Professional Documents
Culture Documents
(FUNDAMENTALS)
Dr. T.K. Jain.
AFTERSCHOOOL
Centre for social entrepreneurship
Bikaner
M: 9414430763
tkjainbkn@yahoo.co.in
www.afterschool.tk
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WHAT ARE THE 3
FUNDAMENTAL
ASSUMPTIONS?
GOING CONCERN
CONSISTENCY
ACCRUAL
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YOU HAVE TO KEEP SAME
METHOD OF DEPRECIATION
YEAR AFTER YEAR, WHY?
BASED ON CONSISTENCY
ASSUMPTION.
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WHAT IS THE APEX BODY
ON ACCOUNTING IN USA?
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
(THIS IS INSTITUTION)
ITS BODIES ARE AS UNDER:
ACCOUNTING PRINCIPLES BOARD
AND OTHER BODIES.
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WHAT IS ACCOUNTING
CYCLE?
ALL THE STEPS FROM MAKING FIRST
ENTRY (ORIGINAL ENTRY) AND
RECORDING THE TRANSACTION TO
PREPARATION OF FINAL ACCOUNTS.
THERE ARE 4 STEPS:
1. RECORD IN BOOKS OF ORIGINAL
ENTRY. 2. POST IN LEDGER 3. PREPARE
TRIAL BALANCE 4. PREPARE FINAL
ACCOUNTS
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WHO ARE INTERNAL
USERS OF INFORMATION?
BOARD OF DIRECTORS
MANAGERS
EMPLOYEES
PARTNERS
OFFICERS
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WHO ARE THE EXTERNAL
USERS OF INFORMATION?
INVESTORS
LENDERS
CREDITORS
SUPPLIERS
GOVERNMENT
PROSPECTIVE EMPLOYEES
CUSTOMERS
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WHICH IS BROADER WORD –
ACCOUNTING OR
ACCOUNTANCY?
ACCOUNTANCY
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WHICH IS BOADER BETWEEN
ACCOUNTING AND BOOK
KEEPING?
ACCOUNTING
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DIFFERENCE BETWEEN
FINANCIAL ACCOUNTING &
MANAGEMENT ACCOUNTING?
FINANCIAL ACCOUNTING IS CONCERNED
WITH PROVIDING INFORMATION FOR
EXTERNAL USERS WHILE MANAGEMENT
ACCOUNTING PROVIDES INFORMATION
FOR INTERNAL USERS.
FINANCIAL ACCOUNTING FULFILLS LEGAL
REQUIREMENTS AND PREPARES FINAL
STATEMENTS LIKE P&L A/C ETC. BUT
MANAGEMENT ACCOUNTING HELPS YOU
IN DECISION MAKING. ITS TOOLS ARE
RATIO ANALYSIS, FUND FLOW ANALYSIS
ETC.
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Similarity / Difference
between social responsbility
accounting & HRA?
Both are not legally compulsory
Both are adopted by responsible
companies only.
Social responsibiity accounting
focuses on social costs and social
benefits
Human resource accounting (HRA)
focuses on investments made on
manpower.
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What is entity concept?
Business unit is different from
owner.
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What is GAAP?
GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES
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MONEY MEASUREMENT
CONCEPT?
ONLY THE TRANSACTIONS WHICH
CAN BE RECORDED IN MONEY ARE
RECORDED – THOSE WHICH
CANNOT BE PUT INTO MONEY ARE
NOT RECORDED - FOR EXAMPLE
SUPPORT ENCOURAGEMENT GIVEN
BY A FRIEND CANNOT BE
RECORDED.
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PERIODICITY CONCEPT?
ACCOUNTS SHOULD BE PREPARED
FOR A PERIOD – NOT FOR THE LIFE
OF ENTERPRISE.
THIS CONCEPT IS USED ALONG
WITH ACCRUEL CONCEPT FOR
RECORDING INCOME AND
EXPENSES.
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WHAT IS ACCRUAL
CONCEPT?
EFFECTS OF TRANSACTIONS ARE
RECOGNISED WHEN THEY OCCUR
(MERCANTILE BASIS) – NOT ON
THE BASIS OF CASH DEALINGS.
