Financial Accounting
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Reg. On : 1st, March 2025
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b.com from rajasthan universitu in 2015-16 and ca inter from the insitute of chartered accountant of india in 2017 Read More..
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Financial Accounting
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Reg. On : 9th, February 2025
I am pursuing CA. CMA along with BCOM degree.Much fond of teaching. Read More..
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Financial Accounting
Avaialbe For Home Tutoring
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Reg. On : 9th, February 2025
I have taught 3000+ students yet in my 20 years of teaching career . ■ Basic Level: (15 years experience) I have teaching experience of 15 years in Accounts, Economics and Business Studies through Read More..
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■I have good exposure to teach the students of various International Education Institution like IGCSE,International Board,Princeton University (USA),Yale University(USA),NMIMS Global University (India),CBSE board (India),ICSE(India) etc.
■ Advance Level:(20 years experience)
I am Chartered accountant. I have 20 yrs.+ teaching experience of Financial Accounting, Cost Accounting and Financial Management.
■ I have good exposure to teach the students of ICAI(Institute of Chartered Accountants of India),ICSI(Institute
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### Decoding Business Numbers: Your Experience with TutorMitra's Financial Accounting Tutor
Have you ever wondered how a business determines whether it is profitable? Or how do banks choose which businesses to lend money to? It all boils down to accounting for finances! It is a methodical approach to documenting, summarizing, and reporting financial transactions; it is the language of business. Although it may seem complicated, consider it to be the financial narrative of a business. At first, many students find it intimidating. At TutorMitra, however, we transform those figures into narratives that are easy to comprehend.
#### The Main Point: The Significance of Accounting
Imagine opening a modest Delhi chai shop. You rent a space and purchase milk and tea leaves. Chai is what you sell. How can you tell if you're making money? You must keep track of everything. That's the essence of financial accounting. It offers vital information for making decisions. For lenders, for investors, and for you. It makes chaos more understandable.
#### The Accounting Equation: The Basic Equilibrium
Every story must begin. The formula in accounting is: Assets = Liabilities + Equity. Consider your store. Your possessions (cash, chai machine) are your assets. What you owe other people (rent due, supplier bills) is known as your liabilities. What you, the owner, have earned or invested is known as equity. There is *always* equilibrium in this equation. Always.
#### Important Characters in the Narrative: What Do We Name Them?
Let's establish our characters. Future financial gains are referred to as **assets**. Money, stock, structures, and automobiles. They give you money. Liabilities are commitments to other people. loans and unpaid invoices. They withdraw funds. The owner's claim to the assets following the settlement of liabilities is known as **Equity** (also known as Owner's Equity/Shareholder's Equity). The net worth is what it is.
**Revenue** and **Expenses** follow. Revenue is the money you make from your primary business venture, such as selling chai. The costs incurred to produce that revenue, such as purchasing milk or making payroll, are known as expenses. We can learn about profitability from these two. These terms will become second nature to your **Financial Accounting Tutor**.
#### Double-Entry System: Two Sides to Every Transaction
This is the accounting whiz. At least two accounts are impacted by each financial transaction. One account is credited, and another is debited. Imagine it as a seesaw. To keep things balanced, if one side goes down, the other must go up. This guarantees precision and compliance with the accounting formula. It is fundamental.
No transaction is complete on its own. Your "inventory" (an asset) rises when you purchase tea leaves, but your "cash" (another asset) falls or your "accounts payable" (a liability) rises. It has tasteful connections. You'll be halfway there if you can master this.
#### The Accounting Cycle: From Transaction to Report
Consider a film production. There are numerous steps. Accounting also has a cycle. Transactions are the first step. Journals (the first book of entry) are then used to document them. They are then entered into ledgers, which are personal accounts. To verify equality, a trial balance is created. Financial statements are presented at the end. It's a methodical procedure.
#### The Big Story: Financial Reports
These are the last reports, the condensed versions of the financial narrative of your business. There are three primary ones:
The balance sheet: **1. This is comparable to a snapshot of your business's financial situation at a *certain moment in time*. It displays your possessions, debts, and remaining assets for the owners. Liabilities, equity, and assets are all listed. It's a picture.
**2. The Profit & Loss Account (Income Statement): This narrates the performance of your business over a *period of time*, such as a quarter or a year. It displays your net profit or loss after deducting expenses and revenues. Is your chai shop profitable? You can tell from this statement.
3. The Statement of Cash Flow: This one tells you where your money came from and where it went over time. It divides cash flows into three categories: financing, investing, and operating. This statement tracks the movement of cash, which is king. It has to do with real money.
#### Fundamental Ideas: Holding the Accountant's Hand
Accountants don't make things up. They adhere to generally accepted accounting principles (GAAP), also known as Indian Accounting Standards (Ind AS), which have merged with IFRS. Consistency and comparability are guaranteed by these guidelines.
**Accrual Basis:** Regardless of when money is transferred, we record income as soon as it is received and costs as soon as they are incurred. This provides a more accurate representation of performance. **Going Concern:** We anticipate that the company will stay open for business indefinitely. **Materiality:** Only important information must be shared. These are but a handful. These guidelines will be covered in greater detail by a **Financial Accounting Tutor**.
#### Who Reads the Tale? The parties involved
Why all this trouble? since a lot of people depend on this information. **Creditors/Banks** want to evaluate repayment ability before lending money, and **Owners/Investors** want to know if their investment is secure and expanding. It is used by **Management** to decide on operational matters. It is required by the **government** for regulations and taxes. A company's stability may even be questioned by **employees**. The numbers are necessary for everyone.
#### Why Choose TutorMitra to Help You Master Financial Accounting?
Calculations are only one aspect of financial accounting. It involves applying logic, paying close attention to details, and comprehending the foundations of business. Anyone pursuing a career in business administration, finance, or commerce needs to have this ability. Since the ideas build upon one another, a weak foundation can cause serious misunderstandings down the road. A committed **Financial Accounting Tutor** is therefore extremely helpful.
We at TutorMitra make financial accounting easy to understand and interesting. The particular curriculum of the CBSE, ICSE, or other boards is something that your **Financial Accounting Tutor** is familiar with. We simplify difficult subjects like provisions and depreciation into digestible chunks. We teach you *why*, not just *what* to do.
We take a very individualized approach. We'll pinpoint your weak points, which could be journal entries or financial statement adjustments, and concentrate our efforts there. We make the concepts relatable and useful by using actual Indian business examples. Our tutors are accomplished professionals or high achievers who are skilled at demythologizing difficult ideas.
We support interactive education. We demonstrate ledger postings and statement preparation in our online sessions using virtual whiteboards. We go over a ton of practice questions, previous exams, and case studies to make sure you get practical experience. One balanced entry at a time, we increase confidence.
With its flexible scheduling, TutorMitra can easily accommodate your hectic academic schedule. No matter where you are in India, you can learn from the comfort of your home. With the help of your **Financial Accounting Tutor** and our extensive study materials, you will have all you need to succeed.
Do you want to do well on your tests? Or maybe you simply want to know how companies actually track their finances? Avoid becoming overwhelmed by the debits and credits. Your partner in attaining excellence and clarity is a committed **Financial Accounting Tutor** from TutorMitra. Come along. Let's leverage your expertise in financial accounting. Today is the first step on your path to becoming an expert in business numbers. Schedule a session right away!