Write a detailed note on accounting concepts

These plans may be short and simple or contain copious amounts of detailed information depending on the small business idea. Entrepreneurs may be hesitant to write a business plan because it requires time and effort planning a business rather than conducting operations and making a profit.

Write a detailed note on accounting concepts

Understand and apply generally accepted accounting principles for the purposes of financial reporting. Understand and apply the fundamentals of cost accounting, including the derivation of product costs, for financial reporting purposes.

Prepare basic personal income tax returns, and understand and apply the principles of other major taxes. Demonstrate knowledge of generally accepted accounting standards in an internal control environment.

Understand and apply the basic concepts and business applications of computer information systems, including skills in word processing, spreadsheets, and integrated accounting software. Understand and apply the techniques of business mathematics to support the accounting function of an organization.

Apply effective interpersonal skills to support the accounting function of an organization. Apply ethics and corporate responsibility to all aspects of work completed. Course load is used by OSAP to determine funding options for programs.

If you are taking 1 - 2 courses at the same time, you may be considered for part-time student grants and loans.

For information on other awards and financial assistance, please see Financial Aid. Prior Learning Assessment is a method of assessing and recognizing learning that is equal to college level learning, but has been gained outside a traditional classroom through work experience, volunteering, outside study, etc.

If you can prove that the knowledge you have gained meets the outcomes of a Seneca course, then credit will be awarded. How does the PLA process work? Prior Learning is demonstrated through a "challenge" process.

The process measures learning through a variety of methods which may include tests, portfolio assessment, interviews, demonstrations, essays, and work samples.

The method used will be determined in consultation with a Program Coordinator. For more information and to determine if you are eligible for PLA, please call the Program Coordinator. The process may take from 6 to 8 weeks. Not all courses can be challenged. Transfer Credit Advanced Standing Many students who enter Seneca College will have earned academic credits in post-secondary educational institutions which they may be able to apply toward completion of a Seneca College program.

Requests for Transfer Credit must be for a specific course and must be accompanied by an official transcript and course outline. A minimum grade of "C" 60 percent is generally required for a course to be considered for Transfer Credit.

Download a Transfer Credit Request form. An official copy of your transcript and applicable detailed course outlines should be attached and submitted. Please note it may take 4 to 6 weeks for a Transfer Credit decision.

Certificates, diplomas, and applied degrees are issued twice a year in the Fall October and Spring June. Program Contacts Contact us via this form or using the phone number s below it. Your browser does not support iframes. The contact form cannot be displayed. Please use another contact method phone, fax etc Terry Wood.The theory of accounting has, therefore, developed the concept of a "true and fair view".

The true and fair view is applied in ensuring and assessing whether accounts . Career Opportunities. Give yourself a career with options. Become a professional bookkeeper with the Accounting Techniques certificate program and you could work for yourself, a small family-run business, a large corporation or anything in between.

Notes Accounting Conventions and Standards Basic Accounting 36 CONVENTION OF FULL DISCLOSURE Convention of full disclosure requires that all material and relevant facts concerning financial statements should be fully disclosed.

Full disclosure means that there should be full, fair and adequate disclosure of accounting information. Overview.

Gain a strong knowledge of accounting, payroll and human resource practices, as well as related technology and payroll applications. You will complete the college diploma, professional certification (Payroll Compliance Practitioner Certification – PCP, Canadian Payroll Association), and three credits towards completion of a Certified Payroll Manager (CPM) designation.

Rules of accounting that should be followed in preparation of all accounts and financial statements. The four fundamental concepts are (1) Accruals concept: revenue and expenses are recorded when they occur and not when the cash is received or paid out; (2) Consistency concept: once an accounting method has been chosen, that method .

write a detailed note on accounting concepts

l explain the term accounting concept; l explain the meaning and significance of various accounting concepts: Business Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Duality Aspect concept, Realisation Concept, Accrual Concept and Matching Concept.


Lecture Notes | Financial Accounting | Sloan School of Management | MIT OpenCourseWare