
Bills Of Materials Routing Material Standard, Actual and Replacement
rates Activity Resource Cost
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Financial Planning
Projected Financial Statement Revenue, Cost and Profit Center Budget
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Taxation
Corporate Taxation Individual Employee Taxation Sales Tax Custom Duty Federal Excise Duty
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