Financial Accounting

Financial accounting is a specialized branch of accounting that keeps track of a company's financial transactions. Using standardized guidelines, the transactions are recorded, summarized, and presented in a financial report or financial statement such as an income statement or a balance sheet.

This Application covers following material of Financial Accounting

Capital, Profit & Loss.

Drawings Debtors Creditors Owned/Loaned Capital.

Income, Expenditure, Receipts, Payments.

The Need for Accounting.

Money Measurement Concept.

Basic Purpose of Accounting.

Objective of Accounting, Elements/Aspects in Accounting, Separate Entity Concept.

Basic Accounting Equation :: Capital + Liabilities = Assets.

Effect of Transactions on the Accounting Equation.

Dual Entity Concept.

Account Types or Kinds of Accounts - Personal, Real, Nominal.

Kinds of Accounts Illustration.

Rules of Debit and Credit - Accounting.

Rules of Debit and Credit Illustration.

Journal - Book of Prime Entry, Journalising.

Recording a Transaction in the Journal.

Preparing the Ledger : Posting.

Ledger Account Balancing.

Trial Balance Preparation and Purpose.

Organisational Accounting System Design.

Simple Compound/Combined Journal Entry.

Complex Compound/Combined Journal Entry.

Financial accountancy is governed by both local and international accounting standards. Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. On the other hand, International Financial Reporting Standards (IFRS) is a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB). With IFRS becoming more widespread on the international scene, consistency in financial reporting has become more prevalent between global organizations.

While financial accounting is used to prepare accounting information for people outside the organization or not involved in the day-to-day running of the company, management accounting provides accounting information to help managers make decisions to manage the business.

International Financial Reporting Standards (IFRS) are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries.

International Accounting Standards (IAS), while standards issued by IASB are called IFRS. IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC).

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