GGSS

is a service activity

- It function is to provide quantitative

information, primarily financial in

nature about economic entities that

is intended to be useful in making

economic decisions

- is an information system that

measures, processes and

communicates financial information

about an economic entity

- is the process of identifying,

measuring and communicating

economic information to permit

informed judgements and decisions

by users of the information

accounting is a body

of knowledge which has been systematically

gathered, classified and organized

accounting requires the

use of creative skills and judgement

Information expressed in numbers,

quantities or units

Information expressed in words or

descriptive form. Quantitative information is

found in the notes to financial statements as

well as on the face of the other components

of financial statements

Information expressed in money. It is also

quantitative information because monetary a mounts are normally expressed in

numbers

This is technically called bookkeeping - A systematic and chronological recording of business transactions, observing therein the fundamental principles of accounting.

Means the sorting of business transactions to their specific accounts. - This is the phase where items are sorted and grouped. - Similar items are being classified under the same name

After each accounting period, data recorded are summarized through financial statements. - These Financial statements are: 1) Income Statement 2) Balance Sheet 3) Statement of Retained Earnings 4) Statement of Cash Flows

These are the accountant’s interpretation on the Financial statement. - This is called Analysis Report that must be submitted together with the Financial reports.