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Summary In depth Business Accounting notes meant for EVERY course and field R100,00   Add to cart
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Summary In depth Business Accounting notes meant for EVERY course and field
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This is a detailed Accounting summary. Everything you need to know about what accounting really is. From definitions, explanations, and examples about basic accounting concepts, different types of accounting, income statements, balance sheets, cash flow, etc. This document will teach you everything...

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  • November 7, 2022
  • 19
  • 2021/2022
  • Summary

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KarlaKay

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Basic Accounting
Concepts

, Accounting
It is a science
◦ Every transaction can be analysed
◦ A continuous process
◦ Once the cycle is done it starts again

Financial accounting
◦ External users interested in the information
◦ 3 primary statements
◦ Income statement
◦ Balance sheet
◦ Cash-flow statement

Management accounting
◦ Internal use with reporting on specific activities
◦ Manage day-to-day information

, Income statement
Report on the financial performance of an enterprise
◦ Statement of profit or loss over a specific period of time

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