chapter1_AccountingTheBuildingBlocks

Chapter1_AccountingT - Chapter 1 Chapter Accounting Accounting The Building Blocks Accounting The Building Blocks Accounting The Building Blocks

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Chapter 1: Chapter 1: Accounting Accounting The Building Blocks The Building Blocks
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What is accounting, its uses and purposes What is accounting, its uses and purposes The framework of accounting The framework of accounting Accounting classification Accounting classification Accounting cycle Accounting cycle Type of business entity Type of business entity An introduction to financial statements An introduction to financial statements Users of accounting and financial Users of accounting and financial information. information. Accounting – The Building Blocks Accounting Accounting The Building Blocks The Building Blocks
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What is accounting, its uses and purposes What is accounting? Who need accounting?
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Accounting may be defined as: the classification and recording of monetary transactions the presentation and interpretation of the results of those transactions the monetary projection of future activities from alternative courses of action What is accounting, its uses and purposes
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What is accounting, its uses and purposes (cont.) The three questions generally answered by accounting: (1) how are we doing, and are we doing well or badly? (2) which problems should be looked at? (3) which is the best alternative for doing a job?
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What is accounting, its uses and purposes (cont.)
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Framework within which accounting operates: Constantly changes and evolves new problems emerged, new techniques, and new objectives. Basic assumption for frameworks is
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This note was uploaded on 09/14/2010 for the course ACCOUNTING 311 taught by Professor Peter during the Summer '10 term at St. Louis CC.

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Chapter1_AccountingT - Chapter 1 Chapter Accounting Accounting The Building Blocks Accounting The Building Blocks Accounting The Building Blocks

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