Summary
Summary Introduction to Accounting
- Course
- Accounting
- Institution
- 12th Grade
Meaning of accounting, objectives of accounting , advantages and disadvantage of accounting , accounting process , etc. is mentioned in the notes
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INTRODUCTION TO ACCOUNTING• MEANING OF ACCOUNTING
Accounting is a systematic process of recording, classifying,
summarising , analysing and interpreting the financial transactions and
communicating the results to the users thereof.
• CHARACTERISTICS OF
ACCOUNTING
1. Identification of financial transactions and events
2. Measuring the identified transactions
3. Recording
4. Classifying
5. Summarising
6. Analysis and interpretation
7. Communicating
• OBJECTIVES OF ACCOUNTING
1. Maintaining According records
2. Determining profit and loss
3. Determining financial position
4. Facilitating management
5. Providing Accounting information to users
6. Protecting business assets
• FUNCTIONS OF ACCOUNTING
1. Maintaining systemic according records
2. Prepration of financial statements or final accounts
3. Meeting legal requirements
4. Communicating the financial information
5. Assistance to management
• ADVANTAGES OF ACCOUNTING
1. Financial information about business
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