Open Sugar

Concept of Accounting?

Guyz!

I had been assigned to join as a Accountant in newly opened Sugar Cane Manufacturing Company....

they told me to join on 24th December and i should be incharge for their entire accounts.

but i have little academic knowledge of accounting not the professional... i dont have any work experience also...

So please give me any source or website to understand the company accounting method and normal accounting....

i want all the details of accounting and the manual of company accounting....

Please help me with this out....

Accounting concept and conversations

Accounting concepts and conventions as used in accountancy are the rules and guidelines by that the accountant lives. All formal accounting statements should be created, preserved and presented according to the concepts and conventions that follow.
In the United Kingdom, four of the following accounting concepts are laid down in Statement of Standard Accounting Practice number 2 (SSAP 2: Disclosure of Accounting Policies), they are the

Going concern concept

Accruals or matching concept

Consistency concept

Prudence concept
Going concern
This concept is the underlying assumption that any accountant makes when he prepares a set of accounts. That the business under consideration will remain in existence for the foreseeable future. In addition to being an old concept of accounting, it is now, for example, part of UK statute law: reference to it can be found in the Companies Act 1985. Without this concept, accounts would have to be drawn up on the 'winding up' basis. That is, on what the business is likely to be worth if it is sold piecemeal at the date of the accounts. The winding up value would almost certainly be different from the going concern value shown. Such circumstances as the state of the market and the availability of finance are important considerations here.

Accruals
Otherwise known as the matching principle. The purpose of this concept is to make sure that all revenues and costs are recorded in the appropriate statement at the appropriate time. Thus, when a profit statement is compiled, the cost of goods sold relevant to those sales should be recorded accurately and in full in that statement. Costs concerning a future period must be carried forward as a prepayment for that period and not charged in the current profit statement. For example, payments made in advance such as the prepayment of rent would be treated in this way. Similarly, expenses paid in arrears must, although paid after the period to that they relate, also be shown in the current period's profit statement: by means of an accruals adjustment.

CoNsi$tency
Because the methods employed in treating certain items within the accounting records may be varied from time to time, the concept of consistency has come to be applied more and more rigidly. For example, because there can be no single rate of depreciation chargeable on all fixed assets, every business has potentially a lot of discretion over the precise rate it chooses to use. However, if it wishes, a business may vary the rates at which it charges depreciation and alter the profits it reports at the same time. Consider the effects on profit of charging depreciation at 15% this year on £10,000 worth of fixed assets and then charging depreciation at 10% next year on the same £10,000 worth of fixed assets. This year you would charge £1,500 against profits and next year it would be only £1,000, using the straight line method of providing for depreciation.

Because of these sorts of effects, it is now accepted practice that when a company chooses to treat items such as depreciation in a particular way in the accounts it should go on using that method year after year. If it is NECESSARY to change the method being employed or the rates being charged then an explanation of the change and the effects it is having on the results must be shown as a note to the accounts being presented.

Prudence
Otherwise known as conservatism. It is this concept more than any other that has given rise to the idea that accountants are pessimistic boring people!! Basically the concept says that whenever there are alternative procedures or values, the accountant will choose the one that results in a lower profit, a lower asset value and a higher liability value. The concept is summarised by the well known phrase 'anticipate no profit and provide for all possible losses'. Thus, undue optimism can never be part of the make up of an accountant! The danger is that if an optimistic view of profits is given then dividends may be paid out of profits that have not been earned.

Objectivity
The objectivity concept requires an accountant to draw up any accounts, and further analysis, only on the basis of objective and factual information. Thus, this concept attempts to ensure that if, for example, 100 accountants were to draw up a set of accounts for one business, there would be 100 identical accounting statements prepared. Everyone would be obtaining and using only facts. The problem here is that there are many aspects of accounting ensuring that objectivity cannot be universally applicable in the preparation of accounts. For example, with fixed assets: the cost of a van must be known at its purchase: say £30,000. However, how long will this van be in service? I say five years, my colleague could say 10 years. If I prepare the accounts using the straight line method of depreciation calculation, I would provide £30,000 ÷ 5 = £6,000 each year for depreciation; my colleague would charge £30,000 ÷ 10 = £3,000 each year for depreciation; and both of us could be correct! The problem is that with an issue such as depreciation we are not always able to be objective.

