Finance

UNIT 1 ACCOUNTING AND ITS FUNCTIONS Objectives After studying this unit, you should be able to appreciate the: nature and role of accounting; activities of an comptroller; and roles of accounting personnel and the accounting argumentation office in an organization. method of accounting and its go bads Structure 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 Introduction background signal of account statement Emerging berth of Accounting Accounting as an Information System utilization and Activities of an Accountant Accounting forcefulness Nature of Accounting Function Organisation for Accounting and finance Summary Key linguistic communication Self-assessment Questions/Exercises Further Readings 1.1 existence Accounting is often called the language of business. The basic function of whatever language is to serve as a performer of communication. In this context, the purpose of accounting is to communicate or declare the results of business operat ions and its various aspects. Though accounting has been outlined in various ways. According to one commonly recognized translation. Accounting is the art of recording, classifying and summarising in a significant carriage and in terms of money, transactions and events which are; in secern at least, of financial character and interpreting the results thereof.

Another definition which is little restrictive interprets accounting as The process of identifying, bill and communication economic info to permit informed judgements and decisions by the users of information 1.2 SCOPE OF ACCOUNTING The scope of accounting can be presen ted in a diagrammatic form as shown in Figur! e 1.1. Data creationr and collection is the area which provides raw somatogenic for accounting. The data collected is ` diachronic in the sense that it refers to events which have already taken place. Earlier, accounting was largely concerned with what had happened, rather than efficacy any attempt to predict and prepare for future. After the historical data has been collected, it is recorded in accordance...If you want to get a full essay, order it on our website: BestEssayCheap.com

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