CA CPT Accounts Chapter 1 Accounting Introduction
CA CPT chapter “Accounting: An Introduction” deals with the meaning, scope and limitations of accounting; basic accounting concepts and principles. It includes a brief introduction to accounting standards.
With Sheela Warrier.Duration:3 hrs 09min
| Accounting : An Introduction | Duration (min:sec) |
| Meaning & Scope of Accounting | |
| {modal https://www.youtube.com/embed/oW4oWKJqk9E?autoplay=1;rel=0|width=780|height=439|title=Introduction}Introduction{/modal} | 02:26 |
| {modal https://www.youtube.com/embed/MiFsCKKzmtM?autoplay=1;rel=0|width=780|height=439|title=Concepts}Concepts{/modal} | 03:18 |
| {modal https://www.youtube.com/embed/OsFXDstUVho?autoplay=1;rel=0|width=780|height=439|title=Definitions}Definitions{/modal} | 09:08 |
| {modal https://www.youtube.com/embed/uEbps6mVOqk?autoplay=1;rel=0|width=780|height=439|title=Transaction vs. Event}Transaction vs. Event{/modal} | 02:16 |
| {modal https://www.youtube.com/embed/1ZZG9uIYYAg?autoplay=1;rel=0|width=780|height=439|title=Why do we do Accounting}Why do we do Accounting{/modal} | 04:34 |
| {modal https://www.youtube.com/embed/c0iBQOo5BUs?autoplay=1;rel=0|width=780|height=439|title=Bookkeeping vs. Accounting}Bookkeeping vs. Accounting{/modal} | 03:12 |
| {modal https://www.youtube.com/embed/WHPLuFUFWNE?autoplay=1;rel=0|width=780|height=439|title=Users of Accounting Information}Users of Accounting Information{/modal} | 04:03 |
| {modal https://www.youtube.com/embed/8MEqhMn3mQ0?autoplay=1;rel=0|width=780|height=439|title=Subfields of Accounting}Subfields of Accounting{/modal} | 04:36 |
| {modal https://www.youtube.com/embed/PP9X9H6RUuE?autoplay=1;rel=0|width=780|height=439|title=Relationship with other discipline}Relationship with other discipline{/modal} | 03:37 |
| {modal https://www.youtube.com/embed/F6RZpBxuiHk?autoplay=1;rel=0|width=780|height=439|title=Limitation of Accounting}Limitation of Accounting{/modal} | 03:19 |
| {modal https://www.youtube.com/embed/3FwaatQshO4?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} | 06:14 |
| Accounting Concepts, Principles & Conventions | |
| {modal https://www.youtube.com/embed/iKbFg1nU_WE?autoplay=1;rel=0|width=780|height=439|title=GAAP}GAAP{/modal} | 03:45 |
| {modal https://www.youtube.com/embed/1FHuj5BVmsY?autoplay=1;rel=0|width=780|height=439|title=What is my profit}What is my profit{/modal} | 03:42 |
| {modal https://www.youtube.com/embed/A4zxIvaLtXo?autoplay=1;rel=0|width=780|height=439|title=Business Entity Concept}Business Entity Concept{/modal} | 03:20 |
| {modal https://www.youtube.com/embed/UxaVuBnarQc?autoplay=1;rel=0|width=780|height=439|title=Money Measurement Concept}Money Measurement Concept{/modal} | 01:56 |
| {modal https://www.youtube.com/embed/JpJVrmrfvMs?autoplay=1;rel=0|width=780|height=439|title=Going Concern Concept}Going Concern Concept{/modal} | 03:11 |
| {modal https://www.youtube.com/embed/fksk0DvZkYg?autoplay=1;rel=0|width=780|height=439|title=Periodicity concept}Periodicity concept{/modal} | 02:32 |
| {modal https://www.youtube.com/embed/2E1ieP2O3G0?autoplay=1;rel=0|width=780|height=439|title=Accrual concept }Accrual concept {/modal} | 07:33 |
| {modal https://www.youtube.com/embed/nsm9SK199ZQ?autoplay=1;rel=0|width=780|height=439|title=Matching Concept}Matching Concept{/modal} | 04:13 |
| {modal https://www.youtube.com/embed/29JsN82ET1A?autoplay=1;rel=0|width=780|height=439|title=Cost Concept}Cost Concept{/modal} | 02:38 |
| {modal https://www.youtube.com/embed/Ntk5fdhbI6s?autoplay=1;rel=0|width=780|height=439|title=Realisation Concept}Realisation Concept{/modal} | 01:47 |
| {modal https://www.youtube.com/embed/PMnzIEVAZ1w?autoplay=1;rel=0|width=780|height=439|title=Conservatism Concept}Conservatism Concept{/modal} | 03:08 |
| {modal https://www.youtube.com/embed/43Wg3Vz3lX0?autoplay=1;rel=0|width=780|height=439|title=Dual Aspect}Dual Aspect{/modal} | 10:48 |
| {modal https://www.youtube.com/embed/3e-NEF0agZY?autoplay=1;rel=0|width=780|height=439|title=Consistency Concept}Consistency Concept{/modal} | 02:53 |
| {modal https://www.youtube.com/embed/gWSKWNAr_uU?autoplay=1;rel=0|width=780|height=439|title=Materiality Concept}Materiality Concept{/modal} | 04:25 |
| {modal https://www.youtube.com/embed/kx7rvwlpM5E?autoplay=1;rel=0|width=780|height=439|title=Fundamental Accounting Assumptions}Fundamental Accounting Assumptions{/modal} | 01:58 |
| {modal https://www.youtube.com/embed/6zGADhXFFeA?autoplay=1;rel=0|width=780|height=439|title=Summary}Summary{/modal} | 07:50 |
| {modal https://www.youtube.com/embed/ByH_BNMuk7c?autoplay=1;rel=0|width=780|height=439|title=Quality of FS}Quality of FS{/modal} | 05:02 |
| {modal https://www.youtube.com/embed/pTJVVKs_2lA?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} | 19:55 |
| Accounting Standards | |
| {modal https://www.youtube.com/embed/gUUlNUjYAa0?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} | 08:27 |
| {modal https://www.youtube.com/embed/?autoplay=1;rel=0|width=780|height=439|title=Accounting Policies}Accounting Policies{/modal} | 05:30 |
| Accounting Policies | |
| {modal https://www.youtube.com/embed/wUJw1WWO7i4?autoplay=1;rel=0|width=780|height=439|title=Accounting Policy}Accounting Policy{/modal} | 04:21 |
| {modal https://www.youtube.com/embed/Q4T0kP8tme0?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} | 04:39 |
| Measurement Discipline | |
| {modal https://www.youtube.com/embed/b9YPICjB27c?autoplay=1;rel=0|width=780|height=439|title=Measurement Principle}Measurement Principle{/modal} | 10:08 |
| {modal https://www.youtube.com/embed/JSSSA74myng?autoplay=1;rel=0|width=780|height=439|title=Accounting Estimates}Accounting Estimates{/modal} | 01:35 |
| {modal https://www.youtube.com/embed/K-KRgPKeX0g?autoplay=1;rel=0|width=780|height=439|title=Additional Questions}Additional Questions{/modal} | 13:20 |
| {modal https://www.youtube.com/embed/8HCb17MLjNo?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} | 03:50 |
| Total | 3:09:09 |
Notes
Few of things covered by us :
Introduction to Accounting
What is Accounting
Objectives of Accounting
Accounting concepts,principles & conventions
Accounting Standards
Accounting Policies
Measurement Principles
Relationship with other discipline
Limitations of accounting
Recording
Classifying
Summarizing
Significant manner
Monetary transactions and events
Interpreting the results
Communicating financial information
To take informed decisions
Objectives
1. Systematic recording of financial transactions
2. Ascertain the results of business operations
3. Ascertain the financial position
4. Communicate information
5. Ascertain solvency position
Users of Financial Statements
Owners
Mangement
Employees
Lenders
Suppliers
Customers
Govt agencies
Public
Subfields of Accounting
Financial Accounting
Management Accounting
Cost Accounting
Social Responsibility Accounting
Human Resource Accounting
Inflation Accounting
Relationship with other disciplines
Economics
Statistics
Law
Mathematics
Management
Business Entity Concept
Money Measurement Concept
Going Concern Concept
Periodicity Concept
Matching Concept
Accrual Concept
Cost Concept
Realisation Concept
Conservatism Concept
Dual Aspect
Consistency Concept
Materiality Concept
4 Main Qualitative Characteristics of FS
Understandability
Reliability
Relevance
Comparability
Other Qualitative Characteristics of FS
Faithful representation
Substance over form
Neutrality
Prudence
Completeness
Need for Accounting Standards
Many users of Financial Statements
Transparency , Reliability and Adequacy
Consistency and Comparability
Accounting Standards - Framework
Mandatory for Companies
What are Accounting Standards
Written policy documents
Issued by expert accounting body or government
To provide a set of standard accounting policies
Standard valuations norms
Lay down disclosure requirements
Thus ensure comparability
Accounting Standards
Deal with:
Recognition of transactions and events
Measurement
Presentation
Disclosure
Cannot override the law of the land
Accounting Standards in India
Framed by ASB
Under ICAI
32 Standards
AS 8 - withdrawn
AS 26
Accounting Policies “we decide”
Choice of a Policy would depend on 3 characteristics:
Prudence
Substance over Form
Materiality
Reasons for change on Accounting Policies
Policies to be applied consistently…..
Maybe changed only under the following circumstances:
Required by Statute
Compliance with Accounting Standards
More appropriate presentation of FS
Measurement Bases
4 Accepted Valuation Principles:
Historical cost - Actual cost
Current cost - Cost if acquired at present
Realisable value - The price if we sell the asset at present
Present value - Present value of future cash outflows
CPT Exam Exposure