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Accounting is the process of identifying, recording, classifying, summarising, interpreting and communicating financial information of business to its users for judgement and decision making.
Accounting is termed as the analysis, classification and recording of financial transactions, and the ascertainment of how such transactions affect the performance and financial position of a business. communicating what has been learned from the data. describe the impact of computers on Accounting. Who needs financial information?
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 is the art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the result thereof” 1.1 ACCOUNTING PRINCIPLES, CONCEPTS AND CONVENTIONS
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.
Bookkeeping deals with five major accounting categories: – Assets – Liabilities – Owner’s Equity (Equity/Capital/ Net Worth) – Revenue – Expense Accounting is the bookkeeping processes that records financial transactions and creates records and statements concerning the assets, liabilities, and operating results of a business
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.
1.1 What is accounting? Accounting is the orderly and systematic recording of transactions within a business, during a certain period. 1.2 What is a transaction? A transaction is an agreement between two parties where the one sells something to another party and this party has to pay for the goods purchased, or renders a
Financial accounting is the periodic reporting of a company's financial position and the results of operations to external parties through financial statements.