MARYMOUNT ACADEMY OF PARANAQUE INC.

Homework No. 1

ABM 2
Fundamentals of Accounting
and
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Business Management 1
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Submitted by: Aleomar Jorvina

Submitted to:

MR. ALVIN K. QUIJANO

Subject Teacher
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1. Definition of Accounting?
For me definition of Accounting is a systematic comprehensive recording of financial
transactions pertaining to a business. And also produced income statement, balance
sheet and cash flows statement. And process of recording financial transactions
pertaining to a business.

2. History of Accounting?
The history of accounting or accountancy is thousands of years old and can be traced to
ancient civilizations. The early development of accounting dates back to ancient
Mesopotamia, and is closely related to developments in writing, counting and money
and early auditing systems by the ancient Egyptians and Babylonians. And the
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accounting process includes summarizing, analyzing and reporting these transactions to

oversight agencies, regulators and tax collection entities.

3. Accounting processes?
For me accounting processes is the process of collecting, recording, classifying,
summarise and communicating financial information to the users for judgment and
decision-making. And procedures in the collection, processing, and communication of
financial information accounting involves recording, classifying.
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