Environment of Accounting
Prof. Dr. Parimal Chandra Datta
Muntashir Rahman Jeesa
Shihab Kamal Munshi
Date of Submission: July 13th, 2015
Table of Content
Brief History of Accounting
Definition of Accounting
Activities of Accounting
Bookkeeping & Accounting Compared
Uses of Accounting Data
Reasons for Using Accounting Data
Ethics in Accounting
Generally Accepted Accounting Principles
IFRS & GAAP Compared
1. Brief History of Accounting:-
Accounting is the language of Business. The father of Accounting LUKAS PACIOLI. Who is a citizen of Italy. First book: Summa-de-ArithmeticaGeometrica Pro..(1494)
Financial accounting based on double entity.
2. Definition of Accounting:-
Accounting is the system of identifying business transactions, recording the business transaction and communicating the economic events of business through preparation of the financial and analysis thereof.
3. Activities of Accounting:-
On analysis of above definition we get three activities of accounting as follows: a. Identification of business transaction through basic accounting equation. b. Recording the business transaction. Recording process involves journal, ledger and trial balance. c. Communicating the economic event through preparation of financial statements and its analysis. Such financial statements are prepared at the end of accounting period. d. These financial statements involves the preparation of income statement, owners equity statement, balance sheet and cash flow statement.
4. Bookkeeping & Accounting Compared:-
5. Uses of Accounting Data:-
Users of accounting data are generally classified as follows: a. Internal...
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