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Accounting Presentation

Accounting is the process of recording, classifying, and reporting financial information to provide stakeholders with insights into a company's performance. It includes various branches such as financial, managerial, cost, and tax accounting, and is governed by principles like GAAP and IFRS. Key financial statements include the balance sheet, income statement, and cash flow statement, which are essential for decision-making, transparency, and compliance.

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22 views2 pages

Accounting Presentation

Accounting is the process of recording, classifying, and reporting financial information to provide stakeholders with insights into a company's performance. It includes various branches such as financial, managerial, cost, and tax accounting, and is governed by principles like GAAP and IFRS. Key financial statements include the balance sheet, income statement, and cash flow statement, which are essential for decision-making, transparency, and compliance.

Uploaded by

srdkkajese
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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presentation on Accounting:

What is Accounting?

Accounting is the process of recording, classifying, and reporting financial information of a business. It
provides stakeholders with a clear picture of a company's financial performance and position.

Branches of Accounting

1. Financial Accounting: Focuses on preparing financial statements for external users, such as investors
and creditors.

2. Managerial Accounting: Provides financial information to internal users, such as management, to aid
in decision-making.

3. Cost Accounting: Focuses on determining the cost of producing goods or services.

4. Tax Accounting: Deals with the preparation and filing of tax returns.

Accounting Equation

Assets = Liabilities + Equity

Key Accounting Concepts

1. Going Concern: Assumes that a business will continue to operate for the foreseeable future.

2. Accrual Accounting: Recognizes revenues and expenses when earned or incurred, regardless of when
cash is received or paid.

3. Materiality: Refers to the significance of financial information in relation to a company's overall


financial position.

Financial Statements

1. Balance Sheet: Presents a snapshot of a company's financial position at a specific point in time.

2. Income Statement: Reports a company's revenues and expenses over a specific period of time.
3. Cash Flow Statement: Shows the inflows and outflows of cash and cash equivalents over a specific
period of time.

Accounting Principles

1. GAAP (Generally Accepted Accounting Principles): A set of guidelines that accountants follow when
preparing financial statements.

2. IFRS (International Financial Reporting Standards): A set of accounting standards used globally.

Importance of Accounting

1. Decision-Making: Accounting provides financial information that helps stakeholders make informed
decisions.

2. Financial Transparency: Accounting promotes transparency by providing a clear picture of a company's


financial performance and position.

3. Compliance: Accounting ensures compliance with laws and regulations, such as tax laws and financial
reporting requirements

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