![]() ![]() The accounting information is financial data about business transactions expressed in monetary terms. This information is used in making economic decisions. Hence its merely concerned in making records of business transactions.Īccounting is the process or art of recording classifying and summarizing financial information and interpreting the results thereof. This is the analysis classification and recording of financial transactions in books of Account. Accounting too, is a man-made art, one in which changes and improvements are continually being made in the process of communicating business information.ĭefinition of terms used in Financial Accounting: Since a language is a man-made means of communication, it is natural that languages should change to meet the changing needs of society. Understand the career prospects of accountantsĪccounting has often been called the “language of business” people in the business world i.e owners, managers, bankers, stockbrokers, attorneys, engineers, investors – use accounting terms and concepts to describe the events that make up the day-to-day existence of every business, large or small.Know and understand the underlying accounting principles.Know the users and purpose of accounting information.At the end of the lesson you should be able to:. ![]() This lesson introduces you to Accounting showing clearly the broad accounting systems and the underlying accounting principles. 1.5.3 Effect of business transactions upon the accounting equation.1.5.2 Effect of business transactions upon the Balance Sheet.1.3 The Fundamental Accounting Concepts, Principles And Assumption (GAAP). ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |