Professional Presentations - SAWF Educational Academy : 2015

Monday 24 August 2015

Basic Accounting terms for Beginners - Presentation and Explanation

Understanding the basic concepts and the terminology in any subject that you want to study is of great value and importance. It will not only help you develop the required skills, but it also enable you to deepen your knowledge or understanding of the subject. It is appropriate to mention that acquiring the basic knowledge and skills of a subject can lead you to gain thorough understanding of a subject.

Accounting is regarded as a Business Language. It is of great essence for a business to establish a good accounting system in order to keep track of every single business transaction or a business event and determine the profitability by dint of income statement and the status of a business with the help of balance sheet.

Accounting is also connected with our personal lives. It is easy to understand and implement for our day-to-day activities that involve money. It is therefore important to understand some of the accounting terms. Accounting term is a specific word that is related to the whole process of accounting. Some of the important accounting terms are mentioned herein.

Accounting – It’s a business language. The art of analyzing, recording, organizing or classifying and maintaining financial activities or the events that are of financial character which in turn leads to prepare financial statements.

Account – An individual record of specific items. It is a summary of all the business transactions relating to assets or liabilities or capital or revenues or expense etc. Every account has two sides, debit and credit showing accumulated balances.

Accounting Equation – It shows the relationship between the assets, liabilities and capital of a business entity. The accounting equation is: Assets = Liabilities + Capital. The accounting equation states Left hand side equals to Right hand side.

Accounting Period- It indicates the period of time which is no more than twelve months – from January 1 through 31 December. It’s generally a calendar year or a quarter taking the span of time covered by a set of financial statements, income statement, balance sheet and the cash flow statement.

Business Transaction – Any business activity or event that effects a business to show what it owns and what it owes as well as the ownership of the business. For example: A short term Loan amount from bank being debited to cash account and credited to bank account represents that a business house owns the amount and at the same time it owes to bank while making the balances in agreement as assets equals to liabilities.

Debtors – They are the customers or the clients whom a business provides goods or services on credit. They are the ones who owe money to the business.

Creditors – They are the persons whom a business owes the money.

Capital – Capital is the amount that has been invested by the owner or proprietor in the business.

Saturday 22 August 2015

The Cost Concept in Accounting

The cost concept is one of the basic underlying guidelines in accounting and understanding which enables accountants to maintain the accuracy in the profession. Below article discusses the cost concept in brief.

In accounting, cost is defined as the cash amount or the cash equivalent which is given up for an asset. It includes all costs necessary to get an asset in place and ready for its intended use. To give an example, the cost of an item in inventory also includes the item’s freight-in cost. As regards the cost concept, it is one of the basic underlying guidelines in accounting. It is also known as the historical cost principle. The assertion made under the cost concept is that assets should be recorded at the cash amount or its equivalent at the time when they are acquired.

In accordance with this concept, it is important to note that regardless of whether the cost or acquisition price of an asset is greater or lesser than the fair market price, but the asset is to be recorded in the accounting books at the price which is actually paid. At this point, it is important to be aware of what the fair market price is. Fair market price is the price of something at which both a seller and a buyer are willing to make a deal. It may further be noted that it is the amount at which an asset would change hands between two parties where both have knowledge of the relevant facts.

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Causes and Management of Stress at Work

Stress management refers to the wide spectrum of techniques and psychotherapies aimed at controlling a person's levels of stress, especially chronic stress, usually for the purpose of improving everyday functioning.

Every individual has certain amount of tolerance towards pressure. It can be inescapable, rather acceptable in terms of the achievement of positive results of the organization within the limited span of time. But when it continues too long, it becomes stress – Pressure which is bearable is converted into stress after it exceeds certain limit. Stress may in general be defined as continuous feelings of worry about your work or personal life that prevents you from relaxing. It has also been defined as, “The reactions of individuals to new or threatening factors in their work environments.”

There are situations when the stress leads to negative response. Stress is manifested in many ways, such as, short temperament, panic reactions and irritability. It can be positive or negative. If an employee is going to get a new position which is dynamic and full of challenges, he develops positive stress. Alternatively, there may be situations that are threatening and anxiety-arousing which create negative stress. There are many causes for stress to develop.

