Learn with Steem : TUTORIAL CLASS NO:1 BASICS AND INTRODUCTION OF COST AND MANAGEMENT ACCOUNTING|| Welcome to the classes of Cost and Accounting by @Monz122
Hello everyone this is Monz from India, hope you people are doing great and our enjoying your day. As mentioned by the @steemitblog to make Steemit a place where we can learn high level courses .I am here with my classes of cost and Management accounting in which chapter wise I will be giving the tutorial of all the subjects of the field of cost and accounts . I will also be giving homeworks on the topics which will be taught by me. The students completing the homeworks will be rewarded from our community account and some extra steem will be rewarded to them.
Let me give some basic introduction about my profession!
I am a student of CMA finals and I also have an experience of 7 years in teaching. Currently my subjects are Costing and Management , Operations and Management , GST and Accounts & Audit. These are the subject of my intermediate so each week I will be giving two tutorial classes and two homework classes. In this class I will be giving an intro of the subject Cost&Management Accounting
Chapter No: 1 Introduction to Cost& Management Accounting
Branches of Accounting
1) Financial Accounting 2) Management Accounting 3) Cost Accounting.
Financial Accounting Concept
With the growth and development of large scale business a legal framework was provided by the Companies Act for the presentation of financial position of the company to the shareholders and the outsiders. In financial accounting for disclosing the financial position of the company or business a Profit and Loss Account and a Balance Sheet is prepared which helps in disclosing the performance of the company and the financial position with the help of which shareholders takes further decisions about investment .
In accordance (GAAP) Generally Accepted Accounting Principles financial accounting is prepared. Each and every business entity should prepare its financial information like profit or loss of the current year, income and expenses statement of etc to the stakeholders.
Accounts are of three types
•Personal Account
•Real Account
•Nominal Account
Personal Accounts are accounts which are related with person which are individuals, associations and firms. Example of personal account : Mr Harry's Account.
Real Accounts are accounts which are connected with assets and liabilities of the business . Example of real account is Bank, buildings etc.
Nominal Account is an account where all the accounting transactions are recorded and are generally related to gains and losses , revenue and expenses.
There are three golden rules based on which accounts are prepared given in the chart below:
Golden rules given in the chart above is helpful in preparation of financial accounts. Each transactions are recorded by the business in journal entry and then ledgers are made.
So this was the short and first Introduction class given by me . Will be back with the homework of this chapter tomorrow. Hope you people will definitely learn something new from these lectures . So that's all for today's class .
Thankyou and have a great day ahead!
Great initiative @monz122, many people will get help and those are interested to learn costing can also be able to learn from here.
#siwcc
Thankyou so much mam this was just an introduction class the lectures and lessons will start very soon . Hope you learnt something new from my post. Have a great day ahead!
Haha 😂 I will try my dear, but let see how much my brain can take it.
#siwcc
U will definitely catch better I know that mam 😄
#siwcc
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Thankyou so much! 😊
very good initiative mam. I will surely participate in the assignment and I am also happy in learning new things dialy.
#siwcc
Thankyou so much shravana we really appreciate your dedication towards this community , just stay focused and keep posting we will definitely reach out our goal soon!
#siwcc
Really it's a great initiative @monz122. We get more knowledge about this financial topics . I request you to please make one post in which you explained some important keywords which commonly used in this field so if you explained any topic we understand easily..
#siwcc
First of thankyou so much for praising my work and if you have any doubt in understanding anything in the lesson above you can ask in the comments here I will try my level best to explain the same. Have a great day ahead!
#siwcc
Finally you came to your own subject, it i good to share what we learn, and it develops, our knowledge and skill more. A very good article, hope you bring more tutorials on accounting.
Thank you so much maam for your kind words and yes definitely within few days I will be back with my next tutorial. Hope you are good and have a great day ahead!
#siwcc
All the best dear, I wish you achieve a great height
@monz122, Very Nice initiative of the classes. I was studying in ICWA and did upto intermediate. A very nostalgic feeling of looking into the subjects Madam.
#SIWCC
Currently I am in my finals so I am trying to give my level best to provide the knowledge of all the subjects of intermediate.
#siwcc
It's a very great initiative by you mam. i want to suggest you if you can breakdown the concepts in portions and explain the terms as well. it would be more informational and easy to learn. I'm sure you'll give us some beneficial lectures ahead.
#siwcc
Yes definitely I will be posting the next class very soon!