F3 Acca Introduction

F3 Acca Introduction

  • Submitted By: nigarz
  • Date Submitted: 11/21/2013 8:30 AM
  • Category: Science
  • Words: 6189
  • Page: 25
  • Views: 66

Chapter 1
INTRODUCTION TO ACCOUNTING

|CHAPTER CONTENTS |This chapter introduces some of the principles underlying the preparation of financial statements and emphasises |
|What is accounting? |the reasons why accounting information is prepared. |
|The users of financial accounts and |You will explore some of the problems of preparing financial statements. The chapter will explore the differing |
|statements |needs of the many users each of financial statements. |
|Nature, principles and scope of |You will see that financial statements are a method of communicating information about a business to those who are |
|accounting |interested in it. As such, the financial statements should satisfy the generally accepted criteria for useful |
|Desirable qualities of accounting |information. |
|information |You will find it beneficial to return to this chapter later in your studies. |
|The regulatory system |Objectives |
|The difference between capital and |By the time you have finished this chapter you should be able to: |
|revenue items |define accounting and the information it provides |
| |identify the users of financial accounting information |
| |understand...

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