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This is just a quick guide regarding F Accountancy, Business, and Management
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Fundamentals of Accountancy, Business, and Management1. Introduction to Accountancy
Definition:
Accountancy is the process of recording, classifying, summarizing, and interpreting financial transactions
of a business.
Key Concepts:
- Double-Entry System: Every transaction has two aspects (debit and credit) that must balance.
- Accounting Principles: Generally Accepted Accounting Principles (GAAP) ensure consistency and
comparability in financial reporting.
- Financial Statements: Includes Balance Sheet, Income Statement, Cash Flow Statement, and Statement
of Retained Earnings.
2. Financial Statements
Components:
- Balance Sheet: Assets = Liabilities + Equity
- Income Statement: Revenue - Expenses = Net Income
- Cash Flow Statement: Operating, Investing, and Financing activities' cash flows.
- Statement of Retained Earnings: Changes in retained earnings over a period.
3. Managerial Accounting
Purpose:
To provide information for internal decision-making, including:
- Cost Behavior: Fixed vs. Variable Costs
- Cost-Volume-Profit (CVP) Analysis: Relationship between costs, volume, and profits.
- Budgeting: Forecasting and planning future expenses and revenues.
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