FOUNDATIONS OF ACCOUNTING
| Institution | TVET |
| Course | Diploma in Social Wo... |
| Year | 1st Year |
| Semester | Unknown |
| Posted By | stephen |
| File Type | |
| Pages | 58 Pages |
| File Size | 1.07 MB |
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Description
Definition Accounting is defined as the process of identifying, measuring and
reporting economic information to the users of this information to permit informed
judgment
Many businesses carry out transactions. Some of these transactions have a financial
implication i.e. either cash is received or paid out. Examples of these transactions
include selling goods, buying goods, paying employees and so many others.
Accounting is involved with identifying these transactions measuring (attaching a
value) and reporting on these transactions. If a firm employs a new staff member then
this may not be an accounting transaction. However when the firm pays the employee
salary, then this is related to accounting as cash involved. This has an economic
impact on the organization and will be recorded for accounting purposes. A process is
put in place to collect and record this information; it is then classified and
summarized so that it can be reported to the interested parties.
The main purpose of Accounting is to provide financial information about an
economic entity. It provides a means where the steward reports to the owner how the
funds entrusted to him are used to enhance the wealth of the business.
Business Transaction is an event which involves the transfer of money or money‘s
worth of financial events. The following summarises the business transaction that a
firm might have:
Acquisition of assets from owners and other creditors
Investing resources in assets to produce goods or services
Using resources to produce goods and services
Selling goods or services of the firm
Paying those to whom money is owned
Returning assets to owners
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