Professional Documents
Culture Documents
Introduction to Accounting
Learning Objectives
1. Define accounting.
2. Describe the nature and purpose of accounting.
3. Give examples of branches of accounting.
4. State the function of accounting in a business.
5. Differentiate between external and internal users of
accounting information.
6. Narrate the history/origin of accounting.
7. State the forms of business organization.
8. State the types of business according to their activities.
Chapter 1: Introduction to Accounting
(FAR by: Millan)
Definition of accounting
• Accounting is a process of identifying,
recording and communicating economic
information that is useful in making
economic decisions.
1. Quantitative information
2. Qualitative information
3. Financial information
1. Service business
2. Merchandising (Trading)
3. Manufacturing