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    Akai Senshi No Tenshi
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    This document provides an introduction to accounting. It outlines the key learning objectives which are to obtain an overview of accounting, identify users of accounting data, understand the difference between bookkeeping and accounting, explore the importance of ethics, and learn about GAAP and basic accounting assumptions. The three major steps in accounting are identified as identify, record, and communicate. Accounting data is produced for internal and external users. Bookkeeping merely records transactions, while accounting encompasses identifying, recording, and communicating financial information. Ethics, GAAP, and assumptions like the monetary unit and economic entity assumptions provide the foundation for the accounting process.

    Original Description:

    An introduction to Fundamentals of Accounting

    Original Title

    a104 Lecture 01

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    This document provides an introduction to accounting. It outlines the key learning objectives which are to obtain an overview of accounting, identify users of accounting data, understand the difference between bookkeeping and accounting, explore the importance of ethics, and learn about GAAP and basic accounting assumptions. The three major steps in accounting are identified as identify, record, and communicate. Accounting data is produced for internal and external users. Bookkeeping merely records transactions, while accounting encompasses identifying, recording, and communicating financial information. Ethics, GAAP, and assumptions like the monetary unit and economic entity assumptions provide the foundation for the accounting process.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    14 views18 pages

    An Introduction To Accounting

    Uploaded by

    Akai Senshi No Tenshi
    This document provides an introduction to accounting. It outlines the key learning objectives which are to obtain an overview of accounting, identify users of accounting data, understand the difference between bookkeeping and accounting, explore the importance of ethics, and learn about GAAP and basic accounting assumptions. The three major steps in accounting are identified as identify, record, and communicate. Accounting data is produced for internal and external users. Bookkeeping merely records transactions, while accounting encompasses identifying, recording, and communicating financial information. Ethics, GAAP, and assumptions like the monetary unit and economic entity assumptions provide the foundation for the accounting process.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 18

    AN INTRODUCTION TO

    ACCOUNTING
    Accounting 104

    LEARNING OBJECTIVES
    1. Obtain an overview of what accounting is
    2. Identify users of accounting data
    3. Determine the difference between
    bookkeeping and accounting
    4. Explore the importance of ethics in accounting
    5. Obtain an overview on GAAP and basic
    accounting assumptions

    THREE MAJOR STEPS

    1. Identify
    2. Record
    3. Communicate

    ASPECTS OF THE BUSINESS

    Operations
    Information Systems

    INFORMATION SYSTEM

    Includes accounting
    data

    ACCOUNTING DATA

    For two sets of users


    a. Internal
    b. External

    INTERNAL USERS

    People within the


    organization
    Ex. Managers &
    Supervisors

    EXTERNAL USERS

    People outside the


    organization
    Ex. Investors, Creditors,
    Government, Customers

    BOOKKEEPING VS ACCOUNTING

    What is the difference?

    BOOKKEEPING

    Merely concerned about


    the recording step

    ACCOUNTING

    Encompasses
    bookkeeping and all the
    three steps

    ETHICS
    Moral principles that govern a
    persons or a groups behavior
    A systematic concept of right and
    wrong

    GAAP

    Generally-Accepted
    Accounting Principles

    GAAP

    Standards of economic
    reporting that are
    generally accepted and
    universally practiced

    ASSUMPTIONS

    Foundation for the


    accounting process

    ASSUMPTIONS

    A thing that is accepted


    as true or as certain to
    happen, without proof

    ASSUMPTIONS

    Monetary Unit
    Assumption
    Economic Entity
    Assumption

    ECONOMIC ENTITY

    Sole Proprietorship
    Partnership
    Corporation

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