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Tuesday, 12 May 2015


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Accounting is one kind of science. It follows many ruls and concept.Such as  prudence concept, going concern concept etc. It follow's double entry book keeping. Where are two effects one is debit and another is credit.Debit and  credit is always be equal. If it is not equal, there is a something wrong.Accounting home will teach you that. It will provide double entry and accounting concept that you will be found here.
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Monday, 11 May 2015


 Current asset is an item of assets on an entity's balance sheet that is either cash, a cash equivalent, or which can be converted into cash within short time.Actually it  is converted into cash within one year.It is presented into company's statement of financial position. Examples of current assets are:

    Prepaid expenses

A current asset is normally first written  on a organisation's income statement and it will  present in the order of liquidity of business. It means that they will be appeared in the  order of cash which is including currency, checking accounts and petty cash account, temporary investments of assets, accounts receivable, inventory, supplies, and prepaid expenditure.

It is important because it is also consider to as short term assets  that the amount of each  asset not be overstated. For an example,  receivable, inventories, prepaid insurance and temporary investments of any kind of assets should have valuation accounts so that the amounts reported will not be greater than the amounts that will be received when the assets turn into cash in business. This is very important because this amount of company's working capital and its current ratio are computed using the  assets'.

These items are typically presented in the balance sheet in their order of liquidity, which means that the most liquid items are shown first. The preceding example shows current assets in their order of liquidity.

Creditors are interested in the proportion of current assets to current liabilities, since it determind the short-term liquidity of an entity. In essence, having substantially more current assets than liabilities indicates that a business should be able to meet its short-term obligations. This type of liquidity-related analysis can involve the use of several ratios, include the following:

    Cash ratio
    Current ratio
    Quick ratio

Current assets that a business owns  are likely to be used up or converted into cash within one year or short time. The most common line items in this category are cash and cash equivalents, short-term investments,  receivable, inventories, and other various  assets.

 Cash Equivalents: This  item doesn't necessarily refer to actual bills sitting in a cash register account. Generally, cash is held in low-risk, highly liquid investments such as money market funds in business. These holdings can be liquidated quickly within little or no price at risk. This is considered money that can be used for many purpose's the company wants.

Short Term Investments: It represents money invested in bonds or other securities that have less than one year to maturity and earn a higher rate of return than cash equivalent
Receivable. Think that receivables as bills that a company sends its customers for goods or services it has provided but for which the customer has not yet been paid but is expected to pay within the next years. In other words these are sales  that haven't been paid for yet within cash. Accounts receivable are shown as a net amount of what a company expects to ultimately collect, because some customers are likely not to be paid.

Inventories. Where are many different types of inventories including raw materials, partially finished goods, and finished products that are waiting to be sold in market.

 The cash that was used to create inventory can't be used for anything else until it has to be  sold. Thus, another important thing for investors to monitor is how fast a company is able to sell its inventory items.

Sunday, 10 May 2015


Revenue or expense  that changes a cash account over a  period of time. Cash inflows usually generated from one of three activities -first  financing, second operations or last investing activities. although this is also occurs as a result of  gifts or donetion in the case of personal finance. Cash outflows result from expenses or investments from organisation.

It is also called the "statement of cash flows", that shows the amount of cash generated and used by a organistion's in a given period of time. It is calculated by adding non cash charges to net income after  the taxes from organisation. Cash flow can be indicated to a specific project, or to a business as a whole.And cash flow analysis statements are generally three parts:

    1.Operating activities: This section is evaluates net income and loses of a business. By assessing sales and business expenditures, all income from non-cash items is adjusted to incorporate inflows and outflows of cash transactions to determine a net figure.

    2.Investment activities: This section reports that inflows and outflows from purchases and sales of long term period business investments such as property, assets, equipment, and securities. For example - if your bakery business purchases an additional piece of kitchen equipment, this would be considered an investment and accounted for as an outflow of cash. If your business then sold equipment that was no longer needed, this would be considered an inflow of cash.

    3.Financing activities: This section accounts for the cash flow trends of all money that is related to financing  business. For example: if you received a loan for  small business, the loan itself would be considered an inflow of cash. Loan payments would be considered an outflow of cash, and both would be recorded in this part of the cash flow analysis statement.

Direct method:It shows each major class of gross cash receipts and gross cash payments. The operating cash flows section of the statement of cash flows under the direct method would appear something like it:

Indirect method: It adjusts accrual basis net profit or loss for the effects of non-cash transactions. The operating cash flows section of the statement of cash flows under the indirect method would appear something like it:

Financial analysts normally consider cash flow to be the best measure of a company's financial statement. Increased cash flow means that more funds are available in the business. On the other hand, reported net income is strongly influenced by a firm's accounting. Reduced income narmally means lower taxes and more cash, thus the same accounting practices that reduce net income can actually increase cash flow of business.

