Introduction to Accounting
Class 11 Accountancy · Financial Accounting Part I · Chapter 1
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Summary
Accounting is the process of identifying, measuring, recording and communicating the economic events of an organisation to the interested users of such information. The AICPA in 1941 described it as the art of recording, classifying and summarising transactions of a financial character, while the American Accounting Association in 1966 stressed identifying, measuring and communicating economic information for informed decisions. The accounting process begins with the identification of business transactions, then measures them in monetary terms, records them in a chronological manner, and finally communicates the summarised information through reports. Because it conveys financial information, accounting is called the language of business. Its users are grouped into internal users (chief executive, managers, supervisors) and external users (investors, creditors, banks, tax authorities, regulators, customers). The discipline has branched into financial accounting, cost accounting and management accounting. Useful accounting information should possess the qualitative characteristics of reliability, relevance, understandability and comparability. The main objectives of accounting are to maintain systematic records of transactions, calculate profit or loss, depict the financial position through a balance sheet, and provide information to its users. The chapter also introduces basic terms such as entity, transaction, assets, liabilities, capital, drawings, sales, revenue, expenses, profit, gain, loss, debtors, creditors, stock, voucher and goods.
Meaning and definition of accountingAccounting as a source of information and its usersQualitative characteristics of accounting informationObjectives and role of accountingBasic terms in accounting
Key terms
Accounting
The process of identifying, measuring, recording and communicating the economic events of an organisation to interested users of the information.
Assets
Economic resources of an enterprise expressed in monetary terms that provide future benefit, classified as current and non-current.
Liabilities
Obligations or debts that an enterprise has to pay in the future; they represent creditors' claims on the firm's assets.
Capital
The amount invested by the owner in the business; it is a claim of the owner on the assets and is shown on the liabilities side.
Drawings
Withdrawal of money or goods by the owner from the business for personal use, which reduces the owner's investment.
Qualitative Characteristics
The attributes—reliability, relevance, understandability and comparability—that make accounting information useful for decision-making.
Extra questions & answers
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Accounting is best defined as the process of identifying, measuring, recording and: