Accounting is the process of identifying, recording, classifying, summarising, interpreting and communicating financial information of business to its users for judgement and decision making.
• explain the meaning of the term “accounting” • explain the objectives of Accounting • explain the importance of Accounting information to various users • identify the branches of Accounting • explain the principles of business entity and money measurement and illustrate with examples
Accounting collects, organizes and presents business information in a timely manner and standardized format This tutorial outlines accounting “basics” with a primary focus on manual, double entry, accrual accounting processes
Accounting can be defined as: an information system that provides information to users about the economic activities of the company so that the users can make informed decisions. it is also commonly known as the “language of business”.
In Part 2 of this series, we pick up where this one ends. It illustrates and discusses the accounting cycle, adjusting entries, closing entries, trial balance and closing balance. In Part 3, we illustrate and discuss the Balance Sheet, Income Statement and analyzing these financial reports.
Accounting, Survey of Financial and Managerial Accounting, Auditing Theory and Practice, Principles of Financial and Managerial Accounting , and Computerized Accounting with Peachtree Complete III .
Accounting is the analysis & interpretation of book keeping records. It includes not only the maintenance of accounting records but also the preparation of financial & economic information which involves the measurement of transactions & other events relating to entry.
Accounting can therefore be defined as the process of identifying, measuring, recording and communicating the required information relating to the economic events of an organisation to the interested users of such information.
Accounting is the “language of business.” It is an information and measurement system that identifies, records and communicates relevant, reliable and comparable information about business activities in economic terms. Three major accounting activities are identifying, recording, and communicating.
w Grasp the basic accounting concepts, principles and conventions and observe their implications while recording transactions and events. w Identify the three fundamental accounting assumptions: