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THE FIELD OF ACCOUNTING (Accounting system (summarize the classified …
THE FIELD OF ACCOUNTING
Accounting is the process
measuring
financial activity
interpreting
identifying
The underlying purpose of accounting
to provide financial information
about an economic entity
Accounting
system
summarize
the classified
information
creating accounting information
communicating information
classify transactions
interpreting accounting information
record of the daily business activity
Users of accounting information
external users
financial accounting
internal users
managerial accounting
Еhree broad areas
(3) governmental accounting.
(2) private accounting
Private accountant
Controller
(1) public accounting
Public accountant
The Distinction between
Accounting and Bookkeeping
Accounting
includes the design of accounting systems,
preparation of financial statements,
audits, cost studies,
development of forecasts,
the analysis and interpretation
of accounting information
Bookkeeping
means the recording of transactions,
the record-making phase of accounting