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Chapter 1

Accounting Notes

QuestionAnswer
What is Accounting It is a system dealing with financial information based for decision making
1st Activity involved with accounting Gathering financial information about the activities of a business or other organizations
2nd activity involved with accounting Preparing and collecting permanent records. Records provide evidence of purcahse, proof of payment, detail of payroll, and so on. They also serve as the base for dealing with other companies.
3rd Activity involved with accounting Rearranging, summarizing, and classifying financial information into a more usable form
4th Activity involved with accounting Preparing information reports and summaries: to help management reach decisions, to serve the needs of the group outside the business, such as the banks, and to measure the profitability of the business
5th Activity involved with accounting Establishing controls to promote accuracy and honesty among employees. As businesses grow, owners can no longer look aafter everything alone. They have to hire others to help them. As soon as employees are hired, accounting controls becomes essential
Created by: Fabolou5