Duality Duality
This is the very foundation of the universally applicable double entry book keeping system and it stems from the fact that every transaction has a double (or dual) effect on the position of a business as recorded in the accounts. For example, when an asset is bought, another asset cash (or bank) is also and simultaneously decreased OR a liability such as creditors is also and simultaneously increased. Similarly, when a sale is made the asset of stock is reduced as goods leave the business and the asset of cash is increased (or the asset of debtors is increased) as cash comes into the business (or a promise to pay is made and accepted). Every financial transaction behaves in this dual way.

Entity
Otherwise known as the 'accounting entity' concept. The idea here is that the financial transactions of one individual or a group of individuals must be kept separate from any unrelated financial transactions of those same individuals or group. The best example here concerns that of the sole trader or one man business: in this situation you may have the sole trader taking money by way of 'drawings': money for his own personal use. Despite it being his business and apparently his money, there are still two aspects to the transaction: the business is 'giving' money and the individual is 'receiving' money. So, the affairs of the individuals behind a business must be kept separate from the affairs of the business itself.

Co$t
This concept is based on the notion that only the costs paid to acquire an asset are relevant and thus should be the only costs to be shown in the accounts. For example, fixed assets are shown on the balance sheet at the price paid to acquire them; that is, their historic cost less depreciation written off to date.
There is a problem in this area. That is the one of value. The accountant will rarely talk of value in this context since the use of such a term implies personal bias. After all, the value of an asset as far as I am concerned may be different to the value of the same asset as far as you may be concerned. The application of the cost concept ensures that subjective judgements play no part in the drawing up of accounting statements.

Monetary Measurement … £££
The money measurement concept is one of the simpler concepts. It simply and clearly states that only those transactions that are true financial transactions may be accounted for. That is, only those transactions that may be expressed in money values (whatever the currency) are of interest to the accountant.

Materia£ity
We are concerned here with the idea that accountants should concern themselves only with matters that are significant because of their size and should not consider trivial matters. The problem, of course, is in deciding what is and what is not material: we are concerned here with RELATIVE IMPORTANCE. As far as an individual is concerned, the loss of a £10 would be important and MATERIAL. As far as Chevron or Barclays Bank are concerned, the loss of £10 could be considered unimportant in many circumstances and therefore immaterial: please note I am not suggesting that fraud or carelessness in the handling of money is acceptable!!

Realisation
The realisation concept helps the accountant to determine the point at that he feels that a transaction is certain enough for the profit to be made on it to be calculated and taken to the profit and loss account. Realisation occurs when a sale is made to a customer. The basic rule is that revenue is created at the moment a sale is made, and not when the account is later settled by cheque or by cash. Thus, profit can be taken to the profit and loss account on sales made, even though the money has not been collected. The sale is deemed to be made when the goods are delivered, and thus profit cannot be taken to the profit and loss account on orders received and not yet filled. An exception to this rule would be a long term contract that involve payments on account before completion of the work.

Stable money
Normal or historic cost accounting assumes that transactions occurring over a period of time can be measured in terms of a single, stable measuring unit eg Pounds, Dollars ... This means that, in the UK, all accounts are drawn up in Pounds; and this year's balance sheet can be compared with last year's balance sheet. Consequently, if fixed assets brought down from last year were £1,000 and a further £500 of fixed assets were bought during this year, we would say fixed assets carried down from this year were worth £1,000 + 500 = £1,500. All of this gives rise to consistency but there is a problem with reality inflation means that very few currencies are truly stable.

