MS1113 - Module 1 - Unit 1

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Module 1 - Introduction Overview of Accounting and Finance for Decision Making

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1.1 Introduction to Accounting and Finance
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Unit Table of Contents
Unit 1.1 Introduction to Accounting and Finance
Learning Objectives
Learning Outcome
1.1.1 What is Accounting?
1.1.2 Nature, Role and Meaning of Accounting
1.1.3 Accounting as an Information System
1.1.4 Accounting as a Service Function
1.1.5 Objectives of Accounting
1.1.6 Role of Accounting
1.1.7 Who Uses Accounting Information?
1.1.8 Applications of Accounting
1.1.9 History of Accounting
1.1.10 Conclusion
Summary
Activity
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Learning Objectives:
• Understand the nature, role and meaning of accounting

• Learn how accounting serves as an information system for the organisation and as a service
function
• Comprehend the objectives of accounting in an organisation
• Learn the role of accounting in the business context
Learning Outcome:
• Comprehend the meaning of accounting and its definition, comparison between finance and
accounting
• Analyse why and how accounting serves as an information system
• Learn the importance of financial management and its application in services
• Evaluate the role of accounting that must be taken into consideration before formulating a
decision and introduction to GAAP
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Accounting is always defined as "the dialect of business". The reason is that it imparts a large amount
of the information that deals with proprietors, directors, and speculators who are in the need to assess,
an organisation's money related execution. These individuals are the whole partners in the business,
they are keen on the business exercises since they are influenced by them. Indeed, the motivation
behind accounting is to enable partners to settle on better business decisions, by furnishing them with
the best budgetary information.
In this unit we learn how accounting serves as information system. Various accounting service
companies, which provides a range of services starting from payroll to collecting accounts receivable,
accounting and accounting processes. Introduction to financial articulations, financial bookkeepers hold
to a uniform arrangement of guidelines called sound accounting guidelines (GAAP).
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1.1.1 What is Accounting?
The main purpose of accounting is to analyse profit or loss during a specific period of time, to show
financial health of the business on a particular date and year so that we can have complete control over
the firm's property. Such financial records are required to be maintained to measure the income of the
business and to communicate the information that will be useful to the managers, founders and other
stake holders.
The American Institute of Certified Public Accountants has described the Financial Accounting
as "the art of recording, classifying and summarising in as significant manner and in terms of
money transactions and events which in part, at least of a financial character, and interpreting
the results thereof".
American Accounting Association describes accounting as "the process of identifying,

measuring, and communicating economic information to permit informed judgements and
decisions by users of the information”.
There are numerous citations like "A pen is mightier than the sword yet no counterpart for the
bookkeeper" by Jonathan Glancey, this saying educate us regarding the power and significance of
accounting. The course meaning of accounting states that it incorporates recording, abridging,
revealing and investigating money related information. It gives us a chance to attempt and understand
the parts of accounting to understand what it truly implies:
Fig 1.1.1: Accounting
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a. Recording: The essential capacity of accounting is to make records of the considerable number
of exchanges that the firm goes into. Perceiving what qualifies as an exchange and making a
record of the same is called accounting. Accounting is smaller in scope and it concerns just the
chronicle part. To record, bookkeepers keep up an arrangement of books. Their methods are
exceptionally efficient. These days, PCs have been conveyed to consequently represent
exchanges as they occur.
b. Summarising: Recording for exchanges makes crude information. Pages and pages of crude
information are of little use to an association for basic leadership. Hence, bookkeepers order
information into classifications. These classes are characterised in the outline of records. As and
when exchanges happen, two things occur, right off the bat an individual record is made and
furthermore the synopsis record is refreshed.
For example a deal to Mr. X for Rs 100 would show up as: Deal to Mr. X for Rs 100
Increment the aggregate deals (outline) from 500 to 600
c. Reporting: Administration is responsible to the financial specialists about the organisation's

situation. The proprietors should be occasionally refreshed about the activities that are being
financed with their cash. Hence, there are occasional reports which are sent to them. Normally
the recurrence of these reports is quarterly and there is one yearly report which abridges the
execution of every one of the four quarters. Announcing is normally done as money related
articulations. These monetary proclamations are controlled by government bodies to guarantee
that there is no deceptive money related announcing.
d. Examining: In conclusion, accounting involves leading an investigation of the outcomes. After

