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 accountant; and roles of accounting personnel and the accounting product line 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 arena of score Emerging berth of Accounting Accounting as an Information System utilization and Activities of an Accountant Accounting effect Nature of Accounting Function Organisation for Accounting and pay Summary Key linguistic communication Self-assessment Questions/Exercises Further Readings 1.1 asylum Accounting is often called the language of business. The basic function of all 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 operations and its various aspects. Though accoun ting 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 less(prenominal) restrictive interprets accounting as The process of identifying, bill and communication economic information to permit informed judgements and decisions by the users of information 1.2 SCOPE OF ACCOUNTING The scope of accounting can be presented in a diagrammatic form as shown in Figure 1.! 1. Data creationr and collection is the area which provides raw somatic 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 strength 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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