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MATCHING CONCEPT?
ALL EXPENSES OF A PERIOD
SHOULD BE MATCHED WITH
REVENUE OF THAT PERIOD.
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REALISATION CONCEPT?
ANY CHANGE IN ASSETS SHOULD
BE RECORDED ONLY WHEN FIRM
REALISES IT.
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DUAL ASPECT CONCEPT?
EVERY TRANSACTION HAS 2 ASPECTS
- ASSETS WILL INCREASE / DECREASE
SIMULTANEOUS LIABILITY WILL
INCREASE / DECREASE OR INCREASE /
DECREASE IN ONE ASSET WILL
DECREASE / INCREASE ANOTHER
ASSET. OR INCREASE / DECREASE IN
ONE LIABILITY WILL DECREASE /
INCREASE ANOTHER LIABILITY.
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WHAT IS CONSERVATISM?
PROVIDE FOR ALL LOSSES AND
DON’T ANTICIPATE ANY INCOME.
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WHAT WILL HAPPEN IF
ONE ASSET INCREASES?
THERE WILL BE SIMULTANEOUS
INCREASE IN LIABILITY OR
SIMULTAEOUS DECREASE IN
ANOTHER ASSET. (DUAL ASPECT
CONCEPT).
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WHAT IS ASB?
ACCOUNTING STANDARDS BOARD.
(SET UP ON 21 APRIL 1977).
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INVENTORY CAN BE
MEASURED ONLY BY WHICH
2 METHODS?
EITHER FIFO OR WEIGHTED
AVERAGE METHOD
FIFO = FIRST IN FIRST OUT
(AS PER ACCOUNTING STANDARD
AS2)
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WHAT IS REVENUE?
GROSS INFLOW OF CASH /
RECEIVABLES / OTHER
CONSIDERATIONS ARISING IN THE
COURSE OF ORDINARY BUSINESS (AS
9) (HOWEVER, INSURANCE, HIRE
PURCHASE, LEASE, GOVT. GRANTS,
SUBSIDIES, CONSTRUCTION WORK
ETC. ARE NOT IN PERVIEW OF THIS
DEFINITION).
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MNC OR A COMPANY
SITUATED IN DIFFERENT
AREAS CAN PRESENT
INFORMATION ON DIFFERENT
AREAS – UNDER WHICH AS?
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IN WHICH LEASE, THE
ASSETS ARE CAPITALISED BY
THE LESSEE?
FINANCIAL LEASE (SEE AS 19)
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WHAT IS VRS?
VOLUNTARY RETIREMENT SCHEME
(RECORDED UNDER AS 15).
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WHAT IS IPR?
INTELLECTUAL PROPERTY RIGHT
(IT INCLUDE TRADE MARK,
INTANTIGLE ASSETS ETC).
RECORDED AS PER AS 26.
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SUPPOSE YOU WANT TO
PRREPARE QUARTERLY
FINANCIAL STATEMENTS –
WHICH AS IS APPLICABLE?
AS 25 – INTERIM FINANCIAL
REPORTING
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WHAT IS EPS?
EARNING PER SHARE
(RECORDED AS PER AS 20)
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SUPPOSE YOUR COMPANY
HAS A SUBSIDIARY COMPANY
– HOW WILL YOU PREPARE
YOUR ACCOUNTS?
SUBSIDIARY COMPANY IS ONE
WHERE HOLDING COMPANY HAS
MAJORITY STAKE.
HOLDING COMPANY HAS TO
CONSOLIDATE BOTH THE
ACCOUNTS (AS 21).
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DIFFERENCE BETWEEN
PROVISION & RESERVE?
PROVISION IS ALWAYS FOR AN
IDENTIFIABLE LIABILITY BUT
RESERVE CAN BE FOR GENERAL
PURPOSE ALSO (RECORDING OF
PROVISION AS PER AS 29)
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ABOUT AFTERSCHOOOL
Afterschoool conducts three year integrated PGPSE (after class
12th along with IAS / CA / CS) and 18 month PGPSE (Post
Graduate Programme in Social Entrepreneurship) along with
preparation for CS / CFP / CFA /CMA / FRM. This course is
also available online also. It also conducts workshops on social
entrepreneurship in schools and colleges all over India – start
social entrepreneurship club in your institution today with the
help from afterschoool and help us in developing society.
