Fundamentals of Accounting

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Definition of Accounting

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Accounting is the process of recording, reporting, analyzing and interpreting financial information.

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Purpose of Accounting Information

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Accounting information seeks to provide a clear and accurate picture of a company’s financial performance and position.

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Purposes of Accounting

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Main purposes of accounting include preparing financial statements and influencing decision making of stakeholders.

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Categories of Users

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Users of accounting information can be categorized into internal users and external users.

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Internal Users

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Internal users of accounting information include owners/shareholders, management, and employees.

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External Users

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External users of accounting information include investors, creditors, suppliers, government agencies, and customers.

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Traditional Accounting Careers

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Examples of traditional career paths in accounting include auditing, tax accounting, and financial analysts.

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Emerging Accounting Careers

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Emerging careers in accounting involve forensic accounting, data analytics, and sustainable reporting.

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Definition of Codes of Ethics

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Codes of ethics are guidelines outlining acceptable behavior for professionals in an industry.

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Importance of Professional Ethics

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Professional ethics ensure the trustworthiness of practitioners and contribute to the integrity of the profession.