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Book 1 - Intro to Accounting (Purpose (Accounting (Interpreting,…
Book 1 - Intro to
Accounting
Purpose
Accounting
Interpreting
Summarising
Classifying
Reporting
4 Fundamental questions
What are the liabilities?
How much profit/loss was made?
What are the resources/assets?
How did the organisation get and use cash?
Key characteristics
Reliability
Comparability
Relevance
Understand-ability
Transactions +
Cycles
Skills and knowledge
Numerical skills
Financial Statements
The income statement
Income and expenses /
Profit and loss
The cash flow statement
Movement of cash
The balance sheet
Assets and liabilities