Many attempts have been made at solving this problem, incidentally, but, in the UK, for example, all efforts have proven useless. The only really meaningful accounting directive ever enacted on this subject was withdrawn by the accounting bodies in the UK several years ago.

Conclusions
These, then, are the basic concepts and conventions on which the accountant bases all of his accounting work. We can see evidence of such work in the published annual reports and accounts that all publicly quoted companies are required to prepare and publish. The concepts and conventions also apply to the millions of businesses world wide that do not publish their accounts.

When we look at the work of an accountant we can see evidence that he has followed these concepts and conventions: we will see accrued expenses, we will see that there is a statement to the effect that the accounts have been drawn up on the basis of the going concern concept … and so on.

There are problems with these concepts and conventions, however, in that some of them conflict with each other. For example, money measurement and materiality can conflict, consistency and materiality can conflict. Have a look at the next page Conflicts in accounting concepts to explore some of these issues in more detail.

Find Open Sugar On eBay Below:

Paragon Melanie Open Sugar Bowl
Paragon Melanie Open Sugar Bowl
$7.49
Royal Worcester Open Sugar Bowl with Raised Decoration and Enameling
Royal Worcester Open Sugar Bowl with Raised Decoration and Enameling
$14.95
ROYAL STUART SPENCER STEVENSON CREAM OPEN SUGAR  TRAY PINK FLOWER
ROYAL STUART SPENCER STEVENSON CREAM OPEN SUGAR TRAY PINK FLOWER
$12.09
VINTAGE PARAGON ENGLAND CREAM AND OPEN SUGAR
VINTAGE PARAGON ENGLAND CREAM AND OPEN SUGAR
$22.57
ROYAL ALBERT BONE CHINA ENGLAND OPEN SUGAR BOWL YULETIDE
ROYAL ALBERT BONE CHINA ENGLAND OPEN SUGAR BOWL YULETIDE
$19.34
Vintage Hammersley Bone China Open Sugar Bowl and Creamer Dogwood Blossom
Vintage Hammersley Bone China Open Sugar Bowl and Creamer Dogwood Blossom
$15.95
Very Rare Vintage Johnson Brothers Gold Trim Flowers Open Sugar Rice Bowl Nice
Very Rare Vintage Johnson Brothers Gold Trim Flowers Open Sugar Rice Bowl Nice
$10.45
QUEENS FINE BONE ROSINA PINK ROSES OPEN SUGAR AND CREAMER SET
QUEENS FINE BONE ROSINA PINK ROSES OPEN SUGAR AND CREAMER SET
$5.00
Grosvenor Bone China England Cream and Open Sugar Patten A 691
Grosvenor Bone China England Cream and Open Sugar Patten A 691
$19.99
Sorcerer by Noritake Open Sugar Bowl Concept 1 Brown Accents Blue Bands B18
Sorcerer by Noritake Open Sugar Bowl Concept 1 Brown Accents Blue Bands B18
$23.99
Vintage Syracuse China Federal Shape ROSALIE Open Sugar Bowl
Vintage Syracuse China Federal Shape ROSALIE Open Sugar Bowl
$18.99
COALPORT ENGLISH GARDEN SMOOTH MINI OPEN SUGAR BOWL 0178
COALPORT ENGLISH GARDEN SMOOTH MINI OPEN SUGAR BOWL 0178
$15.98
Royal Stafford Athena Creamer  Open Sugar
Royal Stafford Athena Creamer Open Sugar
$2.99
c1965 81 Belleek Toy Shell Creamer Open Sugar Bowl Yellow Pearl 3rd Green Mark
c1965 81 Belleek Toy Shell Creamer Open Sugar Bowl Yellow Pearl 3rd Green Mark
$34.28
Aynsley Bone China Floral Inidvidual Open Sugar and Creamer
Aynsley Bone China Floral Inidvidual Open Sugar and Creamer
$10.00
ROYAL ALBERT DAINTY BLUE OPEN SUGAR BOWL
ROYAL ALBERT DAINTY BLUE OPEN SUGAR BOWL
$10.47
Homer Laughlin Open Sugar and Creamer Eggshell gold trim floral 1935