outcomes have been abridged and announced, significant ends should be drawn. Administration
must discover its positive and negative focuses. Accounting helps in doing as such by the
methods for correlation. Usually practicing to think about benefits, money, deals, and resources,
and so on with one another, helps to develop the investigation and execution of the business.
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1.1.2 Nature, Role and Meaning of Accounting
Before we begin let’s understand the difference between accounting and finance:
Fig 1.1.2: Difference Between Accounting and Finance
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The various definitions and explanations of accounting have been propounded by various accounting
experts from time to time and the following aspects comprise the nature of accounting:
a. Guiding Light to Accountants and Management

Accounting standards serve as a guide to the management and the accountants. They provide
the structure and scope on which accounts are prepared. For example, they provide various
methods in the valuation of inventories.
Fig 1.1.3: Guiding Light to Accountants and Management
b. Discretionary Approach
Accounting standards serve as a dictator in accounting fields. Accountants do not have any
choices of their own, but they go for practices as stated in the accounting methods and standards.
For example, cash flow statement and other income statements should be prepared in the format
prescribed as laid down by the accounting standard.
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c. Service Provider
Accounting standards contain the accounting scope by defining certain terms, presenting the
accounting issues, specification of various standards, explaining the various possibilities of
numerical disclosures and implementation date. Accounting standards are therefore descriptive in
nature and they also act as a service provider. Various third party firms provide accounting as a
service.
d. Act as a Harmoniser
Accounting standards are basically unbiased and brings about a uniform standard in accounting
methods. They remove the various effects of diverse accounting practices and policies. Whenever
and wherever there is any conflict or mismatch on accounting issues, accounting standards bring
about uniformity and facilitate solutions for accountants.
e. For Improving the Reliability of the Financial Statements

The information that is provided by the accountants has manifold users, who take various
decisions relating to their field, just based on the information contained in financial statements. It
is therefore very necessary that the financial statements should show true and accurate picture of
the business concern.
f. Simplify the Accounting Information

Accounting standards generally provide guidance and prevent the users from reaching any
misleading conclusions and make the financial data simpler for everyone.
g. Prevents Frauds and Manipulations

There are various coding techniques and by codifying these accounting methods, frauds and
manipulations can be minimised.
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1.1.3 Accounting as an Information System
Collecting, processing and distributing the data as an information system is a formal process. The sole
purpose of an accounting information system (AIS) is to collect, store, and process financial and
accounting data and to produce informational reports that managers or other interested parties can use
to make business decisions.
1.1.3.1 Functions of an Accounting Information System
Accounting information systems have three basic functions:
a. Efficient and effective collection and storage of data that is concerned for an organisation’s
financial activities, it includes getting the transaction data from source documents, recording the
transactions in journals, and posting data from journals to ledgers.
b. Supplying the information will be useful for decision making which includes producing managerial
reports and financial statements.
c. Making sure that the controls are in place to accurately record and in processing data.
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1.1.3.2 Parts of an Accounting Information System
An accounting information system is typically divided into basic parts:
Fig 1.1.4: Accounting Information System
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1.1.3.3 The Reliability of Accounting Information Systems
Since the AIS stores and provides such valuable business information, the reliability is vitally important.
Table 1.1.1: Reliability of Accounting Information System
Security An unauthorised person should not have access

to any confidential data
Confidentiality Sensitive information should be protected from

unauthorised disclosure
Privacy The customer’s data should be collected, used

and disclosed in an appropriate manner
Processing The accuracy, completeness and timely

Integrity processing of data is done with right
authorisation
Availability The AIS is available to meet operation and

