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Explain What Accounting Is

Accounting is used to track financial information for businesses and is important for both internal decision making and external reporting. It involves identifying, measuring, and communicating financial information about an organization's economic activities. This chapter introduces key accounting concepts like the accounting equation, the four basic financial statements, and accounting standards and principles. It explains the purpose and users of accounting information.

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Wawex Davis
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53 views

Explain What Accounting Is

Accounting is used to track financial information for businesses and is important for both internal decision making and external reporting. It involves identifying, measuring, and communicating financial information about an organization's economic activities. This chapter introduces key accounting concepts like the accounting equation, the four basic financial statements, and accounting standards and principles. It explains the purpose and users of accounting information.

Uploaded by

Wawex Davis
Copyright
© © All Rights Reserved
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Chapter 1

Accounting in Action

Financial Accounting, IFRS Edition


Weygandt Kimmel Kieso
Study
Study Objectives
Objectives
1. Explain what accounting is.
2. Identify the users and uses of accounting.
3. Understand why ethics is a fundamental business concept.
4. Explain accounting standards and the measurement principles.
5. Explain the monetary unit assumption and the economic entity
assumption.
6. State the accounting equation, and define its components.
7. Analyze the effects of business transactions on the accounting equation.
8. Understand the four financial statements and how they are prepared.
Accounting
Accounting in
in Action
Action

The Building The Basic Using the


What is Financial
Blocks of Accounting Accounting
Accounting? Equation Statements
Accounting Equation

Three Ethics in Assets Transaction Income


activities financial Liabilities analysis statement
Who uses reporting Summary of Retained
Equity
accounting Accounting transactions earnings
data? standards statement
Assumptions Statement of
financial
position
Statement of
cash flows

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