Homer Laughlin Open Sugar and Creamer Eggshell gold trim floral 1935
$5.99
Royal Adderley Alberta Tartan Open Sugar  Creamer Ridgway Pottery
Royal Adderley Alberta Tartan Open Sugar Creamer Ridgway Pottery
$24.77
BELLEEK NEW SHELL YELLOW CREAMER OPEN SUGAR BOWL GREEN MARK
BELLEEK NEW SHELL YELLOW CREAMER OPEN SUGAR BOWL GREEN MARK
$24.99
Royal Albert Bone China Val Dor Open Sugar Bowl
Royal Albert Bone China Val Dor Open Sugar Bowl
$25.00
Paragon England Coniston Large Open Sugar Bowl Floral Bone China
Paragon England Coniston Large Open Sugar Bowl Floral Bone China
$12.95
Royal Stafford Camellia Small Open Sugar Bowl Gold Gilt Trim Made in England
Royal Stafford Camellia Small Open Sugar Bowl Gold Gilt Trim Made in England
$12.95
Royal Worchester FERN WHITE White Embossed Leaf Open Sugar Bowl 2 tall
Royal Worchester FERN WHITE White Embossed Leaf Open Sugar Bowl 2 tall
$23.99
LENOX COLONIAL COLLECTION OPEN SUGAR BOWL  CREAMER SET IVORY
LENOX COLONIAL COLLECTION OPEN SUGAR BOWL CREAMER SET IVORY
$7.00
Vintage Royal Winton Grimwades Creamer Open Sugar Yellow Gold Trim With Fruit
Vintage Royal Winton Grimwades Creamer Open Sugar Yellow Gold Trim With Fruit
$9.99
Royal Worcester FERN WHITE White Embossed Leaf Open Sugar Bowl 2 1 2 tall
Royal Worcester FERN WHITE White Embossed Leaf Open Sugar Bowl 2 1 2 tall
$31.99
VINTAGE HOMER LAUGHLIN CREAMER  OPEN SUGAR Apple Blossoms  gold accents
VINTAGE HOMER LAUGHLIN CREAMER OPEN SUGAR Apple Blossoms gold accents
$12.50
Vintage Grosvenor Floral Motif Creamer and Open Sugar Bowl Ribbed Gold Trim Eng
Vintage Grosvenor Floral Motif Creamer and Open Sugar Bowl Ribbed Gold Trim Eng
$20.99
Hammersley England Fine Bone China Grandmothers Rose Open Sugar Gold Trim
Hammersley England Fine Bone China Grandmothers Rose Open Sugar Gold Trim
$24.49
Washington Pottery OLD WILLOW BLUE Open Sugar Bowl 25 in England Doves River
Washington Pottery OLD WILLOW BLUE Open Sugar Bowl 25 in England Doves River
$13.99
Pearl China Company Yellow Open Sugar Bowl 22K Gold Trim USA Vintage
Pearl China Company Yellow Open Sugar Bowl 22K Gold Trim USA Vintage
$0.99
Royal Grafton MAJESTIC MAROON Mini Open Sugar Bowl + Coffee Pot GREAT CONDITION
Royal Grafton MAJESTIC MAROON Mini Open Sugar Bowl + Coffee Pot GREAT CONDITION
$58.88
Royal Tara Trellis Shamrock  OPEN SUGAR BOWL  CREAMER  Ribbed Fluted CRAZING
Royal Tara Trellis Shamrock OPEN SUGAR BOWL CREAMER Ribbed Fluted CRAZING
$11.99
Vtg Wade Irish Porcelain Pottery Shamrock Open Sugar Bowl  Creamer by Borsey
Vtg Wade Irish Porcelain Pottery Shamrock Open Sugar Bowl Creamer by Borsey
$21.24
Vintage Mayfair Bone China Cream Pitcher Open Sugar Bowl Floral England Creamer
Vintage Mayfair Bone China Cream Pitcher Open Sugar Bowl Floral England Creamer
$7.25
Minton Bone China Ermine S 694 Creamer and Open Sugar
Minton Bone China Ermine S 694 Creamer and Open Sugar
$29.95
VINTAGE MID CENTURY HALL BROWN WARE CREAMER AND OPEN SUGAR BOWL MADE USA
VINTAGE MID CENTURY HALL BROWN WARE CREAMER AND OPEN SUGAR BOWL MADE USA
$6.95
Royal Grafton MAJESTIC CREAMER  OPEN SUGAR BOWL Maroon  Gold EXCELLENT
Royal Grafton MAJESTIC CREAMER OPEN SUGAR BOWL Maroon Gold EXCELLENT
$19.99
Pair of Lamberton Sterling China USA Q7 Open Sugar Bowls Purple green
Pair of Lamberton Sterling China USA Q7 Open Sugar Bowls Purple green
$10.99
Scarce Pfaltzgraff Country Time Hook Handled Open Sugar Ben Seibel Interest
Scarce Pfaltzgraff Country Time Hook Handled Open Sugar Ben Seibel Interest
$18.00


