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Notes

In: Business and Management

Submitted By lees202s
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Lesson 1
Chapter 1
LIFA 1.1 WHAT IS ACCOUNTING?
· Accounting- an information system that identifies, measures, records and communicates understandable, relevant, reliable, and comparable information about an organization’s economic activities.
· Recordkeeping, or bookkeeping, is the recording of financial transactions, either manually or electronically, for the purpose of creating a reliable bank of data
· Primary objective of accounting- to provide useful info for decision-making
· Accounting info results from the accounting activities of identifying, measuring, recording, reporting, and analyzing economic transactions.
1. What is the major objective of accounting?
· Accounting is an information and measurement system that identifies, measures, records, and communicates understandable, relevant, reliable, and comparable information to people that helps them in making better decisions. It helps people in business to identify and react to investment opportunities, and better assess opportunities, products, investments, and social[->0] and community responsibilities.
2. Distinguish between accounting and recordkeeping.
· Recordkeeping is the recording of financial transactions and events, either manually or electronically. While recordkeeping is essential to data reliability, accounting is this and much more. Accounting includes identifying, measuring, recording, reporting, and analyzing economic events and transactions. It involves interpreting information, and designing information systems to provide useful reports that monitor and control an organization's activities.
LIFA 1.2 FORMS OF ORGANIZATION
· A business is one or more individuals selling products or services for profit.
· There are business and non-business organizations.
· Businesses have the goal of generating profit and take one of three forms: o Sole proprietorship o Partnership...

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