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21252038
What is Accounting?
Descrição
Notes for defining Accounting, all information is taken from the following book (Carey, 11/2017) Carey, P. (11/2017). Accounting for Decision Making, 4th Edition [VitalSource Bookshelf version].
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what is accounting?
accounting
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Taasha Goldbach
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What is Accounting?
An Information System
Identifies
Records
Communicates
Identifying economic events involves
Selecting economic activities relevant to a particular entity
Examples of economic events
Sale of running shoes & sporting attire @ Nike
Payment of wages by Ford Motor Company
Collection of ticket sales and payment of expenses by major sporting clubs
Economic events are recorded to
Provide a history of the entity's financial activities
And involves
Keeping a systematic, chronological diary of events, measured in dollars and cents
Economic events are also classified and summarised
Financial information is communicated through
Accounting Reports
Financial Statements or Financial reports
Information resulting from similar transactions is accumulated and totalled
Reporting of recorded data is done in a standardised way
A vital element in communicating economic events is the accountant’s ability to analyse and interpret the reported information.
ANalysis involves
Ratios
Percentages
Graphs
Charts
To Highlight significant financial trends and relationships
Interpretation involves explaining
Uses
meaning
limitations
Of reported data
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