Recently Purchased Open Sugar:


royal grafton anne of green gables home creamer amp; open sugar bowl england, royal doulton brambly hedge creamer and open sugar bowl, royal adderley bone china newfoundland tartan set creamer amp; open sugar bowl, minton england haddon hall creamer amp; open sugar bowl mint green trim, vintage irish belleek pottery parian porcelain creamer amp; open sugar bowl ribbon , blue ridge southern potteries nocturne open sugar bowl lug handles and saucer , blue ridge southern pottery nove rose open sugar bowl pink yellow flower footed , vintage porcelain miniature open sugar bowl footed with gold trim germany, johnson bros made in england rose dawn pink creamer and open sugar set, royal winton queen anne chintz albans shape open sugar bowl creamer and double , coalport shrewsbury mini creamer and open sugar bowl, rare shelley daintygreen daisy individual creameramp; open sugar fine bone china, beautiful aynsley cream footed creamer and open sugar bowl with gold trim, haviland creamer amp; open sugar bowl schleiger 543 ivy berry holly gold limoges, aynsley open sugar bowl light pink background with pink rose floral, lenox temper ware sprite flowers butterfly open sugar bowl w handles, paragon gingham rose creamer and open sugar bowl set bone china , royal tara shamrock open sugar and cream set made in ireland, brentwood by adams creamer open sugar bowl amp; 1 cup, delphine creamer open sugar bowl amp; tray bone china pink amp; purple roses , shaffordst tropezitaly covered amp; open sugar bowls, delphine burgundy poinsettia vtg bone china open sugar bowl individual creamer, belleek shell open sugardish from ireland 6th mark, carleton rose northumbria china veg bowl gravy boat amp; open sugar easter china, royal winton queen anne ascot open sugar bowl 7036301, royal winton summertime gold trim ascot open sugar bowl 2196512, royal worcester royal garden dotted inner ring open sugar bowl 639551, royal grafton fine bone china red rose open sugar bowl scallop edge england, spode trade winds red open rice sugar bowl 1172043, queen anne sonata 8598 open sugar bowl bone china england, royal albert china old country roses creameropen sugar bowl set england mint , susie cooper england turquoise swirl open sugar bowl amp; creamer jug set 1930s, modigliani creamer open sugar bowl set tuscan valley land of the grapes italy, olde english garden royal stafford open sugar waste bowl , vtg aynsley england bone china violet pattern creamer amp; open sugar bowl mint, belleek lotus open sugar amp; creamer 19551965 excellent yellow accents, vintage 19551965 belleek lily open sugar bowl excellent yellow accent, royal adderley england open sugar bowl creamer rose floral fine bone china, c1900 tressemann vogt t amp; v limoges pink roses hand painted creamer open sugar, lenox decor uptown open sugar bowl 135 , belleek open sugar bowl lotus pattern 3rd green mark, belleek irish yellow ribbon open sugar bowl amp; creamer 3rd green mark196580, royal worcester allegro open sugar bowl have more items to set, beleek shamrock pattern 5th stamp19551965 open sugar 214 euc, franciscan potterydesert rose194147 californiaopen sugar bowl no lid, mr pickwick dickens beswick england open sugar vintage 3, set of 6 delft holland cups and saucers open sugar and creamer, ice rose r4306 open sugar