The Basics of Accounting

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Presentation transcript:

The Basics of Accounting 李春华

1. Accounting is an Information System Point 1 The Basis of Accounting 1. Accounting is an Information System Identification. Recording. Communication.

Two broad groups: internal users external users.

Internal users Internal users of accounting information plan, organize, and run a business.

Internal Users

External users. External users work for other organizations but have reasons to be interested in the company's financial position and performance.

External Users

2. Generally Accepted Accounting Principles cost principle Revenue recognition Matching Full disclosure

Assumptions Economic Entity Assumption. Going Concern Assumption. Monetary Unit Assumption. Accounting (time) period Assumption.