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An Introduction to Accounting Theory. Learning Objectives. After reading this chapter, you should be able to: Understand the meaning of accounting theory and why it is an important topic. Understand the relationship between accounting theory and policy making. Understand what measurement is and its role in accounting.
What is accounting? Accounting is concerned with two separate but COMPLEMENTARY business activities: The detailed recording of all the financial transactions of the business (called bookkeeping).
8 Μαρ 2021 · The textbook presents the fundamentals of financial accounting from an international perspective, focusing on explaining accounting concepts and applying the double-entry technique to...
INTRODUCTION TO FINANCIAL ACCOUNTING THEORY. LEARNING OBJECTIVES. On completing this chapter readers should: . understand that there are many theories of financial accounting; . understand how knowledge of different accounting theories increases our ability to understand and evaluate various alternative financial accounting practices; .
Accounting: The process of gathering and preparing financial information about a business or other organisation in a form that provides accurate and useful records and enables decisions to be made. Accounting cycle: This covers everything from opening the 'books' at the start of the year to closing them at the end.
Accounting is using book-keeping records to prepare financial statements and to assist in decision-making. A statement of financial position shows the assets and liabilities of a business on a certain date. KEY TERMS You will learn more about financial statements in Chapters 8 and 9. LINK 1 Define the term book-keeping. 2 Define the term ...
In its broadest form, accounting is concerned with identifying, measuring, recording and communicating the economic transactions of organisations. We shall now consider each of these activities separately: Identifying economic transactions in most cases is fairly straightforward.
