Diagram

Published on January 2017 | Categories: Documents | Downloads: 55 | Comments: 0 | Views: 493
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Content

Procedure of Accounting

Generating Financial
Information

Recording

Classifiying

Using the Financial
Information

Summarising

Analysing

Interpreting

Communicating

PrOcess Of accOuntIng
Identification of
transaction

Input

Economic
events
measured
in financial
terms

Accounting Cycle

Output

Recording of Posting Preparation Preparation
to
of trial
of final
transactions
ledger
balance
accounts
in the books
of original
entry
Internal users












Board of
Directors



Partners



Managers



Officers




Communicating
Information to
users

External users

Investors


Lenders



Suppliers



Govt.
agencies




Customers

Objectives of Accounting

Systematic
Recording of
Transactions

Ascertainment of
Results

Bookkeeping
: Journal,
Ledger and
Trial Balance

Ascertainment
of Financial
Position

Manufacturing
Trading, Profit
and Loss
Account

Balance
Sheet

Communicating
Information to
Various Users

Financial
Reports

Types of inventories
in case of manufacturing concerns

Raw Materials

Work-inprogress

Finished goods

in case of Trading concerns

Finished goods

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