One of the causes of stresses at work relating to the tasks an employee handles is the task itself. How it has been proposed or designed, how much time is required to carry out the task and how much time is to be spent on it. At the same time, what his manager expects from him or her in terms of the tasks being assigned. All these factors are related to work and cause stress.

Friday 21 August 2015

Why are Effective Communication Skills Important for Accounting Professionals?

Regardless of the professions and positions, effective communication has its own place and importance. Effective communication helps individuals to perform their duties in an effective and efficient manner. Not only it enables people to work in a way as needed, but it also helps greatly to form a coordinated structure facilitating engagement and building trust among them.

English communication skills is the basic requirement to handle a job of accountant effectively and efficiently, because, in addition to performing regular tasks pertaining to accounting, accounting professionals need to draft letters, send emails, prepare reports, interpretations and foot notes for management review, perusal and decisions. They are also required to coordinate with various parties, such as, debtors, creditors, clients, banks or affiliate companies. Hence, improving skills of both verbal and written communication is very much important for accounting professionals.

Good communication skills of verbal and written can open many doors to success including professional development for the employees. Besides, it’s a great help to prepare a strong resume to get a desirable job for job seekers. Strong communication skills also enable the professionals to express themselves clearly.

Some people seem to have this opinion that they do not need to improve English communication skills, as the major part of their job involves dealing with numbers. While it is true that accounting entails working with numbers and they must be good at using numbers in number of different ways as required by the profession, they need to pay enough attention to the importance of developing communication skills. It must be noted that accounting also involves looking beyond the numbers, gathering and preparing reliable information for the intended parties.

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Accounting Principles and Concepts – Why are they Important?

Being conceptually good enables us to use the acquired knowledge and concepts effectively. Regardless of their chosen field of endeavor, people whose concepts are clear can perform their tasks well and independently.

Accounting system is based on some concepts and conventions. Accountants all over the world would agree on certain basic points on which accounting theory and practice is based being commonly referred to as accounting concepts and principles.

They are considered as a broad set of conventions that are meant to provide basic frame work for financial reporting. The importance of these concepts and principles lies in the fact that they are related to the entire Financial accounting process while they affect directly the way the financial reports are prepared.

Accountants need to apply professional judgments while preparing financial reports, these concepts and principles help them to ensure that they are not being misled and that providing a true and fair view of financial statements is being accomplished.

Following is a list of the major accounting concepts and Principles:

Timeliness
Faithful Representation
Reliability
Neutrality
Matching Concept
Prudence
Completeness
Entity Concept
Money Measurement Concept
Understandability
Comparability
Consistency
Materiality
Going Concern
Accruals
Substance Over Form
Duality Concept
Realization Concept

Thursday 20 August 2015

The Benefits of hard work

“There are no secrets to success. It is the result of preparation, hard work, and learning from failure.” – Colin Powell

It’s undoubtedly true that there is no replacement for hard work, while talent can be replaced with hard work. As it goes in this saying, “Hard work beats talent when talent does not work hard.” And indeed, there is no shortcut to success, but one has to prepare oneself in such a way that the intended results may come out. This is possible when a person works hard and leaves no stone unturned to fulfill his dreams and ambitions in life.

The above saying is full of fact. It also offers an advice not to underestimate the importance of hard work regardless whether or not one is talented. Hard work is necessary if you want to get anywhere in life. Hard work is so important that even if there is a lack of talent, it can be compensated with hard work, but there is no substitute for hard work. It is said to be the stepping stone to success. Hard work does not go waste, but it pays off in the end. Thus, the work you put in is what you get out.

If you work hard and do your best, it develops the sense of satisfaction that you put enough efforts to get the results. On the one hand, hard work improves the chances of success in your mission, on the other hand, it gives you the sense that you are not at fault and you did what was required to do in order to achieve success.

How to write better Emails

This article provides some easy ways to craft effective email messages that might be helpful for you at work.

An Electronic mail, commonly known by its abbreviation email is probably the most used medium of communication today. It’s a form of asynchronous communication in which there is no timing requirement for transmission. Email is said to have been around since 1962. Even though it is the most popular form of communication and a good way to get the messages across, not everyone knows how to make use of it in better ways and crafting effective email messages. Creating good email messages is not that difficult as it might seem to some people. Here are some simple ways to write better emails.

