Accounting

Basics of Accounting Introduction \u201cModern Accounting is the language of business.\u201d A businessman invests capital in a business with the objective of making profits and increasing his resources. He incurs various expenses like salaries, rent, power and stationery to operate his business. He receives income from different sources like commission, interest and discount in the course of his business operations. He buys and sells goods or services on cash or credit basis. He acquires and disposes of properties and assets such as land and building, plant and machinery and furniture and fixtures for producing and selling goods and services to generate revenue. He borrows money from various sources like banks, financial institutions and private money-lenders for financing the business. In effect, a business:

\ u e 0 0 0 Owns \ u e 0 0 0 Owes

Assets such as land & building, plant & machinery and furniture & fixtures

Liabilities such as Capital (lent by business promoters), Loans & Borrowings raised financial institutions and the market

\ u e 0 0 0 Receives \ u e 0 0 0 Incurs

income from different sources sales (of goods), commission, interest and discoun

expenses towards purchase (of goods), salaries, rent, power and stationery

Effective management of business requires control over expenses to reduce the cost of operation and optimize the profitability of business. Assets must be properly maintained to increase their productivity. Liabilities have to be repaid in due time. Dealings with customers and suppliers have to be managed properly to keep them satisfied. In order to maintain assets in good condition, to repay debts and other liabilities in time, to reduce the expenses and to increase income from sales and other sources, the businessman requires complete information about his business transactions at any point in time especially on: \ u e 0 0 0 What it (his business) owns? \ u e 0 0 0 What it owes? \ u e 0 0 0 How much income it has earned?

How much expenses it has incurred? \ u e 0 0 0 What is the profit made? \

u

e

0

0

0

\

u

e

0

0

0

What his financial position is?

To help businessmen in finding the required information on the status of his business at any point in time, Accounting was developed. Financial Transactions relating to business are recorded in the form of accounting entries through generally accepted principles of accounting so that income and financial position may be stated fairly. Accounting is thus a device for recording, classifying and summarizing financial transactions and interpreting its results for evaluating financial performance of business by stake-holdersproprietors, managers, creditors and investors.

Objectives, Advantages and Limitations Why do we need Accounting? \ u e 0 0 0 Maintenance of financial records - the basis of accounting function \ u e 0 0 0 Ascertainment of Profit and Loss - net results of operations \ u e 0 0 0 Depiction of financial position - a true and fair view \ u e 0 0 0 Providing information - on resources utilization for decision making

What are the advantages of maintaining accounts? Systematic record keeping \u2022Assessment of progress \u2022

\u2022 Tool

for SWOT analysis (Strengths Weaknesses Opportunities Threats)

ACWS ~ Handout ~ 09 May 2006

Page 1 of 16

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\u2022 Aid

in decision making \u2022Statutory compliances \u2022Information to interested groups \u2022Legal evidence \u2022Taxation compliance

\u2022 Acquisitions

and Mergers (of enterprises)

What are the limitations of accounting? Accounting, \u2022Ignores transactions which cannot be expressed in terms of money \u2022Cannot measure qualitative aspects of products, policies, management and workers \u2022 Cannot

quantify morale and motivation of human resources

\u2022 Relies

on estimates and forecasts in valuations of investments, inventory and useful life of assets employed

\u2022 Relies

on historical data on valuation of assets ignoring price level changes and inflation

Branches in Accounting 1.

Financial Accounting : This is used to record revenues, expenses, assets and liabilities and usually the form of: \u2022 Profit

and Loss Account - Revenues and expenses for an accounting period

\u2022 Balance

Sheet - Showing the Assets and Liabilities which indicates the financial position as on the reporting date

2.

Cost Accounting : This involves the recording, classification, allocation and summarizing current a prospective costs for: \u2022 Ascertainment \u2022 Pricing \u2022 Cost

of products and services

reduction and cost control

\u2022 Better

3.

of costs (of production and distribution)

management of business

Management Accounting : This is used for managerial decision making and for discharging manager functions. Information is provided on: \u2022 Funds

flows and cash flows \u2022Investment projects

\u2022 Budgeting

and implementation

The above branches are accounting are separate areas of study by itself and yet are interlinked. Our area of discussion is restricted to financial accounting.

Methods of Accounting Accounting methods can be classified into: 1.

Single Entry System : An accounting method in which transactions are recorded as a single entry, rather than as both a debit

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2.

Double Entry System : Double-entry accounting system is the standard practice for recording financial transactions. This

This method of accounting records two aspects of each financial transaction - the Debit and the Credit (or the plus and the minus.) a. Benefit receiving aspect or income aspect \u2013 known as \u2018Debit\u2019 - Due for that b. Another, benefit giving aspect or outgoing aspect - known as \u2018Credit\u2019 - Due to that Double entry provides checks and balances to ensure that your books are always in balance. Debits

Advantages of Double Entry System: 1.

