Vignes H Var

Accounting Procedures Of Fish Business Entity
NAME: E.VIGNESHVAR
BFSC 3RD YEAR,
SUBJECT: FISHERIES CO-OPERATIVES, MARKETING AND
BUSINESS MANAGEMENT
CAS IN MARINE BIOLOGY,
ANNAMALAI UNIVERSITY
Introduction
 What is Accounting and its principle  Conclusion

 What is business entity and its principle
 Types of records
 Record-keeping
 Cost accounting
 Tax compliance
 Budgeting and forecasting
 Accounting system and its types
 Audit and review
 Follow tax regulations
 Accounting software used
What is Accounting and its principle
 Accounting is the process of recording, classifying, summarizing, analysing, and interpreting financial
information.
 It is used to measure the performance of a business, to provide financial information to decision makers, and to
prepare financial statements
 Principle:
 Accrual Principle
 Matching Principle
 Going Concern Principle
 Cost Principle
 Conservatism Principle
 Materiality Principle
What is business entity and its principle
 A business entity is a legal structure used to conduct business activities.

 The most common types of business entities are sole proprietorships, partnerships, limited liability companies
(LLCs), corporations, and cooperatives.
 Principles:
 Separate Legal Entity
 Limited Liability
 Taxation
 Transferability
 Perpetual Existence
Types of records
 Financial Records: These records include bank statements, invoices, receipts, and other documents related to
financial transactions.
 Legal Records: These records include contracts, court documents, wills, and other documents related to legal
matters.
 Employment Records: These records include resumes, job applications, and other documents related to
employment.
 Personal Records: These records include birth certificates, marriage certificates, and other documents related to
personal life.
 Government Records: These records include census data, tax records, and other documents related to
government activities.
Record keeping
 Record keeping is the practice of maintaining accurate and up-

to-date records of financial transactions, customer information,
and other important data.
 It is an essential part of any business, as it helps to ensure
accuracy and compliance with legal regulatory requirements.
 Record keeping helps in tracking their performance, identity
areas pf improvement and informed decisions.
Cost accounting
 Cost accounting is a form of managerial accounting that is

used to analyse the costs associated with running a business.
 It is used to track and measure the costs of producing goods
and services, and to analyse the profitability of the business.
 Cost accounting is used to help managers make decisions
about pricing, production, and other aspects of the business.
Tax compliance
 Tax compliance is the process of ensuring that individuals and

business comply with all applicable tax and laws.
 This includes filing accurate and timely tax returns, paying taxes
on time, and accurately reporting income and deductions.
 Tax compliance also involve understanding and complying with
the various tax laws and regulations that apply to particular
taxpayer.
 Tax compliance is the important part of financial planning and
can help individuals and business to avoid costly penalties aand
interest charges.
Budgeting and forecasting
 Budgeting and forecasting are two important financial management

tools used to plan and manage a company’s financial resource.
 Budgeting is the process of creating a plan to allocate resource and
manage expenses over a specified period of time.
 Forecasting is the process of predicting future financial performance
based on past performance and current trends.
 Both budgeting and forecasting are essential for business to ensure
they making the most of their resource and staying on track to meet
their financial goals.
Accounting system
 An accounting system is a collection of processes, procedures

and controls designed to collect, record, classify and summarize
financial data for interpretation and management decision-
making.
 It is used to track the company’s financial transactions,
including sales , purchases, receipts, payments, and other
related financial activities.
 The system is typically composed of general ledger, accounts
receivable, accounts payable, payroll, and other modules.
 The system is designed t provide accurate and timely financial
information to management for decision-making.
Accounting system types
 Double entry
 Single entry
Double entry:
double entry accounting is a system in which each transaction is recorded in two different accounts,
with the total of the debits equalling the total credits.
Single entry:
single entry accounting is a system in which each transaction is recorded in one account.
Double entry and single entry
Double entry Single entry
Both debit and credit aspects of all transactions are It is a mixture of double entry, one entry and no entry
recorded
Various subsidiary books are maintained No subsidiary books, except cash book is maintained
Ledger contains personal, real and nominal accounts Ledger contains personal accounts only
Preparation Trial Balance is possible Preparation Trial Balance is not possible
Trial Balance, Profit/Loss A/c and Balance Sheet are prepared Only rough estimates of profit or loss statement of affairs is
in a scientific manner made
Audit and review
 Audit and review are two related but distinct processes.

 An audit is an independent examination of an
organization’s financial statements and other records to
determine whether they are accurate and in compliance
with applicable laws and regulations.
 A review is a less in-depth examination of an
organization’s financial statements and other record to
provide assurance that the financial statements are
presented fairly in accordance with applicable accounting
standards.
Follow tax regulations
 Tax regulations vary from country to country, but, generally,

business must register with the relevant tax authority and file
regular returns.
 They must also keep accurate records of their income and
expenses, and pay taxes n any profits.
 Business may also be required to pay taxes on certain types of
income, such as payroll taxes or value- added taxes.
 It is important to consult with a tax professional to ensure that
all tax regulations are being followed.
Accounting software used
 Quickbooks
 Xero
 Freshbooks
 Sage 50
 Wave
 Zoho books
 Kashoo
 Microsoft Dynamics GP
 Intacct
 MYOB AccountingRight
conclusion
 The accounting procedures for fish business entity should designed to ensure that all financial transactions are
accurately recorded and reported.
 The procedures should include the use of double entry bookkeeping system.
 The procedures should use appropriate software to facilitate the recording and reporting of financial information.
 By follow these procedures, the fish business entity can ensure that its financial information is accurate and up-to-
date, allowing it to make informed decisions and remain complaint with applicable laws and regulations.
Thank you

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Accounting Procedures Of Fish Business Entity

 What is Accounting and its principle  Conclusion

 A business entity is a legal structure used to conduct business activities.

 Record keeping is the practice of maintaining accurate and up-

 Cost accounting is a form of managerial accounting that is

 Tax compliance is the process of ensuring that individuals and

 Budgeting and forecasting are two important financial management

 An accounting system is a collection of processes, procedures

Preparation Trial Balance is possible Preparation Trial Balance is not possible

 Audit and review are two related but distinct processes.

 Tax regulations vary from country to country, but, generally,

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