obligation, as per the contract
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1.1.4 Accounting as a Service Function
Accounting acts as a service function. Various Accounting service companies provides a range of
services starting from payroll to collecting accounts receivable, accounting and accounting processes.
Various Medium and Small business owners are attracted by the projected potential savings in various
costs and time which is focussed and spent in the core business activities of the company.
Fig 1.1.5: Accounting as a Service
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1.1.4.1 Payroll Services
Accounting services provide various degrees of payroll services including preparing payroll, calculating
taxes, withholding and also issuing checks. Filing the payroll taxes, calculation, record deductions and
even other employee benefits can be outsourced.
1.1.4.2 HR Administration
There are a lot of accounting service companies that offer human resources management and
administration. These services are inclusive of payroll management, benefits and workers'
compensation payments. Some organisations also offer assistance in recruiting, staffing and selection,
regulatory compliance and training services.
1.1.4.3 Account Processing
Services available through an accounting service are also inclusive of processing accounts payable,
issuing payments and producing monthly reports. Accounting services typically process payments and
produce their reports a lot faster. It works faster than a small staff can and keeps information updates
on time for monitoring costs, procurement and inventory. Accounts receivable is another such account
that many services can administer.
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1.1.5 Objectives of Accounting
Now you might ask yourself, 'For what reason do I have to consider accounting and finance? I don't
mean to wind up an accountant!' Well, from the clarification of what accounting and finance is about,
which has extensively been the subject of this section, until this point, it ought to be evident that the
accounting and finance inside a business is a central part of its management information framework.
Based on information given by the framework, administrators settle on decisions concerning the portion
of assets. As we have seen, these decisions may concern whether to:
Fig 1.1.6: Decision Concerning the Portion of Assets
Such decisions can profoundly affect each one of those associated with the business. It is critical, along
these lines that every one of the individuals who mean to work in a business ought to have a genuinely
clear thought of certain vital parts of accounting and finance. These viewpoints include:
• How money related reports ought to be perused and translated.