Complete, systematic and accurate record keeping of financial transactions

Receivables (on credit sales) and Payable (on Credit purchases) management 8. Inter-firm, intra-firm comparative studies on annual results 7.

Types of Accounts and Related Rules Types of Accounts Accounts

Personal

Proprietor

Impersonal

Creditors

Real

Nominal

Assets - For Use in Business

Expense s and Losses

Goods - For

Incomes and

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Accounting Rule:

Real accounts refer to fixed and current assets such as Cash, Building, Plant & Machinery, Vehicles, Stock of Goods etc. An asset has been described as anything that is used to further the course of business. Assets

Accounting Rule:

Nominal accounts Depreciation etc.

relate to Expenses and Incomes such as Rent, Electricity, Interest Received,

Summary Accounting Classification Personal Accounts

Double Entry Book-keeping rules Debit the receiver Credit the giver

Real Accounts

Debit: What comes in Credit: What goes out

Nominal Accounts

Debit: All Expenses and Losses Credit: All Incomes and Gains

Basis for Accounting 1.

Cash Basis Accounting : All incomes are considered earned and all expenses considered expended onl when they are actually received or incurred. The difference between total income and expenses

2.

Accrual Basis Accounting : This is also known as ‘Mercantile Basis Accounting’. In this syste accounting entries are made on the basis of amounts having become due for payment or receipt.

The profit or loss for any accounting period is the difference between the aggregates of incomes earned and expenses incurred, for that period, irrespective of cash payments or receipts. All outstanding expenses and prepaid expenses, accrued incomes and incomes received in advance are

b

ba

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Accounting Concepts Dual Aspect Concept This concept sets up for us the basic accounting equation from which financial statements are derived.

The Accounting Equation states that "total assets = total liabilities and equities" Assets are what the company owns, Liabilities are what the company owes against those assets. The

Entity Concept Business is separate from ownership. This is an important concept and the business treats the owners are persons who have invested in the business (but are not part of it.)

"Accounts are kept for the business entity as distinguished from the person(s) that own it" If the owner of the

Going Concern Concept The next concept is that the business will go on for ever. This is not the say that the business is not prone to

"Accountants assume that the business will continue indefinitely" Without this assumption it would not be

Accrual concept Income is spread over the period for which it is earned. The time of actual receipt of money has little to do

Matching Concept "Expenses incurred in earning revenues are matched against the revenues"

Whatever revenues your company earns during a certain period, you match the appropriate expenses that you incurred in earning those revenues during the same period Conservatism Concept "Accountants are conservative in recording transactions".

This principle has probably contributed most to the stereotypical image of the professional accountant. They

Thus accountants tend to bring to light any potential losses while ignoring any potential gains.

Accounting Conventions

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must be clearly presented. Proper classification, summarization, aggregation and explanation of the numerous business transactions is another imperative of accounting disclosure. 2.

Consistency : Preservation of the compatibility and reliability of financial statements could be achieved consistent accounting practices and concepts among different accounting years. e.g., valuation of stock, investments, depreciation etc.

3.

Materiality : All important and significant items and facts which could influence the decision informed stake-holder. Materiality covers three aspects-Information, Amounts and Procedures.

4.

Conservatism : Policy of caution or playing safe. Used as a defensive accounting mechanism aga uncertainty. Events and transactions are recorded adopting the least favorable of all immediate alternatives projecting a worst case scenario. E.g. Valuation of stock by the least of cost or market value, provision for bad and doubtful debts etc.

The Process of Building Financial Statements Journal Entry (aka Accounting Entry / GL Entry) Posting to General Ledger

Extracting Trial Balance Determining Expense /Income, Asset/ Liability Creating Profit & Loss a/c and Balance Sheet

Journal entry The process of accounting begins with recording each financial transaction. This record – which takes into account dual aspects to the transaction is called a journal entry.

