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MANAGEMENT ACCOUNTING
Financial Accounting: Which consists of Financial Concepts , Records, Financial Statements and Financial Policies of Business Organizations. Cost Accounting: Which consists of Cost Accounting Concepts, Records, Stages in Cost Accounting Statements, Costing Techniques, Tools and Policies used for Internal management of Business Organizations.
TERM:MONEY
Features of Money : Money means medium, facilitator Money is Power: Money can do any thing Money does not have inertia. Money is short in supply Money has alternative usability. Money has life Total money Supply is limited.
TERM : FINANCE
Finance is the Art of Governing Money. Finance is a Science of Money Finance means Theories, Principles, rules and Regulations for the use of Money Financial Management:
Organizational Structure
Board of Directors
VP Production VP Finance Finance Controller Accounting and Costing Annual reporting Internal Audit Budgeting Statistics Records keeping VP Marketing Treasurer Receivables Management Taxes and Insurance Cost Management Securities Bank related activities Real estate related Dividend Distribution
Fields of Finance
Business Finance Corporation Finance International Finance Public Finance Private / Family Finance Social Work Finance
Basics of Accounting
Is MONEY =FINANCE
Money means COINS AND NOTES put in circulation by the Central Authority i.e. the Government. Different Types of Currency : $ , DM, L, Rs., Y , RO , Main Features of Money : SHORT IN SUPPLY ALTERNATE USE
ACCOUNTS : BOOK KEEPING : ACCOUNTANCY : ADVANCED ACCOUNACY : FINANCIAL MANAGEMENT : MANAGEMENT ACCOUNTING : MIS
REAL ACCOUNTS
DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
NOMINAL ACCOUNTS
DEBIT ALL EXPENSES AND LOSSES CREDIT ALL INCOMES AND GAINS