• How money related plans are made.
• How speculation decisions are made.
• How organisations are financed.
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Several understudies have a professional objective of being a supervisor inside a business, maybe a
work force supervisor, creation director, promoting chief or IT man-ager. In the event of understanding
one of these understudies, accounting and finance is critical. In the role of a director, even a lesser one,
it is relatively sure that one should utilise monetary reports to assist himself with carrying out one’s part.
It is similarly sure that it is to a great extent based on money related information and reports that one’s
execution as a director will be judged.
As a major aspect of the management part, it is likely that one will be relied upon to help in the forward
anticipation of the business. This will frequently include the planning of anticipated money related
articulations and setting of monetary targets. In case in an event if one does not understand what the
budgetary explanations extremely mean and the degree to which the money related information is
dependable, the individual will wind up at a particular burden to other people who know their way round
the framework. Alongside different supervisors, one will likewise be required to choose how the
restricted assets accessible to the business ought to be distributed between competing alternatives.
This will require a capacity to assess the expenses and advantages of the diverse choices accessible.
Indeed, an understanding of accounting and finance is critical in maintaining this task of management
undertaking.
It is not necessarily the case that one cannot be a powerful and effective faculty, in production, in
promoting or an IT supervisor except if the individual is likewise a qualified accountant. It means,
nonetheless, that one have to wind up somewhat 'streetwise' in accounting and finance in the event
that the individual must succeed. This book should provide this road shrewdness.
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The Broad Objectives of Accounting are Stated Below
1. Maintenance of cash accounts through cash book and to find out the cash balance for some day
2. Recording and maintaining various other journals for day to day and non-cash transactions
3. Maintenance of various ledger accounts to find out the exact amount of incomes and expenses or
gain and loss or receivables and payables
4. Furnishing of information regarding purchases and sales, both cash and credit
5. To calculate the net profit, net loss, surplus, and deficit for any period
6. Calculation of total capital on a date
7. Positioning of assets and liabilities on a date
8. Checking the frauds and misappropriations of money
9. Detection of various errors and rectification of those through entries in the journal proper
10. To aid the management by supplying accounting ratios, reports and relevant data
11. Calculation of the cost of productions
12. To aid the management’s formulated policies for controlling cost, preparation of quotation for
competitive supply etc
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1.1.6 Role of Accounting
It is very important to communicate all the financial information to owners, managers, stake holders and
investors to evaluate the performance of the company. The purpose of accounting is to help its stake
holders in making wiser business decisions by providing them financial information. There are different
roles of accounting such as:
Fig 1.1.7: Roles of Accounting
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1.1.6.1 Financial Information
Accounting plays a critical role in businesses when it comes to the financial transactions of a business.
Financial accounting ensures recording of all transactions and provides a summary of the amount on
financial statements quarterly and annually. Stakeholders of the business analyses the financial
information. Business stakeholders range from the bankers, stockholders, owners of the company to
the employees. This information is used to take lending and investing decisions.
Financial accounting oversees setting up the association's financial explanations which includes the
wage articulation, the announcement of proprietor's value, the monetary record, and the announcement
of money streams, which abridge an organisation's past execution and assess its current financial
condition. While preparing the financial articulations, financial bookkeepers hold fast to a uniform
arrangement of guidelines called sound accounting guidelines (GAAP). The essential standards for
financial accounting is issued by a free office called the Financial Accounting Gauges Board (FASB).
Clients need to make certain financial articulations which has been set up as per GAAP since they
need to make sure that the data announced in them is exact. They likewise realise that they can think
about the announcements issued by one organisation to those of another organisation in a similar
industry.
While organisations headquartered in the Unified States take after U.S. - based GAAP, numerous
organisations situated outside the Assembled States take after an alternate arrangement of accounting
standards called Global Financial Revealing Norms (IFRS). These multinational gauges, which are
issued by the Worldwide Accounting Measures Board (IASB), contrast from U.S. GAAP in various
imperative ways. IFRS, for instance, is little strict about the manners in which one can figure the
expenses of stock, however, we are not going to harp pointlessly on such fine qualifications.
Remember, in any case, that, as indicated by most specialists, a solitary arrangement of overall norms
will be in the end to rise and to represent the accounting practices of both U.S. and also, non-U.S.
organisations.
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1.1.6.2 Managerial Information
Managerial accountants also use accounting. Managerial accounting is an internal type of accounting.
Managerial accountants analyse all financial information and use it to make internal company
decisions. These accountants take decisions related to business as well as budgets and forecasts.
1.1.6.3 Cost Accounting
Cost accounting is another critical aspect of an organisation’s accounting records; it plays a large role
especially in manufacturing and in retail companies. Manufacturing organisations use cost accounting
to determine the cost of goods manufactured, break-even points and on-hand inventory quantities.
Retail businesses use a form of cost accounting to keep track of inventory levels always, as it is critical
for their business.
1.1.6.4 Tax Purposes
Accounting also plays a large and critical role from taxation point of view. For easier calculation of
income taxes, it is important to record consistent, accurate financial records. The relevant financial
information transfers data from the accounting information system to the appropriate tax forms.
Accounting information is needed for paying other taxes, including sales taxes, payroll taxes and
quarterly estimated taxes.
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1.1.7 Who uses Accounting Information?
Financial reporting is utilised by a wide assortment of clients and for a wide assortment of purposes.
Consequently, it has been hard to set up a typical structure of accounting. The numerous partners
frequently have differentiated needs from accounting data. We should take a gander at the partners
and their requirement for accounting information:
Fig 1.1.8: Accounting Information
1.1.7.1 Capital Markets
Accounting data is broadly utilised in the capital markets. The stock value climbs up and down in
connection to budgetary information. This is because of the information provides a latest proportion of
an organisation's execution.
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1.1.7.2 Lenders
Lenders utilise accounting information to pass judgment on the financial soundness of the firm. It is a
typical confusion that banks against the achievability of the task at hand. As a rule, moneylenders take
a gander at the budgetary explanations of the firm to see if the firm will have the capacity to meet the
advance commitments from its current income. Accounting information in this way encourages them to
support while there is a danger.
1.1.7.3 Government
Government needs to impose the business at the benefit that has been created. Benefit is the final
product of readiness of Income Statement i.e. an accounting report. Duties are the cost for association.
Thus more likely, enterprises will attempt to diminish this risk by indicating fewer benefits. Subsequently
the administration additionally needs accounting information to guarantee that they have been paid a
considerable amount in tax assessment.
1.1.7.4 Employees
Employees give credit to the organisation as they work. They work instantly and expect instalment
toward the month's end, subsequently giving fifteen long stretches of normal credit to the business
consistently. They have a privilege to be worried about the inner workings of the firm and whether they
will be paid or not. On-going cases like the Kingfisher Airlines disaster has uncovered the need that, the
