East Asia Institute of Management
Subject: Principle of Accounting
Name: Lu Jing
Student ID: 0901/4695
Chapter 1 – Introduction of accounting
Chapter 2 -- The process of recording transaction
Chapter 3 -- The process of recording transaction
Chapter 4 -- Applying the double-entry rules when recording business transaction
Chapter 5 -- Trading and Profit and Loss Accounts
Chapter 6 -- Balance Sheet
Chapter 7 -- Cash Book and Petty Cash Book
Chapter 8 -- Bank Reconciliation Statement
Chapter 9 -- Journals General Journal and Specialized Journals
Chapter 10 -- Control Accounts
Chapter 11 -- Prepayments and Accounts
Chapter 12 -- Bad Debts, Doubtful Debts and Provision for Doubtful Debts
Chapter 13 -- Fixed Assets and Depreciation
Chapter 14 -- Correction of Errors
Chapter 15 -- Final Accounts with Balance-Day Adjustments
When business was born in history, accounting was born as follow. So when we study business management, the accounting must be the important part of the subject. Now in this article, we will study the principle of accounting as following.
Introduction of Accounting
What is accounting?
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. Usually the people will think that accounting was the same like bookkeeping, but it’s a mistake.
Difference between accounting and book-keeping
Accounting concepts or principles are the rules on which this measurement is based. After the information the analyzed, it is then summarized and presented in reports known as ‘financial statement’.
Book-keeping is merely the recording aspect of accounting, which is routine-link and clerical in nature. Before computers were invented, the recording of business transactions was done manually in ‘books’, thus the term ‘book-keeping’ was derived. However, accounting is much more than book-keeping and... [continues]
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