Preview

Accounting Reviewer

Powerful Essays
Open Document
Open Document
4446 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Accounting Reviewer
*Business Ownership ( Sole Proprietorship / Partnership / Corporation
*Activities ( Service Concern / Merchandising (Trading) / Manufacturing
*Types of Business (Source of Income) ( Service & Merchandising / Trading {Sole Proprietorship}

*Functions of Accounting Work ( Recording / Classifying / Summarizing

*Accounting- “art of recording, classifying & summarizing in a significant matter and in terms of money; transactions and events w/c are in part at least of a financial character and interpreting the results thereof.” ( How?
(AICPA – American Institute of CPA)

*Science- existing body of knowledge that governs accounting practice (Accounting Theory) *Art- creative skill & ability

*4 Functions of Accounting 1. Recording- commit to writing (business transactions) *Business Transactions- quantifiable business events w/c can be expressed in terms of money. Exchange of values. ( What? *Books of Accounts (journals / ledgers) ( Where? *Chronologically & Systematically (accordance to procedures & established rules of acctg) ( How? 2. Classifying- similar & inter-related transactions of events *Account / Account Title- device used to classify *3 Broad Categories – Assets / Liabilities / Capital 3. Summarizing- preparation of financial statements / financial reports *Financial Statements- Balance Sheet, Income Statement, Capital Statement, & Statement of Cash Flow 4. Interpreting- quantitative & qualitative interpretation of information in financial statements *Significant Information- Profitability, Growth Potential, Managerial Effectiveness, Stability (ability of a business to pay its long term obligations), Liquidity (how much cash the business has), & Solvency (does the business meet its current debts or obligations [less than 1 year]

*Accounting- “service activity whose purpose is to provide quantitative information, primarily financial in nature, about economic entities, that is intended to
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Acc 280 Financial Statements Paper
    • 1007 Words
    • 5 Pages

    Acc 280 Financial Statements Paper

    Accounting is a business discipline that allows companies to record, analyze, and retrieve critical financial information that can be used to determine a company 's financial status. Its purpose is to help people understand what is going on financially within an organization provide reports and insights needed to make sound financial decisions. Effectively communicating this information is key to the success of every business. This information is reported in the form of four financial statements.…

    • 1007 Words
    • 5 Pages
    Better Essays
    Read More
  • Good Essays

    The Importance of Accounting to the Stakeholders of an Organisation
    • 998 Words
    • 4 Pages

    The Importance of Accounting to the Stakeholders of an Organisation

    As we have said in our introductory definition, accounting is essentially an "information process" that serves several purposes:…

    • 998 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Career Exploration
    • 1715 Words
    • 7 Pages

    Career Exploration

    Accounting is basically a service activity. Its purpose is to provide quantitative information that principally used by the managers, investors, tax authorities, and other decision makers to make the financial decisions within companies, organizations, and public agencies. Accounting is also widely known as the “language of business.” An accountant measures, communicates, and interprets financial activities. They prepare financial statements or reports for individuals, businesses, government agencies, or other non-profit organizations. They use the accounting systems to categorize the expenses and income to the typical groups. They also keep tract of the money received or paid out to see if the transactions are accurate and complete. Accountants are familiar with the computer operation. They use the computers, accounting software, calculators to prepare the financial statements and carry out the statistical interpretation. They require to make many various reports such as assets and liabilities, loss and profit, or other…

    • 1715 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Why Are Accurate Financial Statements Important for Outside Business Interests
    • 1445 Words
    • 6 Pages

    Why Are Accurate Financial Statements Important for Outside Business Interests

    Accounting is specifically “a system by which economic information is identified, recorded, summarized and reported for the use of decision makers”; however, accounting involves interpretation and analyzing of all financial information, including taxing, personal financial information and investment (Alba, Bathija, & Thonton, 2005). Accounting is defined as the language of business, in that it specifically records the financial data that is required for businesses to operate both efficiently and effectively. Modern accounting includes investigation, forecasting, analyzing, compliance, as well as record keeping and report generation (Gaylord & Ried, 2006). Accounting is said to be a service activity designed to accumulate, measure, and communicate financial information about businesses and other organizations and to provide information for making informed decisions about the business and about how to best utilize resources within the business (Albreacht, Stice, Stice, & Swain, 2008). Accounting leads to the generation of reports and documents, which include financial statements. If accounting is the language of business, then accounting financial statements are the dictionary that defines the terms and the rules of the language (Horngren, Harrison, & Oliver, 2012).…

