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Financial Accounting Share lectures about Accounting.. (By Sir Ghulam Abbas)


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Old 23-01-2008, 09:41 PM
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First lecture about Accounting (23 Jan 2008)

Financial account is related with ...
Accounts
Financial details
Interest
Budgets
Transactions etc...

Account is a device in which we record income in a systematic way..
It deals with debit and credit.
DR is the abbriviation of debit which means left side of the account, while credit means right side of the account and its abbriviation is CR.
Definiation
Basically accounting is an art of recording,classifying,summerizing the financial details of a business and at the end of the year to prepare the financial statement.
According to definition we can see that accounting depends upon.
  1. Recording
  2. Classifying
  3. Summerizing
  4. Financial statement
It is an art which have specific rules and regulations for transaction..
1. Recording: records the business transaction.where Transactions is any dealing between two parties that can be measured in terms of money.This deal may be individaul to individual and it may be individual to parties/party.In term of money means we must use only money in order to record somthing.

Business All the activites involves towards providing goods or services to customers for earning a profit in a risky environment.These activities must be allowed by the rules and regulations of the country.
From the definition of the Business we found that it depends upon
  • Activites
  • Products
  • Customers
  • Profit
  • Risk
  • Rules and regulations

Activites These activities in the business may be financial,investing,Operating and markeeting..
In financial activity finance should be arranged,In investing activity People invest somthing like money.While in operating activity planing takes place e,g where should be the shop,how many money may invest.
Products Actually poducts are Goods and services.They either tengeable or intengeable.
Tengeable products can be touch and feel but we can not feel and touch intengeable products..
Chairs,mobile phone,Computer,bricks,Cars are examples of Goods while Teacher,Bank services,bus driver etc are examples of services.
Customers A person who is ready to purchase the things.
Profit
  • Amount retain after the deduction of expenses from the revenue is called profit.
  • A sort of receipts (collections) from the sale of your product
Risk Occurance of the profit and lose at the same time
Rules and Regulation should allowed in the countries.


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