Introduction to Accounting and Business Forms

Apuntes

FABM 1 - fabm 1 sir chua Accountancy (STI College) messages.pdf_cover_qr_code_label messages.studocu_not_sponsored_or_endorsed_by_college FABM 1 - fabm 1 sir chua Accountancy (STI College) messages.pdf_cover_qr_code_label messages.studocu_not_sponsored_or_endorsed_by_college messages.downloaded_by lOMoARcPSD|68545277 INTRODUCTION OF ACCOUNTING Accounting -Language of a business -Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that is intended to be useful in making economic decisions, an in making reasoned choices among alternative course of action. (Accounting Standard Council) Nature of Accounting *Art-designed process *Financial-how much *Process-step-by-step procedure *Information System-record keeping methodology Functions of Accounting *Maintenance of systematic records *Financial result of an entity can be communicated *Meeting legal requirements *Protecting assets of a business *Assistance to management History of Accounting -can be traced to ancient civilizations -accounting records dating back more than 7000 years have been found in Mesopotamia -others were also found in the ruin...