 A firm with large amounts of new investments and corresponding high depreciation charges might  be reported low or negative earnings at the same time in business. It has large cash flows to service debt and to acquire additional asset. Cable companies has huge investment requirements and are typical of firms that may be quite healthy in spite of reporting net losses.


The income statement is one kind of major financial statements which is used by accountants departments and business owners.  The income statement is referred to as the profit and loss statement , statement of operations, or statement of income. It is a summary of a management's performance as reflected in the profitability of an organization over a certain time of period.

 It is based on a fundamental accounting assumption, Income = Revenue - Expenses and shows the rate at which the owners equity is changing for better or worse. Along with balance sheet and cash flow of statement it forms the basic set of financial information required to manage an organization. It also called earnings report, operating statement, or profit and loss account.

It is very important  format an income statement so that it is appropriate to the business being conducted.It is required by potential lenders, such as banks, investors, and vendors. They will use the financial reporting contain and determine credit limits.

1. Sales
Sales figure represents the amount of revenue generated by the organisation. This amount recorded here is the total sales, less any product returns or sales discounts.

2. Cost of sales
This number represents the costs directly associated with making or acquiring  products. Costs include materials purchased from suppliers used in the manufacture of  product, as well as any internal expenses directly expended in the manufacturing process.

• Gross profit
Gross profit is derived by subtracting the cost of goods sold from net of sales
3. Operating expenses
These are the daily expenses incurred in the operation of  business.

• Sales salaries
These are the salaries plus bonuses and commissions paid to sales staff.

• Advertising
These represent all costs involved in creating and planing print or multi-media advertising.

• Rent
These are the fees incurred to rent or lease office or industrial place.

6. Taxes
This is the amount of income taxes  owe to the government and, if applicable, state and local government taxes.

7. Net income
This is the amount of money the business has earned after paying income taxes.

It is a measures a company's financial performance over a specific accounting period. 

Friday, 8 May 2015


IAS 10 discuss Events after the Reporting Period contains requirements when an entity should adjust its financial statements for events after the reporting period and the disclosures note that an entity should be given about the date when the financial statements were authorised and about events after the reporting period(the latter being disclosed where material).

December 2003 IAS 10 was reissued and applies to annual periods beginning on or after 1 January 2005.

Event after the reporting period: It is an event, which could be favourable or unfavourable, that occurs between the closing of the reporting period and the date that the financial statements are authorised for issue.

Events after the closing of reporting period may be classified into two types:
1.Adjusting event: Those events that provide further evidence about conditions that existed at the end of reporting period.It is an event after the reporting period that provides further evidence of conditions that existed at the closiing of the reporting period, including an event that indicates that the going concern assumption in relation to the whole or part of the enterprise is not appropriate.

2.Non-adjusting event:It is an event after the reporting period that is indicative of a condition that arose after the closing of the reporting period.

Adjust financial statements for adjusting events - events after the balance sheet date that provides further document of conditions that existed at the closing of the reporting period, including events that detairment that the going concern assumption in relation to the whole or part of the enterprise is not appropriate.  Do not adjust for non-adjusting events - events or conditions that arose after the closing of the reporting period.If an entity discuss dividends after the reporting period, the entity shall not indicate those dividends as a liability at the closing of the reporting period. It is a non-adjusting event.

Going concern assumption issues arising after closing of the reporting period
An entity shall not prepare its financial statements on a going concern assumption basis if management determines after the closing of the reporting period either that it intends to liquidate the entity or to cease trading, or that it has no realistic alternative but to do so.

Disclosure:Non-adjusting events that should be disclosed if they are of such importance vale that non-disclosure would affect the ability of users to make proper evaluations and decisions. The required disclosure note is  the nature of the event and (b) an estimate of its financial effect or a statement that a reasonable estimate of the effect cannot be made.

A company should be updated disclosures notes that is related to conditions that existed at the closing of the reporting period of ntime to reflect any new messages that it receives after the reporting period about those conditions.

Companies must be disclosed the date when the financial statements were recognised for issue and who gave that authorisation. If the owners or others have the power to amend the financial statements after issuance, the enterprise must disclose that matter.

Thursday, 7 May 2015


Actually Financial Accounting is a skills and concepts .It provides the message that is needed for sound economic decision making. The main objectives of financial accounting is to prepare the financial reports that provides messages about a organisations performance to external audience such as investors, creditors, and tax authorities,shareholders. On the other hand, it is also performed according to Generally Accepted Accounting Principles or GAAP method.

