1) BUSINESS ENTITY CONCEPT
2) GOING CONCERN CONCEPT
3) MONEY MEASUREMENT CONCEPT
4) COST CONCEPT
5) DUAL ASPECT CONCEPT ( double entry system)
6) ACCOUNT PERIOD CONCEPT
7) PERIODIC MATCHING
Saturday, May 30, 2009
DEFINITION OF ACCOUNTING
" The process of identifying, measuring and communicating economics information to permit informed judgement and decision by users of the information. This may be considered as a good definition because of its focus on accounting as an aid to decision making".
" Accounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money, transaction and events which are in part at least, of a financial character and interpreting the result there of".
"Accounting is a service society, its function is to provide quantitative information, primarly financial in nature, about economics entities that is useful in making economics decision, in making reasoned choices among alternative courses of action".
" Accounting is the art of recording, classifying and summarizing, in a significant manner and in terms of money, transaction and events which are in part at least, of a financial character and interpreting the result there of".
"Accounting is a service society, its function is to provide quantitative information, primarly financial in nature, about economics entities that is useful in making economics decision, in making reasoned choices among alternative courses of action".
Thursday, May 28, 2009
EVOLUTION OF ACCOUNTING
Accounting is as old as money itself. It has evolved, as have medicines, law and most other fields fo human activity in reponse tot hesocial and economics needs of society. People in all civilizations have maintained various types of records of business acitvities. The oldest known are clay tablet records of the payment of wages in Babylonia around 600 B.C. Accounting was practiced in india 24 centuries ago as is clear from KAutilya's book " Arthsastrs" which clearly indicates the existense and need of propeer accounting and audit.
For the most part, early accounting dealt only withlimnited aspects of the financial operatons of private of governal enterprises. Complete accounting system for an enterprises which came to be called " Double Entry System" was developed in italy in the 15th Centuary. The first known description of the system was published there in 1494 by a Franciscan monk by the name Luca pacioli. The expanded business operations intiated by the industrial Revolution required increasingly large amounts of money which in turn resulted in the development of the corporations from of organizations. As corporations became larger. An increaing number of individual and institutions looked to accountants to provide economics information about these enterprises.
For the most part, early accounting dealt only withlimnited aspects of the financial operatons of private of governal enterprises. Complete accounting system for an enterprises which came to be called " Double Entry System" was developed in italy in the 15th Centuary. The first known description of the system was published there in 1494 by a Franciscan monk by the name Luca pacioli. The expanded business operations intiated by the industrial Revolution required increasingly large amounts of money which in turn resulted in the development of the corporations from of organizations. As corporations became larger. An increaing number of individual and institutions looked to accountants to provide economics information about these enterprises.
ACCOUNTING METHODS
When set up Payables you choose a primary accounting method. In the payables Options window you can also choose a secoindary accounting method. The accounting method determises types of accounting ectries paybles creats. For each accounting method, cash or accural, you choose a set of books in which you will account for transaction. Set up payable to create accounting method.
CASH BASIS ACCOUNTING : You account only for payments, and do not ecord liability information for invoices. The payment accounting entries typically debit your expences or asset account and credit your cash r cash clearing account. When you creating account entries, Payables might also create for discount taken and foreign currency exchange gains or loss. Payables uses the payment dater as the accounting date for your expences and cash journal entries.
ACCURAL BASIS ACCOUNTING : You create accounting entries for invoicee and payments the invoice accounting entries generally debit your expences or asset account and credit your liability account. For prepayments, Payables creates accounting entries the debit your prepayment account and credit your liability acount.
For prepayment applicatons, payables creates accountoing entries that debit your liability account and credit your prepayment account. Accounting entries typically debit the liability account and credit the cash rcash clearing account.Payables might also creat accounting entries for discount taken and foreign currency exchange gain or loss.
COMBINED BASIS ACCOUNTING: You maintain one set of books fr cash accounting and another for accural basis of accounting. Invoice distributions are recorded in accural set of books and payment didtributions are recorded in cash and accural set of books.
CASH BASIS ACCOUNTING : You account only for payments, and do not ecord liability information for invoices. The payment accounting entries typically debit your expences or asset account and credit your cash r cash clearing account. When you creating account entries, Payables might also create for discount taken and foreign currency exchange gains or loss. Payables uses the payment dater as the accounting date for your expences and cash journal entries.
ACCURAL BASIS ACCOUNTING : You create accounting entries for invoicee and payments the invoice accounting entries generally debit your expences or asset account and credit your liability account. For prepayments, Payables creates accounting entries the debit your prepayment account and credit your liability acount.
For prepayment applicatons, payables creates accountoing entries that debit your liability account and credit your prepayment account. Accounting entries typically debit the liability account and credit the cash rcash clearing account.Payables might also creat accounting entries for discount taken and foreign currency exchange gain or loss.
COMBINED BASIS ACCOUNTING: You maintain one set of books fr cash accounting and another for accural basis of accounting. Invoice distributions are recorded in accural set of books and payment didtributions are recorded in cash and accural set of books.