    • 1445 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    E1-1: Financial Accounting Paper
    • 703 Words
    • 3 Pages

    E1-1: Financial Accounting Paper

    Accounting is “an information system that identifies, records, and communicates the economic events of an organization to interested…

    • 703 Words
    • 3 Pages
    Good Essays
    Read More
  • Powerful Essays

    Accounting for Decision Making - Essay 2
    • 1509 Words
    • 7 Pages

    Accounting for Decision Making - Essay 2

    Accounting is the process of identifying, measuring and communicating economic information (transactions) of a business to a variety of users for decision making purposes.…

    • 1509 Words
    • 7 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Accounting Only Has One Role Which Is to Satisfy User Needs’ Critically Evaluate This Statement
    • 1840 Words
    • 8 Pages

    Accounting Only Has One Role Which Is to Satisfy User Needs’ Critically Evaluate This Statement

    Accounting can be defined as the summarising, measuring and communication of financial transactions, by doing this, accounting aims to enable its users to make informed decisions and reduce the risk of uncertainty.…

    • 1840 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Accounting Will Only Be Relevant in Decision Making If the Information It Provides Relates to the Past and It Includes Future Prediction
    • 1958 Words
    • 8 Pages

    Accounting Will Only Be Relevant in Decision Making If the Information It Provides Relates to the Past and It Includes Future Prediction

    Accounting, which is also known as accountancy is a “language of business”. It provides financial information about one’s business to the internal and external users such as managers, investors, creditors and etc. Users need information to help in planning, decision-making, evaluating and controlling their business or investment. The information is generally in the form of financial statement where they can show where the money is spent, helps to assess performance over a period and helps to identity problems and opportunities. Users also use the financial information to make resource allocation decisions between and within companies, organizations and public agencies. Accounting involves the process of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account. Sub-classification of accounting consists of financial accounting and reporting, management accounting, auditing and taxation.…

    • 1958 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Good Essays

    Accounting Is the Financial Information System
    • 822 Words
    • 4 Pages

    Accounting Is the Financial Information System

    Accounting is the financial information system that provides these insights. In short, to understand your organization, you have to know the numbers. Accounting consists of three basic activities—it identifies, records, and communicates the economic events of an organization to interested users. You cannot earn a living, spend money, buy on credit, make an investment, or pay taxes without receiving, using, or dispensing financial information. Good decision making depends on good information.…

    • 822 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Intel - Financial Position Analysis
    • 8112 Words
    • 33 Pages

    Intel - Financial Position Analysis

    Intel is the world's largest semiconductor chip maker, based on revenue. Main business area is development of advanced integrated digital technology products, primarily integrated circuits, for industries such as computing and communications. Company also develop platforms, which defined as integrated…

    • 8112 Words
    • 33 Pages
    Powerful Essays
    Read More
  • Good Essays

    Conceptual Framework for Financial Reporting
    • 1226 Words
    • 5 Pages

    Conceptual Framework for Financial Reporting

    •Relevance:This is the extent to which the information makes the difference in economic decision taken by present and potential investors and other users of financial statements. It also relates to the predictive value and the confirmatory value of information…

    • 1226 Words
    • 5 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Principles of accounts
    • 504 Words
    • 3 Pages

    Principles of accounts

    (Teachers are not expected to teach how to prepare the cash flow statements but it should be identified as one of the financial statements which must be prepared by corporations).…

    • 504 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Acct review 2300
    • 1472 Words
    • 6 Pages

    Acct review 2300

    b. Financial Statements – Know how to calculate each and all the parts in them…

    • 1472 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Finance
    • 3744 Words
    • 26 Pages

    Finance

    Dialog Axiata PLC, an ISO 9001 certified company, is a subsidiary of Axiata Group Berhad. The company operates 2.5G and 3/3.5G Mobile as well as 4G Communications networks supporting the very latest in multimedia and mobile Internet services. In April 2013, Dialog consolidated its leadership position in mobile telephony in Sri Lanka by securing the distinction of becoming the first service provider in South Asia to…

    • 3744 Words
    • 26 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    FINAL
    • 10063 Words
    • 50 Pages

    FINAL

    Patricia Aurora M. Cruz. (2013, Feb 10). Braille Accessibility Still Limited. Retrieved from Vera Files. Website: http://pwdfiles.verafiles.org/Braille-accessibility-still-limited/…

    • 10063 Words
    • 50 Pages
    Powerful Essays
    Read More

Related Topics