representatives take a gander at the monetary proclamations of the organisations that they work for.
Workers of Kingfisher Airlines are attempting to bring home the bacon as their compensations have
been postponed for a considerable length of time!
1.1.7.5 Managers
Managers are responsible for controlling the activities of the firm. Nonetheless, control relies upon the
accessibility of right data at the right time. This capacity is served by accounting. Chiefs get intermittent
updates about the situation and are in a situation to lead an examination of the same and enhance their
execution in the expected periods.
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1.1.8 Applications of Accounting
Accounting furnishes organisations with different snippets of data regarding business tasks. It is
frequently directed by an organisation's interior accounting office and audited by an open accounting
firm. Private ventures frequently have essentially less money related data recorded amid the
accounting procedure. Entrepreneurs regularly audit this monetary data to decide how well their
business is working. Accounting data can likewise give understanding on developing or growing current
business tasks.
Fig 1.1.9: Applications of Accounting
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1.1.8.1 Execution Management
A typical utilisation of accounting data is estimating the execution of different business tasks. While
monetary explanations are the great accounting data instrument used to survey business tasks,
entrepreneurs may lead a more exhaustive examination of this data while checking on business
activities. Monetary proportions utilise the accounting data investigated budgetary proclamations and
separate it into driving markers. These pointers can be contrasted with different organisations in the
business condition or an industry standard. This enables entrepreneurs to see how well their
organisations work contrasted with other built up organisations.
1.1.8.2 Make Budgets
Entrepreneurs regularly utilise accounting data to make spending plans for their organisations.
Authentic budgetary accounting data furnishes entrepreneurs with a definite investigation of how their
organisations have burned through cash on certain business capacities. Entrepreneurs regularly take
this accounting data and create future spending plans to guarantee that they will have a money related
guide for their organisations. These financial plans can likewise be balanced considering current
accounting data to guarantee an entrepreneur that he does not confine spending on basic monetary
assets.
1.1.8.3 Business Decisions
Accounting data is ordinarily used to settle on business choices. For money related administration, a
wage articulation and accounting of costs gives an essential outline of the business. Choices may
incorporate growing current tasks, utilising diverse financial assets, obtaining new gear or offices,
assessing future deals or checking on new business openings. Accounting data for the most part gives
entrepreneurs data about the expense of different assets or business tasks. These expenses can be
contrasted with the potential salary of new open doors amid the money related examination process.
This procedure enables entrepreneurs to see how current business tasks will be influenced when
extending or developing their organisations. Openings with low pay potential and high expenses are
regularly dismissed by entrepreneurs.
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1.1.8.4 Venture Decisions
Outside business partners regularly utilise accounting data to settle on speculation choices. Banks,
loan specialists, financial speculators or private speculators regularly survey a company’s accounting
data to audit its money related wellbeing and operational productivity. This gives data about regardless
of whether a private company is a shrewd speculation choice. Numerous independent ventures require
outside financing to fire up or develop. The powerlessness to furnish outside loan specialists or
speculators with accounting data can seriously restrain financing open doors for a private venture.
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1.1.9 History of Accounting
One can never truly understand a subject, except if they know where it originated from. Along these
lines, a short history of the subject of accounting might bear some significance with understudies of
accounting. Here is an exceptionally concise history of how accounting advanced.
Fig 1.1.10: History of Accounting
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1.1.9.1 Single Entry Accounting System
Accounting is as old as monetary exchanges themselves. When credit was developed, people started
to utilise accounting to rearrange their lives. Not surprisingly, the most seasoned arrangement of
accounting utilised single passage accounting. This is the most instinctive type of accounting but at the
same time it got fragmented. Records have been found on dirt tablets in old Mesopotamia that
demonstrate the presence of single section accounting in that time.
1.1.9.2 Bahi-Khata System
Before ascent of European business in the Medieval Ages, India was the essential place for clamouring
exchange and business action. In spite of the fact that there has been no record of this reality yet is
guaranteed that Indian shippers had exceptionally propelled accounting frameworks around them.
These frameworks were known as the Bahi Khata framework. It is reputed that the westerners outlined
the twofold section framework in view of the standards of Bahi Khata framework however by and by
there is no convincing confirmation.
1.1.9.3 Dealers of Venice
The origination of cutting edge accounting is Venice. In the Medieval Ages, Venice was a focal point of
exchange and business movement. Shippers had monster organisations and they were attempting to
run these partnerships proficiently. It is then that Luca Pacioli built up the twofold section accounting
framework. There is still discussion about whether he created it or simply enhanced it and made it
accessible to the traders. Notwithstanding, banter or no discussion, Luca Pacioli is thought to be the
"Father of Modern Day Accounting".
1.1.9.4 Sanctioned Corporations
In the time of imperialism, sanctioned organisations were normal. The legislature would support certain
organisations and give them restrictive rights to exchange with specific states. Natives were urged to
put resources into such organisations. Offers of a couple of such organisations had paid rich profits and
thus it was regular to put resources into such organisations. Be that as it may, the execution of such
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organisations must be accounted for to the investors on an occasional premise. Thus accounting
frameworks were additionally created. They at present provide data to outer investors, thus separated
from giving data to inward administration.
Current Accounting: The sanctioned organisations have long gone. The world is currently a free
market. In any case, data still should be given to the outer investors about the lead of tasks. Accounting
has been additionally created and is exceedingly directed in many nations.
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1.1.10 Conclusion
The takeaway from this unit for the participant is to understand the importance of accounting and
finance in decision making. The objective of accounting is to accumulate and make report on financial
position, performance and cash flows of a business. This leads the manager to decide about managing
the business, investing in it and borrow money for the betterment of business. Collecting, processing
and distributing the data to an information system in a formal process. The sole purpose of an
accounting information system (AIS) is to collect, store, and process financial and accounting data and
produce informational reports that managers or other interested parties can use to make business
decisions. Along with this we were introduced to the applications and history of Accounting.
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Summary
• The concept of accounting and book keeping has been defined in this unit.
• This chapter explained the importance of accounting and finance in business decision making.
• The accounting rules required for business enterprises are identified.
• Also, the chapter covered the key concepts related to how one can manage and find key insights
about the business with the help of accounting.
• Formal process of the collection, processing and distribution of data to an information system is
explained.
• This chapter explained how the accounting rules and standards are applied in analysing financial
results.
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Activity
Let’s Do It
Public today thinks of an accountant as a simply glorified bookkeeper. But the role of an accountant is
changing more often in the business context. Explore and discuss with your friends on what really the
role of accounting is?
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MS1113 - Module 1 - Unit 1

