BCOC-131: Financial Accounting – Notes (Answer-Writing Friendly Format)
BCOC-131: Financial Accounting – Full Detailed Notes (Answer-Writing Friendly Format) 🔵 BLOCK 1: Basics of Accounting Unit 1: Introduction to Accounting Q: Define Accounting. Explain its objectives, functions, and types. Definition: Accounting is the process of identifying, recording, classifying, summarising, and interpreting financial transactions to provide useful information for decision-making. Objectives of Accounting: Record keeping – Maintain systematic records of transactions. Determination of Profit or Loss – Through Trading and Profit & Loss Account. Assessing Financial Position – Through Balance Sheet. Assisting Management – In planning and control. Providing information to users – Investors, creditors, government, etc. Functions of Accounting: Measurement of financial results. Communicating information to stakeholders. Providing legal evidence. Assisting in taxation matters. Types of Accounting: Financial Accountin...