Actually businesses have two primary objectives:
   1. Earn from profit
    2.Remain to solvent

The four financial statements are :

    1.Balance Sheet
    2.Income Statement
     3.Statement of financial position
     4.Statement of Cash Flows

Double Entry Accounting

Financial accounting is based on Double Entry book keeping system.which each transaction has two effects.One is debt and another  is credit.
 Assets  =  Liabilities  +  Equity

To record transactions, one must be:
1.    Identify an event that has affected the entity financially.
 2.   Measurement the event in the monetary terms.
 3.   Determine which accounts the transaction will be affected.
4. Determine whether the transaction will be increased or decreased the balances in those accounts     5.Record the transaction in the ledger books.
All larger business   follows  the double entry book keeping system. Under the double entry system, instead of recording a transaction in only a single entity account, the transaction is recorded in two accounts of ledger.

This is the financial accounting.Actually it provides internal and external information of organisation.It is helpfull for all financial stakeholder.


When a organisation purchases goods or services in advance of paying for them, we will say that the company is purchasing the goods or service   on credit term. The supplier (seller) of the goods on credit is also recognised to as a creditor. If the buyyer receiving the goods does not sign a promissory note, the supplier's bill or invoice will be recorded by the organisation in its liability account Accounts Payable or Trade Payables.

An accounting entry that is  represented an entity's obligation to pay off a short-term debt entry to its creditors. The accounts payable entry is found on a statement of financial position under the heading current liabilities.

Accounts payable is the certain amount of an entity's short-term obligations to pay seller for products and services which the entity purchased on credit from seller. If accounts payable are not paid within the payment date  to with the seller, the payables account are considered to be in default, which may be triggerd a penalty or interest payment method, or the revocation or curtailment of additional credit term from the seller.

It is a liability account, Accounts Payable will normally have a credit balance. Hence, when a buyyer invoice is recorded, Accounts Payable will be creditedentry and another account must be debited entry . When an account payable(buyyer) is paid, Accounts Payable will be debited entry and Cash will be credited entry. Therefore, the credit balance in  Payable account should be equal to the amount of buyyer invoices that have been recorded but have not yet been paid.

Under the accrual concept of accounting method, the organisation receiving goods or services on credit term must be reported the liability account no later than the date they were received. The same date is used to record the debit  to an expense account or asset account as appropriate. Hence, accountants say that under the accrual concept of accounting expenses are reported when they are incurred.

The  account term payable can be also refered to the person or staff that processes seller invoices and pays the organisation's bills. That's why a seller who hasn't received payment from a buyyer will phone and ask to speak with "accounts payable."

The  payable accounts process involves are reviewing an enormous amount of detail to ensure that the legitimate and accurate amounts are entered in the accounting system. Much of the information that is needed to be reviewed will be found in the following information:

    purchase orders issued
    receiving reports
    invoices from the organisation's
    contracts and other aggriment

The accuracy and completeness of a company's  statements of financial position are dependent on the  payable account . A well-run accounts payable account  will include:

    the timely processing of accurate and legitimate seller invoices,
    accurate adjustment in the appropriate general ledger , and
    the accrual of obligations and expenses account that have not yet been completely processed.
When personal accounts payable are recorded in jeneral ledger, this may be called in a payables ledger, thereby keeping a large number of personal transactions from cluttering up the general books. Alternatively, if there are few payables, they may be recorded directly in the general books. Accounts payable ledger appears within the current liability section of an entity's financial statement

Wednesday, 6 May 2015


An entity which may not be able to recover its outstanding balance in respect of certain receivables. In accountancy  term we can refer to such receivables as Irrecoverable Debts or Bad Debts. irrecoverable debts could be arise for a number of reasons or matter such as when customer going to bankrupt or trade dispute or fraud.

If we think buying something  goods, it's easy to picture ourselves to standing at the checkout, writing out a personal check, and taking possession of the goods. It's a simple  way of transaction—we exchange our money for the store's business.

Every time an entity realizes that it unlikely to recover its debt from a receivable, it must be 'write off' the bad debt or irrecoverable debts from its receivable books. This ensures that the entity's assets  are not stated above the amount it is reasonably expect to recover which is in line with the  prudence concept.

Accounting entry required to write off a bad debt or irrecoverable debts is as follows:

Debit    Bad Debt Expense
Credit    Receivable

The credit entry reduces the receivable balance that were recognized to balance sheet. The debit entry has the effect of cancelling the impact on profit of the sales that were previously recognized in the income statement.

