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Class notes Accountancy, Business, and Management; Introduction to Accounting $2.99
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Class notes Accountancy, Business, and Management; Introduction to Accounting
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  • Course
  • Accountancy, Business, and Management
  • Institution
  • 6
  • Book
  • Fundamentals of Accounting: Course 1

The document includes the summarized notes about the introduction to accounting, Covering the primary functions of accounting, definition of accounting in process, another definition through process, kinds of financial statements, nature of accounting, and basic objective/function of accounting.

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  • March 14, 2021
  • 1
  • 2018/2019
  • Interview
  • Unknown
  • Unknown

Subjects

  • accounting
  • nature of accounting
  • function of accounting

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  • Secondary school
  • Accountancy, Business, and Management
  • 1
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Definition of Accounting

 Accounting is a process identifying business transactions, recording through receipts,
summarizing, and economic information to decision makers in the form of financial statement.

Primary Functions of Accounting

 Recording data about business transactions
 Summarizing results or business activity into useful reports e.g., balance sheet, income
statement, cashflow
 Providing assurances that the business is opening as intended (assets of the org. is protected)

Definition of Accounting in Process

1. Identifying – recognition or non-recognition of business activities.
2. Measuring – assigning of peso amounts to the accountable economic.
3. Communicating – process of preparing and distributing the accounting reports to potential
users of accounting information.

Another Definition through Process

1. Recording “journalizing” – process of systematically maintaining of record of all economic
transactions after they have been identified or measure.
2. Classifying – sorting or grouping of similar and interrelated economic transactions into their
respective classes.
3. Summarizing – preparation of financial statements.

Kinds of Financial Statements

1. Balance Sheet – Statement of Financial Position
2. Income Statement – Statement of Financial Performance
3. Cash flow – (inflow and outflow of cash)
4. Statement of Changes in Equity
5. Notes to Financial Statement

Nature of Accounting

1. Accounting is a process.
2. Accounting is a means and not an end.
3. Accounting is an art.
4. Accounting deals with financial information and transactions.
5. Accounting is an information system.

Basic Objective/Function of Accounting

 Provide quantitative financial info about a business.
 To ascertain results of business operation.
 To ascertain the financial position of the business.
 To assist the financial users in predicting enterprise a financial capacity regarding future cash
flows financial conditions and results of operations.

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