Subject line is the key to your email Productivity – This is one of the most common problems faced by the users as to what subject line should be assigned to emails. It may be appropriate to mention that crafting the perfect email subject is more important than the body of the email. The importance of giving an attention capturing subject line lies in the fact that it not only helps in drawing the attention of the intended recipients, but it also aids greatly in conveying almost all the information without further ado. Since email is a big and important part of everyday business to keep the employees engaged in receiving and replying lots of emails, this practice can save your time and efforts as well as the recipients’. So, it’s important to write such a subject line that can clearly state what’s inside the email, so that it can help busy professionals to decide that the email is worthwhile to be opened and read.

Following language rules – You need not be a grammar and sentence diagramming pro for crating effective emails at work place. True, grammar is an essential part of writing, as it helps to convey the messages or ideas you are trying to get across, but it does not mean that one should get bogged down in details. Also, it must be noted that grammatical glitches can sometimes make your writing harder to read and can cause readers to turn off before they read your message completely. So, as long as what you write is clear, you can just get along following the basic English grammar rules. Moreover, it is of great importance to choose the most accurate possible words to reflect your tone and to convey the right message. It’s worth mentioning that bad or poor grammar makes a poor first impression. It may be regarded as a barrier to stop someone from attaining a job or carrying out the activities in which one involves in official writing.

The Purpose of using Accounting Worksheet

This article is about using the accounting worksheet in accounting process. It highlights the importance of using the accounting worksheet in all the functions of financial accounting.

There are several benefits that are to be extracted from using an accounting worksheet while performing the accounting tasks. Using accounting worksheet makes the tasks easier reducing your time and efforts. Besides, it’s a great way to maintain accuracy in the process. Using accounting worksheet, on the one hand, helps to accelerate the process, it aids you immensely in finding errors if any allowing to make adjustments on the other.

A worksheet or sheet is a single page in a file created with an electronic spreadsheet program, such as, Microsoft Excel. Without further ado, it is good to know some facts about an excel worksheet. Excel 2003 worksheet has as many as 1,048,576 rows per worksheet while there are 16,384 columns per worksheet. It’s also interesting to know that the number of worksheets per file depends on the amount of memory available by the computer. It’s unlike the earlier versions of excel, in which the number of worksheets in one file was just three. However, there are a number of benefits extracted from using accounting worksheets while performing accounting tasks. In this article, we would discuss about the purposes of using Microsoft Excel worksheets in accounting process.

Wednesday 19 August 2015

How Your will power will lead to Personal Excellence

Your will is the part of the mind with which you can consciously conclude things. It’s the power to make decisions. Will is will power. It’s a choice or determination. It’s your mental power manifested as wishing or intending – The power of control over one’s own actions or emotions. Will power is important in nearly all the areas of life. The inner power and persistence provide tremendous results for everyone enabling to control unnecessary and harmful impulses.

Giving anytime or a thought to development of will power is an important thing to do in life. It is nothing but the will power that helps us empower our life to change it for the better. True, nobody’s life is perfect, at some point of time in lives; the moments make us realize that the life is not filled with perfect moments. Nevertheless, everyone has the power to better their life and make it as meaningful as possible by discovering self and being headed towards the proper direction. And it’s not that how much you know about your life, but it’s that how you live your life that counts. Hence, one should be committed to personal excellence and strive accordingly to live life of greater quality.

Personal excellence does not mean to be a perfectionist. Nobody is perfect in this world and everybody has his own virtues and flaws. By personal excellence I mean finding imperfections to refine personality including influencing and controlling the traits that need to be developed while using life’s imperfections perfectly. Therefore, it is rather important to stress that we can at least chase perfection to transform our lives in great ways. As the saying goes, “Perfection is not attainable, but if we chase perfection, we can catch excellence.” Thus, the will to win or pursuing goals with great intensity and relentlessly will certainly payoff in the end despite the fact that it brings more pains than gains sometimes.

About me

I am an Individual Member of Institute of Management Consultants of India. I am a Professional with a high creative capability based on Business, Management, Financial Accounting, Management Accounting, Finance, Management Consulting and Computer programming background. I impart part time training and development programs. I write professional articles on the aforementioned subjects including Software Engineering. My writings have appeared in various Journals, magazines, news papers and news letters. I have also written books/eBooks on business and management subjects including business English.

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Monday 24 August 2015

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Wednesday 19 August 2015