In the world of business today, however,most of the company  wants to sell their goods  on credit. This would be equivalent to the grocer of transferring their ownership of the business to you, issuing a sales invoice, and allowing you to pay for the business at a later date.


Rahim LTD sells goods to Karim LTD for $800 on credit. Rahim LTD subsequently finds out that Karim LTD is being liquidated and therefore the prospects of recovering its dues are very low.

Rahim LTD should write off the receivable from Karim LTD in view of the circumstances. The double entry will be recorded as follows:

Debit    Bad Debt Expense    800   
Credit    Receivable        800

Whenever a retailer decides to offer its goods or services on credit, two things happen on that time: (1) the retailer boosts its potential to increase revenues since many customers appreciate the convenience and efficiency of making purchases on credit term, and (2) the retailer opens itself up to potential losses if its customers do not pay the sales invoice amount when it becomes due.

Under the accrual basis of accounting a sale on credit will:

    Increase sales or  revenues, which are reported on the income statement, and
    Increase the amount due from customers, which is reported as accounts receivable.

If a customer does not pay the amount it owes, the seller will report:

    A credit loss or bad debts or irrecoverable debts expense on its income statement.

With respect to  statements of financial position, the seller should be report its estimated credit losses as soon as possible using the receivable allowance method. For income tax purposes, however, losses shoud be reported at a later date through the use of the direct write-off method.
Recording Services Provided on Credit

Assume that on may 8, hunny Design Co. provides $5,000 of graphic design service to one of its customer with credit terms of net 30 days time.

Under the accrual basis of accounting concept, revenues and sales are considered earned at the time when the services are provided. This means that on may 8 hunny will record the revenues it earned, even though hunny will not receive the $5,000 until may. Below are the accounts affected on mat 8, the day the service transaction was completed:

In this transaction, the debit to Accounts Receivable increases hunny's current assets, total assets, working capital, and stockholders'  equity—all of which are reported on its financial statement. The credit to Service Revenues will be increased Malloy's revenues and net income—both of which are reported on its income statement.

Accounts receivable are not always be collected in full due to many reasons. Sometimes buyer simply evade payment and the cost of pursuing them is more than the recoverable amount and sometimes they become go to bankrupt, sometimes the debt becomes time-barred etc. A debt which is determined to be uncollectible i.e. there is no chance that the debt would be collected, is called a bad debt or irrecoverable debts. Bad debts or irrecoverable debts were written off from accounts as soon as they are determined. This is because a organisation does not expect future economic benefits from a bad debt and it no longer remains an asset

Tuesday, 5 May 2015


Inventory is a current asset whose ending balance should report the cost of a merchandiser's products awaiting for sale. The inventory of a manufacturer organisation should report the industry cost of its raw materials, work-in-process, and finished goods of invetory. The cost of inventory should be  included all their costs necessary to acquire the items and to get them ready for sale in the market.

The raw materials, work-in-process  and finally finished goods of inventry that are considered to be the portion of a business's assets that are ready for sale. Inventory represents that it is one kind of  most important assets that most businesses possess, because the turnover of inventory  items represent one of the initially sources of revenue generation and subsequent earnings for the company's owners.


Usually high possessing amount of inventory for long  time periods is not  good for a business because of inventory storage, obsolescence and spoilage costs. Althaow,  too little possessing inventory isn't good for business, because the business  may run the risk of losing out on potential sales and potential market share.

Inventory management , such as a just-in-time inventory system, can be helped minimize  costs because goods are created or received as inventory only when they are needed. When inventory items are acquired or produced at varying costs prise, the company will need to be made an assumption on how to flow the changing costs.

The inventory item is-
a complete listing of merchandise or stock on hand, wip, raw materials, finished goods of inventory on hand, etc., made it each year by a business concern.

the objective of items represented on such a list, as a merchant's stock of goods in inventory.

the aggregate value of a inventory of goods.

raw material from the inventory time of its receipt at an organisational plant for manufacturing purposes to the time when sold.

a detailed, often descriptive, list of articles, giving the code number, quantity value, and value of each item; catalog.

a formal list of movables, as of a merchant's inventory of goods.

a formal list of the property of a person.

a tally of one's personality traits, aptitudes, skills. for use in counseling and guidline.

a catalog of natural resources, especially a count or estimate of wildlife and game in a particular area.

the act of making a catalog or detailed listing.
verb , inventoried, inventorying.

Cost of inventoey is calculated as:
Opening inventory+purchase-closing inventory.
So we can say, goods might be unsold at the end
of an accounting period and so still be held in