JKSSB ACCOUNTS ASSISTANT EXAMINATION-2020
DOWNLOAD HERE ACCOUNTANCY BOOK 2020 WITH MCQs
1. INTRODUCTION
Accountancy is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers. The documents, which communicate these findings about the performance of an organization in monetary terms, are called financial statements.
Usually, Accounting is understood as the Language of Business. However, a business may have a lot of aspects which may not be of financial nature. As such, a better way to understand accounting could be to call it The Language of Financial Decisions.
The better the understanding of the language, the better is the management of financial aspects of living.
Many aspects of our lives are based on accounting, personal financial planning, investments, income-tax, loans, etc. We have different roles to perform in life-the role of a student, of a family head, of a manager, of an investor, etc.
We shall limit our scope of discussion to a business organization and the various financial aspects of such an organization.
All business organizations work in a changing dynamic environment. Any new programme of the organization or of its
competitor will affect the business.
Accounting serves as an effective tool for measuring the financial pulse rate of the company. It is a continuous cycle of measurement of results and reporting of results to decision makers.
2. FINANCIAL ACCOUNTING
Financial accounting deals with the preparation of financial statements for the basic purpose of providing information to various interested groups like creditors, banks, shareholders, financial institutions, government, consumers, etc.
Financial statements, i.e. the income statement and the balance sheet indicate the way in which the activities of the business have been conducted during a given period of time...
3. ACCOUNT EQUATION
Financial accounting records all the transactions and events involving financial element. Each of such transactions requires two aspects to be recorded. The recognition of these two aspects of every transaction is known as a dual aspect analysis. According to this concept every business transactions has dual effect...
4. VOUCHER
Each transaction is recorded in books of accounting required information of the transaction. Since each transaction has an effect on the financial position of the business, there should be a documentary evidence to establish the monetary accounts at which transactions are recorded and also the transactions are properly...
5. FINANCIAL MANAGEMENT
Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. Also means applying general management principles to financial resources ofthe enterprise...
6. FINANCIAL AUDIT
A Financial Audit is an independent, objective evaluation of organization's financial reports and financial reporting processes....
