PRINCIPLE ACCOUNTING
WHAT IS ACCOUNTING???
INFORMATION SYSTEM THAT PROVIDES :
- QUANTITATIVE
- FINANCIAL INFORMATION
TO STOKEHOLDERS ABOUT THE
-ECONOMIC ACTIVITIES
-CONDITION OF BUSINESS
SO THAT THEY CAN MAKE BUSINESS / ECONOMIC DECISIONS
FINANCIAL ACCOUNTING :
- SPECIAL BRANCH OF ACCOUNTING
- TO KEEP TRACK OF A COMPANY'S MONETARY TRANSACTIONS
- USING STANDARDIZED GUIDELINES, THE TRANSACTIONS ARE RECORDS, SUMMARIZED, AND PRESENTED IN A FINANCIAL REPORT
- FINANCIAL STATEMENT SUCH AS AN INCOME STATEMENT OR A BALANCE SHEET
- WAS OFTEN THE TITLE OF THE INTRODUCTORY COURSE IN ACCOUNTING
- REFERS TO THE BROAD UNDERLYING CONCEPTS WHICH GUIDE ACCOUNTANTS WHEN PREPARING FINANCIAL STATEMENT
- ALSO MEAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
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