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    Accounting identifies, records, and communicates all economic events of an organization to internal users like managers and employees as well as external users like shareholders, stakeholders, and creditors. It does this through three basic activities - financial accounting, cost accounting, and managerial accounting - and links decision makers' activities in financing, operating, and investing to results. Accounting principles include the cost and fair value principles and are based on relevance, faithful representation, and assumptions like the monetary unit and going concern concepts.

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    Accounting identifies, records, and communicates all economic events of an organization to internal users like managers and employees as well as external users like shareholders, stakeholders, and creditors. It does this through three basic activities - financial accounting, cost accounting, and managerial accounting - and links decision makers' activities in financing, operating, and investing to results. Accounting principles include the cost and fair value principles and are based on relevance, faithful representation, and assumptions like the monetary unit and going concern concepts.

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    6 views1 page

    New Microsoft Word Document

    Uploaded by

    drini
    Accounting identifies, records, and communicates all economic events of an organization to internal users like managers and employees as well as external users like shareholders, stakeholders, and creditors. It does this through three basic activities - financial accounting, cost accounting, and managerial accounting - and links decision makers' activities in financing, operating, and investing to results. Accounting principles include the cost and fair value principles and are based on relevance, faithful representation, and assumptions like the monetary unit and going concern concepts.

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    Accounting Lexture numero uno

    1.Accounting does three basic activities: identifies, records, and communicates all the economic events
    of the organization to interested users.

    Bookkeeping is recording your company’s financial transactions into organized accounts on a daily basis.

    2.Users are internal and external. Internal; Internal users are part of company’s hierarchy. (Managers,
    employees, CEO) External users are shareholders, stakeholders for example the government, investors,
    or creditors. (You owe them money)

    3. Types of accounting: Financial, Cost, Managerial, Tax.

    4.Accounting links decision makers with economic activities and the result of their decisions.

    4. Activities: Financing, Operating, and Investing.

    5.Ethics in financing: if activities are right or wrong, honest, or dishonest, fair, or not fair.

    6.Accounting principles: Cost Principle and Fair Value principle. Qualities: relevance and faithful
    representation.

    7.Assumptions: Monetary unit assumption and Economy entity assumption.

    8.

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