E.g. Ram decides to begin a chocolate shop by investing Rs.50,000/- in cash Dr Cash a/c 50,000 Cr Ram’s capital a/c 50,000 {Note the use of accounting principals: • Cash is a real a/c (an asset) and therefore “Debit what comes in” • Ram is a personal a/c (belonging to a person) and therefore “Credit the giver” • Dual Concept – (1) Cash is increasing and (2) A liability is created (cash outflow) • Entity Concept – the business is treated the owner as a separate person – i.e. a person to whom the business owns money)} Ram decided to buy chocolates for Rs.30,000/- in cash

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Each journal entry and looked at and collated into tables. These tables show the inflow and outflow for that particular a/c Cash a/c

Ram’s Capital a/c

Chocolates a/c

Cr Ram’s capital a/c 50,000 Dr Chocolates a/c 30,000

Dr Cash 50,000

Cr Cash 30,000

Net 20,000 (Debit short by 20,000Net 50,000 (Credit short i.e. Debit balance) 50,000 i.e. Credit balance) Trial Balance This is a summary of the ledger accounts

Cash Ram’s Capital Chocolates Total

Dr balances 20,000

30,000 50,000

byNet 30,000 (Debit short by 30,000 i.e. Debit balance)

Cr balances

50,000 50,000

The debit and credit balances in a trial balance will always be the same as accounting follows the dual aspect. An unbalanced trial balance is an indication of errors in recording or posting journal entries. Expense/ Income/Asset/Liability? The next step is to examine the items in the trial balance and determine where they are to be posted: Expense ‘Loss’ under Profit and Loss a/c Income ‘Profit’ under Profit and Loss a/c Asset ‘Asset’ item in the Balance Sheet Liability ‘Liability’ item in the Balance Sheet

Profit and Loss a/c and Balance Sheet reflect the financial position of a business for a given period. While preparing these statements, it is important to consider the Matching Concept: "Expenses incurred in earning revenues are matched against the revenues" Therefore, if expenses have been incurred for which the benefit is likely to be carried forward in the next

Cash (asset) Ram’s Capital (liability) Chocolates (asset)

Dr balances 20,000

30,000

Cr balances

50,000

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Dr Cr

What May Come In (Recourse in case the liability becomes real) What May Go Out (Liability that may become real)

Since contingent account balances do not capture real liabilities i.e. an item that must be paid – they do not

Example: Alpha Ltd discounts bills of exchange (Rs.20,000) due to it in the open market. There is a Dr Cr

Bravo Ltd Bills Discounted (Contingent) Liability a/c 20,000 General Bills Discounted (Contingent) Liability a/c 20,000 Balance Sheet of Alpha Ltd. Liabilities xx Assets xx Total

xx

Total

xx

Contingent Liabilities: General Bills Discounted (Contingent) Liability Bravo Ltd 20,000 ----------------------------------------------------Total 20,000 -----------------------------------------------------

Concept of Accrual and Amortization Let’s have a look at the matching concept again: "Expenses incurred in earning revenues are matched against the revenues" Whatever revenues your company earns for a certain period must be spread over that period irrespective of

Amortization At the time of financing e.g. discounting export collection bills, we often collect the interest upfront. Although

Dr

Interest (Received but not earned) a/c



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Like amortization entries, the portion of interest will depend on the frequency of the posting event.

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Accounting for Trade Collections Export Collections

Receipt

Amendment / Acceptance Nil (There is no financial impact) Payment Dr Nostro (or any other a/c where funds are parked) Cr Commission a/c (for our charges) Cr Customer’s Current a/c (or other a/c where funds are to be credited) If exporter requires bills to be discounted Dr Customer’s Bills Discounted a/c Cr Interest (Received but not Earned) a/c Cr Commission a/c (for our charges) Cr Customer’s Current a/c (or other a/c where funds are to be credited)



Interest amortization Dr Interest (Received but not Earned) a/c Cr Interest Income



At the Dr Dr Cr



time of bills discounting settlement Nostro (or any other a/c where funds are parked) Customer’s Current a/c (for shortfall) Customer’s Bills Discounted a/c

Import Collections

Receipt

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Additional entries to be posted for bills avalised at the time of payment Dr General Avalisation Liability a/c Cr Customer Avalisation Liability a/c If the customer requires an Import Loan to pay his import collection bills Dr Customer’s Import loan liability a/c Cr Nostro (or other a/c where funds are to be credited) Interest accrual Dr Interest (Earned but not Received) a/c Cr Interest Income



At the Dr Cr Cr Cr



time of settlement of the import loan Customer’s current a/c Interest (Earned but not Received) a/c Commission a/c Customer’s Import loan liability a/c

Import L/C

Issuance: Liability and charges Dr Customer’s L/C Contingent Liability – Sight / Usance Cr General L/C Contingent Liability – Sight / Usance Dr Customer’s current a/c Cr Commission a/c Amendment: Liability increase and charges Dr Customer’s L/C Contingent Liability – Sight / Usance

Amendment: Liability decrease and charges Dr General L/C Contingent Liability – Sight / Usance

