Accounting Bookkeeping Presentation ppt Final

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9. MaterialityBusiness transactions that will affect the decision of a user areconsidered important or material, thus, must be reportedproperly. This principle states that errors or mistakesin accounting procedures, that which involves immaterialor small amount, may not need attention or correction.10. ObjectivityThis principle states that the recorded amount should have someform of impartial supporting evidence or documentation. It alsostates that recording should be performed with independence,that’s free from bias and prejudice.11. AccrualThis principle requires that revenue should be recorded in theperiod it is earned, regardless of the time the cash is received.The same is true for expense. Expense should be recognized andrecorded at the time it is incurred, regardless of the time thatcash is paid. This is to show the true picture of the businessfinancial performance.www.avconsultantshyd.com
Accounting EquationASSETS=LIABILITIES+RESERVES+EQUITYAssets•Assets are things or value owned or possessed.Liabilities•Liabilities are debts; they are amounts owed tocreditors.Reserves•Reserves are amounts to be established as mandatedby RA 9520 (Philippine Cooperative Code of 2008) forspecific purposes.•Equity is the excess of assets over liabilities andEquity reserves.www.avconsultantshyd.com
Page 1 and 2: TaxationandFinancial Serviceswww.av
Page 3 and 4: ACCOUNTING AND BOOKKEEPINGI. Introd
Page 5 and 6: Recording-thisfunction deals withth
Page 7 and 8: Importance1. To have a complete rec
Page 9 and 10: Basic Accounting Principles andConc
Page 11: 6. Accounting PeriodThis principle
Page 15 and 16: www.avconsultantshyd.com
Page 19 and 20: 1. Analysis ofbusinesstransactionsA
Page 21 and 22: 4. Preparation of Trial BalanceIt i
Page 27 and 28: 8. Make Closing EntriesThe books of
Page 31 and 32: Basic Financial Statements1. Statem

Accounting Bookkeeping Presentation ppt Final

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