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Module 1 - Introduction Overview of Accounting and Finance for Decision Making

Unit Table of Contents

Unit 1.1 Introduction to Accounting and Finance

1.1.1 What is Accounting?

1.1.2 Nature, Role and Meaning of Accounting

1.1.3 Accounting as an Information System

1.1.4 Accounting as a Service Function

1.1.5 Objectives of Accounting

1.1.6 Role of Accounting

1.1.7 Who Uses Accounting Information?

1.1.8 Applications of Accounting

1.1.9 History of Accounting

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

• Understand the nature, role and meaning of accounting

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.1 What is Accounting?

American Accounting Association describes accounting as "the process of identifying,

Fig 1.1.1: Accounting

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

Increment the aggregate deals (outline) from 500 to 600

c. Reporting: Administration is responsible to the financial specialists about the organisation's

d. Examining: In conclusion, accounting involves leading an investigation of the outcomes. After

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.2 Nature, Role and Meaning of Accounting

Fig 1.1.2: Difference Between Accounting and Finance

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

a. Guiding Light to Accountants and Management

Fig 1.1.3: Guiding Light to Accountants and Management

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

e. For Improving the Reliability of the Financial Statements

f. Simplify the Accounting Information

g. Prevents Frauds and Manipulations

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.3 Accounting as an Information System

1.1.3.1 Functions of an Accounting Information System

Accounting information systems have three basic functions:

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.3.2 Parts of an Accounting Information System

An accounting information system is typically divided into basic parts:

Fig 1.1.4: Accounting Information System

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.3.3 The Reliability of Accounting Information Systems

Table 1.1.1: Reliability of Accounting Information System

Security An unauthorised person should not have access

Confidentiality Sensitive information should be protected from

Privacy The customer’s data should be collected, used

Processing The accuracy, completeness and timely

Availability The AIS is available to meet operation and

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.4 Accounting as a Service Function

Fig 1.1.5: Accounting as a Service

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.4.1 Payroll Services

1.1.4.3 Account Processing

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

1.1.5 Objectives of Accounting

Fig 1.1.6: Decision Concerning the Portion of Assets

• How money related reports ought to be perused and translated.

Module 1 - Introduction Overview of Accounting and Finance for Decision Making

Module 1 - Introduction Overview of Accounting and Finance for Decision Making