Basics of Accounting and Information Processing

 

Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is potentially reported to a variety of different types of interested parties. These includes, Business managers, owners, creditors, governmental units, financial analysts and even employees.

In one way or another, these users of accounting information tend to be concerned about their own interests in the entity.

 

Financial reports prepared under the generally accepted accounting principles (GAAP) promulgated by such standards setting bodies are intended to be general purpose in orientation. This means they are not prepared especially for owners, or creditors, or any other particular user group. Instead, they are intended to be equally useful for all user groups. As such, attempts are made to keep them free from bias.

 

Both Financial Accounting and managerial accounting depend upon a strong information system to reliably capture and summarize business transactin data. This has ended up re-defining the meaning and purpose of Accounting, where its regarded as more of a dynamic, decision - making discipline, rather than a boook-keeping task.

 

Some of the topics covered in this course includes:

 

  •  The Fundamental Accounting Equation.

 

  •  How Transactions Impact the Accounting Equations.

 

  •  The Core Financial Statements.

 

  •  Accounts, Debits and Credits.

 

  •  The Journal,

 

  •  The General Ledger

 

  •  Computerised Processing Systems.

 

  •  T-Accounts.

 

And many more other topics covered in this course.

 

 

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