WELCOME TO THE WORLD OF
ACCOUNTANCY PROFESSION…
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A dollar questions…
What is accounting?
What is the purpose of accounting?
What is the relevance of accounting?
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ACCOUNTING DEFINITION
ACCOUNTING (SFAS) is a service
activity.
Its function is provide
quantitative information, primarily
financial in nature, about economic
entities that is intended to be useful
in making in economic decisions.
ACCOUNTING DEFINITIONS
ACCOUNTING (AICPA) is an art of
recording, classifying, 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.
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ACCOUNTING DEFINITIONS
ACCOUNTING (IAS) is the process of
identifying,
measuring
and
communicating economic information to
permit informed judgments and
decisions by the users of the
information.
THE RELATIONSHIPS…
ACCOUNTING
BUSINESS
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USERS
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