Summary
Summary FRK 111 Chapter 1
- Course
- FRK 111 (FRK111)
- Institution
- University Of Pretoria (UP)
Summary of 6 pages for the course FRK 111 at UP (FRK 111 Notes)
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FRKCHAPTER 1: Nature and function of Accounting
\Luca Pacioli: Double entry system
: He published the first full description of the double-entry system.
: Equal & opposite entry
Employment of funds = Generation of funds
(assets) (Equity)
, What is an ENTITY?
An economic unit
That operates separately from other units.
Whose financial statements are recorded separately from any other unit.
Person (natural entity)
Partnership (natural entity)
Company (legal entity)
Non-profit organization (legal entity)
What is ACCOUNTING?
A continuous scientific process,
That not only involves the bookkeeping of transactions,
But also involves the reporting on the economic activities of an entity,
Through financial statements to the users thereof
Aim of accounting:
To provide financial information about the economic activities of an entity,
To current and future interested parties,
To enable them to make informed decisions about the entity.
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