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    FABM 1 Reviewer

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    Claire Bulagao
    Accounting is the systematic process of measuring and reporting relevant financial information about economic activities. It involves recording transactions, classifying them, summarizing data in financial statements, and interpreting the statements. The key branches of accounting include financial accounting, management accounting, government accounting, auditing, tax accounting, cost accounting, accounting education, and research.

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    FABM 1 Reviewer

    Uploaded by

    Claire Bulagao
    396 views2 pages
    Accounting is the systematic process of measuring and reporting relevant financial information about economic activities. It involves recording transactions, classifying them, summarizing data in financial statements, and interpreting the statements. The key branches of accounting include financial accounting, management accounting, government accounting, auditing, tax accounting, cost accounting, accounting education, and research.

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    Accounting is the systematic process of measuring and reporting relevant financial information about economic activities. It involves recording transactions, classifying them, summarizing data in financial statements, and interpreting the statements. The key branches of accounting include financial accounting, management accounting, government accounting, auditing, tax accounting, cost accounting, accounting education, and research.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    396 views2 pages

    FABM 1 Reviewer

    Uploaded by

    Claire Bulagao
    Accounting is the systematic process of measuring and reporting relevant financial information about economic activities. It involves recording transactions, classifying them, summarizing data in financial statements, and interpreting the statements. The key branches of accounting include financial accounting, management accounting, government accounting, auditing, tax accounting, cost accounting, accounting education, and research.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 2

    Accounting - the systematic process of measuring and reporting relevant financial USERS OF FINANCIAL INFORMATION

    information about the activities of an Economic organization or unit.


    - provides financial information Internal Users
    - expressed in monetary term
    1. Investors/ Owners/ Stockholder
    NATURE OF ACCOUNTING 2. Management
    3. Employees
    1. Accounting is a systematic process. (Process is a series of actions that produce
    something or that lead to a particular result. External Users
    2. Accounting is an art. (Art is a skill acquired by experience, study, or observation)
    3. Accounting is service activity. (Service is the occupation or function of serving) 1. Financial Institutions/ Creditors
    2. Government
    THE 4 ASPECTS OF ACCOUNTING 3. Potential Investors/ Creditors

    1. Recording – writing down of business transaction.


    2. Classifying – sorting similar and related business transaction in categories. Department of Trade and Industry (DTI)
    3. Summarizing – preparing financial statements design to meet the information needs Securities and Exchange Commission (SEC)
    of its users.
    4. Interpreting – language of business Cooperative Development Authority (CDA)

    Generally Accepted Accounting Principles (GAAP)


    TYPES OF BUSINESS ACTIVITIES/OPERATIONS
    THE DIFFERENT BRANCHES OF ACCOUNTING
    1. Service (dental clinic, barbershop, laundry service)
    1. Financial Accounting - 2. Trading/Merchandising (sari-sari store)
    2. Management accounting – partnering in management decision making 3. Manufacturing (shoe factory)
    3. Government accounting – receipt in governments funds and property
    4. Auditing -
    5. Tax accounting -
    6. Cost accounting -
    7. Accounting education -
    8. Accounting research -

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