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    Athena Shae
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    © All Rights Reserved
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    11 views5 pages

    Basic Accounting and Terminologies

    Uploaded by

    Athena Shae

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
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    4:09 5G a 869% x FINANCIAL ACCOUNTING AND REPORTING — Google Drive eee @ drive.google.com ro Py ERT lewaCcrecelU La ave Rm fe Li Basic Accounting ACCOUNTING Iisa service activity Its function isto provide quantitative information, primarily financial in nature, about economic entities that are usefulin making economic decisions and reasoned choices among alternative courses of action. Hence, its the language of business. The systematic art of recording, classifying, and ina significant manner andin terms of money, transactions, and events which are part of a financial character and interpreting the results thereof. ‘Accounting covers the ff, activities: 14. Recording - putting into records al the business transactions ican be done manually or electronically. ~ Bookkeeping - isa mechanical process of recording all the financial transactions of the business, itis done according to the date of transactions Classifying -sorting and grouping by similar or interrelated transactions. ‘Summarizing - preparing the financial reports intended for the users of financial information, Interpreting - analyzing financial dats and performance of the business. It could be done internal comparison or extemal comparison. Branches of Accounting 1. Public Accounting - accounting services offered to the general public CPA- (Certified Public Accountants) licensed professionals engage in providing accounting Services such as: 1). Auditing -attest the accuracy and falmess of presentation ofthe accounting data Taxation. offers advice on tax its tables, nd returns Management Advisory examining and providing cast information to the internal ‘management to faciltate the planning,

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