Introduction to accounting: nature, forms, and users

Notes

Learning unit 1 1 FINANCIAL ACCOUNTING PRINCIPLES FOR LAW PRACTITIONERS LEARNING UNIT 1 THE NATURE AND FUNCTION OF ACCOUNTING Contents 1.1 Introduction ............................................................................................................................. 3 1.2 What is accounting? ................................................................................................................ 3 1.3 The nature of accounting......................................................................................................... 4 1.4 Forms of business ownership and users of financial statements ............................................. 4 1.5 Internal controls....................................................................................................................... 5 1.5.1 Built-in control measures ............................................................................................. 6 1.5.2 Internal control systems/procedures ............................................................................ 6 1.6 Financial frameworks .............................................................................................................. 7 1...