PAYABLE OPTIONS
Use the payable options from to enter set up and defaults for Oracle Payables us follows:
1) Acounting
2) Currency
3) Expences Report
4) Interest
5) Invoice
6) Invoice Tax
7) Matching
8) Payment
9) Supplier
10) Withholding Tax ( see withholding Tax Invoice)
11) Tax Name Defaults
1) Acounting
2) Currency
3) Expences Report
4) Interest
5) Invoice
6) Invoice Tax
7) Matching
8) Payment
9) Supplier
10) Withholding Tax ( see withholding Tax Invoice)
11) Tax Name Defaults
FINANCIAL OPTIONS
Finanacial option is nainly concerned how oracle payables is integrated with purchasing, Asset and Human Resources. You can define defaults from this window to simply supplier entry, Requisition entry, purchase order entry, invoice entry, and automatic payments. Although you only need to define these options and defaults once, you can updatethem at any time.
If youchange an option and it is used as a default value else were in the system, it will only be used as a default for subsequent transaction. you can required to enter defaults for the Accounting Financial Options in the accounting region.
If you do not useencumbarence accounting or budgetary control, you do not need to enter defaults in the encumbarence region. If you do not alsohave oracle purchasing installed. You do not need to enter defaults the supplier-purchasing region. If you do not have Oracle Human Resources installed you are not requried to enter defaults int he Human Resources region. If you enterprise does noe not need to record a VAT registration number, and if you don't use recoverable tax, you don't need to enmter defaults the tax registration.
IF pucashing the only Orqcle application installed at youe site, you are only required to enter information in the following regions. Accountg and supplier purchasing you define your tax defaults in the tax region. IF oracleAssets is the only product you use, you are only required to enter information in the following regions. Supplie, Human resouces, and Accounting.
If youchange an option and it is used as a default value else were in the system, it will only be used as a default for subsequent transaction. you can required to enter defaults for the Accounting Financial Options in the accounting region.
If you do not useencumbarence accounting or budgetary control, you do not need to enter defaults in the encumbarence region. If you do not alsohave oracle purchasing installed. You do not need to enter defaults the supplier-purchasing region. If you do not have Oracle Human Resources installed you are not requried to enter defaults int he Human Resources region. If you enterprise does noe not need to record a VAT registration number, and if you don't use recoverable tax, you don't need to enmter defaults the tax registration.
IF pucashing the only Orqcle application installed at youe site, you are only required to enter information in the following regions. Accountg and supplier purchasing you define your tax defaults in the tax region. IF oracleAssets is the only product you use, you are only required to enter information in the following regions. Supplie, Human resouces, and Accounting.
DATA PROCESSING
Data Processing services are aimed to help you manage your business effectively by systematically organizing your data infomarion coming form devices sources. We convert a large volumes of data in to electronics format and anyother format as per your requirement. We can provide with data in different file format like MS word, MS excel, PDF, Word pefect. IF required we inter connect data so that is easilyavailable to youat the click a button making things more convinent for you.
They have efficiency to provide you with customies serivice that are accurate and of high level matching the ecpect industry standards. We also understand the importence of your sencetive and industry critical data. your data is secure with us and you can be sure of no disclouser.
Programeers and operators with knowledge and experiencing of working in different industries and with the latest technology avialable. Data Processing and other back office service from the foundation for any organigation to move a head and gain competetive edge. Our team has the capability to help you with the overall development with your organization.
Wednesday, May 27, 2009
MIS REPORTING
MIS Reports form and integral part of nay organigation. Each employee maintains a report of the tasks that have been conducted during the course of the day r of the week. This helps discern the productivity of an employee of a department and organigation as a whole. Reports r dominant base that help in talking some critical decision.
MIS Information r MIS Reporting we provide you with a centralized report management application to save all the required reports in a common place. Spreassheets are created accordingly encompassing all the requires details. The format created in such an easy to use format to help inculate the habit of everyday reporting. IF all the reports of an organigati0n are managed well, it can help you with insightful decision.
It is not that always that people from both the shifts are able to meet and discuss their progress. MIS Reporting service will help u centralise the report system. Being the industry for so may years have helped us understand various industryies and their requirement. we aim to help make your business and process more efficent and avoiding unwanted problems.
MIS Information r MIS Reporting we provide you with a centralized report management application to save all the required reports in a common place. Spreassheets are created accordingly encompassing all the requires details. The format created in such an easy to use format to help inculate the habit of everyday reporting. IF all the reports of an organigati0n are managed well, it can help you with insightful decision.
It is not that always that people from both the shifts are able to meet and discuss their progress. MIS Reporting service will help u centralise the report system. Being the industry for so may years have helped us understand various industryies and their requirement. we aim to help make your business and process more efficent and avoiding unwanted problems.
WHAT IS MIS
MIS means Management Information System. A MIS is planed system of the collecting, processing, storing and dissesmating data in the form of information needed to carry out function of Management. A Marketing information system consist of people, equipment, and proscedures to gather sort anlyze and accurate information to marketing decision makers.
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