amp; creamer by wedgwood china england , royal albert england memory lane cream and open sugar, paragon michelle large open sugar bowl fine english bone china made in england, crown staffordshire finebone china;glendale open sugar bowl amp; creamer; england, excellent watt pottery three leaf apple pattern open sugar bowl 98, vintage franciscan meadow rose yellow desert rose open sugar bowl no lid hh, denby country cuisine demitasse mini open sugar bowl hh, syracuse fine china old ivory coralbel creamer amp; open sugar bowl hh, denby country cuisine open sugar bowl hh, vintage 1970s franciscan embossed ivy open sugar bowl no creamer or lid hh, royal albert elfin open sugar bowl 9434852, royal doulton esprit mini open sugar bowl 554833, royal doulton ardon open sugar bowl 10112862, royal doulton lynnewood mini open sugar bowl 558594, royal doulton campagna green open sugar bowl 551935, poole pottery dorset fruit open sugar bowl 6901158, royal albert old country rose individual creamer open sugar bowl regal tray, signed handcrafted pottery sugar condiment jar bowl lid open for spoon 45x5, vintage royal albert trillium cream amp; open sugar bowl bone china white flowers , lot of 3vintage belleeklotus open sugarheart ivory parian dishshell teacup, burleigh vintage open sugar bowl amp; creamer burgess amp; leigh burslem ironstone, royal albert old country roses mini open sugar bowl free shipping, rare royal doulton crawford open sugar small finger bowl dish blue yellow ivory, pfaltzgraft small medium creamer amp; open sugar bowl, marguerite gold trim by royal winton creamer amp; open sugar bowl with tray, beautiful vintage hand painted iridescent open sugar bowl w gold trim, wm adams amp; sons small vintage creamer and open sugar bowl england ironstone, royal albert caroline open rice sugar bowl 6982656, vintage 1960s royal albert white rose pattern creamer and open sugar bowl , roslyn bone china magnolia open sugar bowl exc, denby imperial blue creamer and open sugar made in england, royal doulton morning star open sugar bowl 559875, pink paragon creamer and open sugar bowl fine bone china england, thriftchi unmarked two handled open sugar dishes w floral design, vernonware organdie open creamer amp; covered sugar bowl by metloxpoppytrail , royal winton chintz grimwades open sugar bowl, vintage abj grafton royal grafton england 2 mini open sugar bowl canton 6526, franciscan usa apple open sugar bowl brown red vintage estate find, royal albert tranquility mini open sugar bowl 620161, mccoy pottery open sugar bowl with handles brown drip glaze usa, paragon yellow rose bone china mini creamer amp; open sugar bowl, rs prussia pedestal style sugar bowl with lid yellow white open roses marked, shelley bone china england cream and open sugar bowl rosebud pink trim, gladstone gp amp; co george proctor water lily open sugar creamer england, royal copenhagen blue fluted full lace tray for creamer amp; open sugar chipped , thomas china papageno pattern creamer 338 amp; open sugar bowl 234, century by salem 23 karat gold encrusted creamer and open sugar bowl, belleek toy shell yellow pattern mini open sugar bowl piece 2 18 green mark, belleek lotus pattern mini open sugar bowl beautiful piece 2 18 greeen mark, nortake 19322 azalea pinkmini creamer and mini open sugar



Comments are closed.