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APPLY ECONOMICS SKILLS

Appy Fundamental of Accounting

FUNDAMENTALS OF ACCOUNTING – INTRODUCTION SUMMARY

1. Meaning of Accounting

Accounting is the process of recording, classifying, summarizing, and interpreting financial information of a business to show its financial performance and position

It provides useful information for decision-making by owners, managers, investors, and other stakeholders.

2. Definition

According to the American Institute of Certified Public Accountants (AICPA)

> “Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of a financial character, and interpreting the results thereof.”

3. Objectives of Accounting

To record all business transactions systematically.

To determine profit or loss during a period.

To show the financial position (assets, liabilities, and capital).

To provide information for decision-making

To assist in planning, control, and budgeting.

4. Users of Accounting Information

Internal Users External Use

Owners/Management Investors

Employees Creditors/Suppliers

 Government

 Customers

 Financial institution

5. Branches of Accounting

1. Financial Accounting: Records business transactions and prepares financial statements.

2. Cost Accounting: Determines the cost of producing goods or services.

3. Management Accounting: Provides information for internal decision-making.

4. Auditing: Verifies accuracy and fairness of financial statements

6. Basic Accounting Concepts and Principles

Business Entity Concept – The business is separate from its owner.

Going Concern Concept – Business will continue in the future.

Money Measurement Concept – Only monetary transactions are recorded.

Accrual Concept – Income and expenses are recognized when earned or incurred, not when cash is received or paid.

Consistency Concept – Same methods are used from one period to another.

Dual Aspect Concept – Every transaction has two effects (debit and credits)

7. The Accounting Equation

\text{Assets} = \text{Capital} + \text{Liabilities

8. Double Entry System

Each transaction affects two accounts:

One debit entry

One credit entry

This keeps the accounting equation balance

9. Importance of Accounting

Helps in tracking income and expenses.

Ensures legal compliance.

Aids in preparing budgets.

Provides evidence in case of disputes.

Builds trust with investors and lenders.

10. Limitations of Accounting

Only monetary items are recorded.

Does not measure qualitative factors (e.g., employee morale).

Based on historical data, not future predictions.