Acceptance – Compliant Documents / Discrepant documents at the time of acceptance Dr General L/C Contingent Liability – Sight / Usance Cr Customer’s L/C Contingent Liability – Sight / Usance (Reversing contingent liability)

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Payment: Usance Dr General L/C Acceptance Liability Cr Customer’s L/C Acceptance Liability (Canceling liability as the obligation is met)



Dr Cr Cr



Customer’s current a/c Nostro Commission

In case an import loan is required by the applicant, entries similar to those for import collection loan will be posted. Export L/C

Advising: charges Dr Customer’s current a/c Cr Commission a/c



Amendment advising: charges Dr Customer’s current a/c Cr Commission a/c



Acceptance Nil Payment Dr Nostro (or any other a/c where funds are parked) Cr Commission a/c (for our charges) Cr Customer’s Current a/c (or other a/c where funds are to be credited)



If beneficiary requires pre-payment of funds (with recourse) Dr Customer’s Bills Discounted (L/C) a/c Cr Interest (Received but not Earned) a/c

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Acceptance – Compliant Documents / Discrepant documents at the time of acceptance Dr General Export L/C Contingent Liability a/c Cr Issuing Bank’s Export L/C Contingent Liability a/c Dr Issuing Bank’s Export L/C Acceptance a/c Cr General Export L/C Acceptance a/c Payment: Sight – Compliant Documents / Discrepant documents at the time of payment Dr General Export L/C Contingent Liability a/c Cr Issuing Bank’s Export L/C Contingent Liability a/c Dr Nostro Cr Commission a/c Cr Customer’s Current a/c Payment: Usance Documents Dr General Export L/C Acceptance a/c Cr Issuing Bank’s Export L/C Acceptance a/c Dr Nostro Cr Commission a/c Cr Customer’s Current a/c



If beneficiary requires pre-payment of funds – Sight documents Dr General Export L/C Contingent Liability a/c Cr Issuing Bank’s Export L/C Contingent Liability a/c Dr Issuing Bank’s Bills Discounted (L/C) a/c Cr Interest (Received but not Earned) a/c Cr Commission a/c (for our charges) Cr Customer’s Current a/c (or other a/c where funds are to be credited) If beneficiary requires pre-payment of funds – Usance documents Dr General Export L/C Acceptance a/c Cr Issuing Bank’s Export L/C Acceptance a/c

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Trade Items on the Balance Sheet Balance Sheet as on 31st Dec, XX Liabilities

(in EUR ’000,000)

Capital Deposits from customers Profits Provisions for Losses Trade liabilities Import L/C Drawing acceptance Confirmed L/C Drawing acceptance

250 2,100 300 50 200 100

Total

3,000

Off Balance Sheet Items Bills Avalised L/Cs Issued Export L/Cs Confirmed

10 190 100

Assets

(in EUR ’000,000)

Fixed Assets Other Assets Loans to customers

200 100 2,000

Trade assets

Collections Bills discounted Import Loans Export L/C Bills discounted with recourse without recourse Total

100 50 25 250 75 3,000

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Accounting terminology Accounting Terminology

Definition and Scope

Capital Liability Assets

Owners’ funds invested in business Debts and Outside Liabilities (Not belonging to owners) Anything of value owned or controlled by business

Revenue

Inflow of assets resulting in owner’s equity

Expense

Revenue

Sales receipts, interest, commission Amounts (of short-term nature) spent to produce and Salaries, rent, power and

Capital

Long-term

Debtors Creditors Fixed Assets Current or Floating Assets Long-term Liabilities Current Liabilities Purchases Sales Profit

Equivalent Terms/Examples Equity/Net Worth

Revenue

Acquisition of long-term assets Trade Debtors

Receiver of a benefit without immediate cash payment (credit sales) Giver of a benefit without immediate cash payment Trade Creditors (credit purchases) Assets acquired for sustained income generation, Land and Building, Plant over a long period, but not for resale and Machinery Assets convertible into cash in less than a year Stock, Debtors, Cash Liabilities repayable in periods longer than one yearBank Loans, Mortgage Loans Liabilities repayable in periods less than one year Trade Creditors, Bills Payable Buying of goods with an intention to sell, for cash orCash and Credit credit Purchases Selling of goods for cash or credit Cash and Credit Sales Excess of revenue over expenses of a business in Gross Profit and Net Profit an accounting period

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More on Accounting? Bookkeeping So, you want to learn Bookkeeping! by Bean Counter's Dave Marshall http://www.dwmbeancounter.com/tutorial/Tutorial.html Accounting Concepts Accounting Concepts Tutorial brought to you by FSO-Financial Management http://www.fso.arizona.edu/fso/training/tutorials/accounting/

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