Basic Accounting

Basic Accounting

Accounting is known as the '' Language of Business'' and it's a tool use by businesses to communicate with their stakeholders. Knowing basic accounting is very important for students who are going to enter business world, especially it's a main subject for quantity surveying students.

Accounting: In this lesson we discussed about what is accounting and why is it important, after that we discussed specifically about the reasons government might need financial and accounting information.

Exercises

Trial Balance

Balance sheet

P & L Statement

Ratio

Ratios

Final Assignment

For this assignment we required to shape our groups and after that choose a public company to analyse the ratios of it for two different years by gathering data and using formulas. For this purpose we chose Apple.Inc and after searching for the reliable data we started getting the ratios of this company for 2012 and 2013, so then we required to write a report including analysis of share of the business.

The report

             

In overall basic accounting was a very useful subject and personally I have learn many things that will help in studying Quantity Surveying in the future. During the semester we learnt many basic lessons about accounting such as, double entries, balance sheet, profit and lost statement. and after that learning about trial balance and balancing adjustment. After we learnt about cash flow statement as the third and the last component of financial report. Next topic was about ratios and learning about how to compare two different years result of a business. At the end as last two topics we learnt about break-even analysis and legal ownership.