Accounting
-language of a business
-is a service activity. Its function is to provide quantitative information primarily financial in nature about economic entities that is intended to be useful in making economic decisions.
Fra Luca Pacioli
-father of double-entry accounting
-Summa de Arithmetica Geometria Proportioni et Proportionalita
Types of Business
-Service
-Trader
-Manufacture
-Raw materials
-Infrastructure
-Financial
-Insurance
Form of Business Organizations
-Sole Proprietorship
-Partnership
-Corporation
Activities in Business Organization
-Investing
-Financing
-Operating
Phases of Accounting
-measured
-classified
-summarized
-interpreted
Fundamental Concepts
-Entity
-Periodicity
-Stable Monetary Unit
-Going Concern
GAAP
-objectivity
-relevance
-feasibilty
Basic Principles
-Objectivity
-Historical Cost
-Revenue Recognition
-Expense Recognition
-Adequate Disclosure
-Materiality
-Consistency
RA 9298
-Practice of Public Accountancy
-Practice in Commerce and Industry
-Practice in Education/Academe
-Practice in Government
Branches of Accounting
-Auditing
-Bookkeeping
-Cost Accounting
-Financial Accounting
-Financial Management
-Management Accounting
-Taxation
-Governmnt Accounting
Elements of Financial Statements
-Assets
-Liabilities
-Equity
-Income
-Expense
Types and Effects of Transaction
-Source of Assets
-Exchange of Assets
-Use of Assets
-Exchange of Claims
Types of Adjustments
-Deferral
-Accrual
Financial Statements
-Financial position
-Finance performance
-Changes in equity
-Cash flows
Closing entries:
-income accounts
-expense accounts
-income summary
-withdrawal account
**
Ballada
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Accounting
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