introduction to accounting
Текст на Статията
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- Accounting is the process of recording, classifying , summarizing, analyzing, and communicating the financial information to the users of a accounting service to make decisions.
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- Only those transactions which are financial in nature and that can be recorded in terms of money.This is also known as Money Measurement Principle
- What kind of transaction should I take into accounting???
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- You must also know that accounting is both science, as it has principles, as well as art as we need to practice it to gain perfection. Also there are may advantages of accounting such as- maintaining accounting records, determining profit or loss, determining financial positions etc.
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- Branches of accounting:1. Financial accounting2. Cost accounting3. Management accounting
- Sure, what we just discussed was Financial accounting. 2nd is Cost accounting that helps in ascertaining cost of product or service.Management accounting helps management to take managerial decisions.
- I have very well understood the characteristics of accounting. Can you tell me types of accounting now??
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- BASIC ACCOUNTING TERMSCAPITAL-OWNER’S CLAIM IN THE BUSINESSASSETS-ECONOMIC RESOURCES WHICH WILL GIVE BENEFIT IN THE FUTURELIABILITIES-CLAIM OF AMOUNTS AGAINST BUSINESSEXPENSE-AMOUNT SPENT TO EARN REVENUEREVENUE-AMOUNT RECEIVED OR RECEIVABLE FROM GOODS AND SERVICES.
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- Ok..now I am starting to understand the basics and purpose of accounting. Thanks teacher for making this session fruitful.
- Yes! Accounting is very wide field and this was just an basic introduction. From next class we would be starting with accounting principle. Contact me in case of any doubt.
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