ACCOUNTING CONCEPTS AND

PRINCIPLES
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Functions
Definition of Brief
of Nature of History of
Accounting
Accounting Accounting
in Accounting
Business
 WHAT IS ACCOUNTING?

• Accounting is the process of identifying,

recording, and communicating financial
• FG information to internal and external users.
It helps quantify data for easier
presentation or interpretation. In order to
efficiently manage your business, you need
to know numbers. After gathering the data
on the performance of the company, these
are summarized and used as a guide for
future decision-making. Accounting is a
tool used in achieving one's goal.
 Nature of Accounting

01 02 03 04 05
Accounting
Accounting Accounting deals with Accounting is Accounting is
Accounting is a ng a means and
isisaaprocess is an Art and financial an
process. .
Accounting is a Science. information and not an end. information
transactions. system.
 The function of accounting in energy. Similarly, in accounting, the
• FUNCTION OF business can be attributed to the inputs are the accountable events;
ACCOUNTING IN three fundamentals objectives of an the processes are recording,
BUSINESS information system. An information classifying and summarizing; and the
system is a system that consists of output is the accounting report that is
an input, a process, and an output. communicated to the users.
For example, in your digestive Wherein, accounting is often referred
system, the input is the food you eat, to as a “language of a business”.
the process is when your body
produces digestive juices to convert
the food into an output called
Brief History
of Accounting uTube.com
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