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Why such a programme?
To promote people to take up
entrepreneurship and help develop the
society
To enable people to take up franchising and
other such options to start a business / social
development project
To enable people to take up social
development as their mission
To enable people to promote spirituality and
positive thinking in the world
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Who are our supporters?
Afterschoolians, our past
beneficiaries, entrepreneurs and
social entrepreneurs are
supporting us.
You can also support us – not
necessarily by money – but by
being promotor of our concept and
our ideas.
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About AFTERSCHOOOL PGPSE – the
best programme for developing
great entrepreneurs
Most flexible, adaptive but rigorous programme
Available in distance learning mode
Case study focused- latest cases
Industry oriented practical curriculum
Designed to make you entrepreneurs – not just an
employee
Option to take up part time job – so earn while you
learn
The only absolutely free course on internet
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Workshops from
AFTERSCHOOOL
IIF, Delhi
CIPS, Jaipur
ICSI Hyderabad Branch
Gyan Vihar, Jaipur
Apex Institute of Management, Jaipur
Aravali Institute of Management, Jodhpur
Xavier Institute of Management,
Bhubaneshwar
Pacific Institute, Udaipur
Engineering College, Hyderabad
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Flexible Specialisations:
Spiritualising business and society
Rural development and transformation
HRD and Education, Social Development
NGO and voluntary work
Investment analysis,microfinance and inclusion
Retail sector, BPO, KPO
Accounting & Information system (with CA /
CS /CMA)
Hospital management and Health care
Hospitality sector and culture and heritage
Other sectors of high growth, high technology
and social relevance
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Salient features:
The only programme of its kind (in the whole world)
No publicity and low profile course
For those who want to achieve success in life – not just a degree
Indepth knowledge and expertise
Professional approac: World class approach
Strong intellectual and business capabilities
Flexible – you may stay for a month and continue the rest of the
education by distance mode. / you may attend weekend classes
Scholarships for those from poor economic background
Latest and constantly changing curriculum – keeping pace with the time
Placement for those who are interested
Admissions open throughout the year
Latest and most advanced technologies, books and study material
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Components
Pedagogy curriculum and approach based on IIM Ahmedabad and ISB
Hyderabad (the founder is alumnus from IIMA & ISB Hyderabad)
Meditation, spiritualisation, and self development
Essential softwares for business
Business plan, Research projects
Participation in conferences / seminars
Workshops on leadership, team building etc.
Written submissions of research projects/articles / papers
Interview of entrepreneurs, writing biographies of entrepreneurs
Editing of journals / newsletters
Consultancy / research projects
Assignments, communication skill workshops
Participation in conferences and seminars
Group discussions, mock interviews, self development diaryng
Mind Power Training & writing workshop (by Dr. T.K.Jain)
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Pedagogy
Case analysis,
Articles from Harvard Business Review
Quiz, seminars, workshops, games,
Visits to entrepreneurs and industrial visits
Presentations, Latest audio-visuals
Group discussions and group projects
Periodic self assessment
Mentoring and counselling
Study exchange programme (with institutions out of
India)
Rural development / Social welfare projects
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Branches
AFTERSCHOOOL will shortly open
its branches in important cities in
India including Delhi, Kota,
Mumbai, Gurgaon and other
important cities. Afterschooolians
will be responsible for managing
and developing these branches –
and for promoting social
entrepreneurs.
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Case Studies
We want to write case studies on
social entrepreneurs, first
generation entrepreneurs, ethical
entrepreneurs. Please help us in
this process. Help us to be in touch
with entrepreneurs, so that we
may develop entrepreneurs.
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Basic values at
afterschoool
Share to learn more
Interact to develop yourself
Fear is your worst enemy
Make mistakes to learn
Study & discuss in a group
Criticism is the healthy route to mutual support
and help
Ask fundamental questions : why, when, how &
where?
Embrace change – and compete with yourself
only
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social entrepreneurship for
better society
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