Accounting Terminology PowerPoint New

Information about Accounting Terminology PowerPoint New

Published on April 6, 2018

Author: ReadySetPresent

Source: authorstream.com

Content

Slide 1: BASIC ACCOUNTING & FINANCIAL TERMINOLOGY readysetpresent.com Slide 2: 2 Program Objectives ( 1 of 2 ) Basic Accounting & Financial Terminology r eadysetpresent.com Understand basic accounting and financial terminology. Learn how double entry accounting works. Explore the world of accounting cycle, accounts, assets, equity, receivables, accounts payable, liabilities and ledgers. Slide 3: 3 Program Objectives ( 2 of 2 ) Basic Accounting & Financial Terminology r eadysetpresent.com Discover which accounting system works best for you. Explore how computerized accounting works and it’s benefits. Understand financial statements, income statements, statements of owner’s equity, balance sheets and cash flows. Slide 4: A CHALLENGE Please write a definition of BASIC ACCOUNTING & FINANCIAL TERMINOLOGY. Slide 5: 5 Definition (1 of 2) Basic Accounting & Financial Terminology r eadysetpresent.com In plain words, Accounting provides you with information that will help you in operating business, make right decisions; it is the means by which business information is communicated. Accounting reports or Financial statements are products of accounting. Slide 6: 6 Definition (2 of 2) Basic Accounting & Financial Terminology r eadysetpresent.com The word “Accounting” (n.) the theory and system of setting up, maintaining, and auditing the books of a firm. art of analyzing the financial position and operating results of a business house from a study of its sales, purchases, overhead, etc. a detailed report of the financial state or transactions of a person or entity: an accounting of the estate. the rendering or submission of such a report. Slide 7: 7 Etymology (1 of 3) Basic Accounting & Financial Terminology r eadysetpresent.com The word “ Accounting ” 1350–1400; Middle English. "reckoning of numbers," late 14c., verbal noun from account (v.). Phrase no accounting for tastes (1823) translates Latin de gustibus non est disputandum . Slide 8: 8 Etymology (2 of 3) Basic Accounting & Financial Terminology r eadysetpresent.com The word “ Financial ” (v). late 15c., "to ransom;“ Sense of "to manage money" is recorded from 1827; that of "to furnish with money" is from 1866. c.1400, "an end, settlement, retribution," from M.Fr . finance "ending, settlement of a debt" (13c.), noun of action from finer "to end, settle a dispute or debt," from fin. Cf. M.L. finis "a payment in settlement, fine or tax.” Slide 9: 9 Etymology (3 of 3) Basic Accounting & Financial Terminology r eadysetpresent.com The word “ Financial ” (v). The notion is of "ending" (by satisfying) something that is due (cf. Gk. telos "end;" pl. tele "services due, dues exacted by the state, financial means." The French senses gradually were brought into English: "ransom" (mid-15c.), "taxation" (late 15c.); the sense of "management of money" first recorded in English 1770. Slide 10: WHAT IS? MANAGERIAL ACCOUNTING FINANCIAL ACCOUNTING Slide 11: 11 Managerial Accounting Basic Accounting & Financial Terminology r eadysetpresent.com Gather information that is relevant to the decision-making needs of management. Slide 12: 12 Financial Accounting Basic Accounting & Financial Terminology r eadysetpresent.com Concerned with reports for owners, creditors and government agencies. Slide 13: 13 Accounting Cycle ( 1 of 3) Basic Accounting & Financial Terminology r eadysetpresent.com Analyzing and recording transactions in the journal. 1 Posting transactions to the ledger. 2 Preparing an unadjusted trial balance. 3 Slide 14: 14 Accounting Cycle (2 of 3) Basic Accounting & Financial Terminology r eadysetpresent.com Assembling and analyzing adjustment data. 4 Preparing an optional end-of-period spreadsheet. 5 Journalizing and posting adjusting entries. 6 Slide 15: FOR MORE INFORMATION VISIT US AT r eadysetpresent.com r eadysetpresent.com

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