HOW FAR

Essential Elements of the Definition of Accounting

(a)  

The accountant analyzes each business transaction and identifies whether the transaction is an "accountable event" or "non-accountable event."

(a)  

The accountant recognizes (i.e., records) the identified "accountable events." This process is called "journalizing."

(a)  

After journalizing, the accountant then classifies the effects of the event on the "accounts." This process is called "_ _ _ _ _ _ _".

(a)  

is the basic storage of information in accounting, e.g., "cash," "land," "sales," etc.

(a)  

At the end of each accounting period, the accountant summarizes the information processed in the accounting system in order to produce meaningful reports.

(a)  

Accounting is a process with the basic purpose of providing information about economic activities that is intended to be useful in making economic decisions.

(a)  

Type of Information provided by Accounting where in it is information expressed in numbers, quantities, or units.

• Quantitative information

• Qualitative information

• Financial Accounting

• Management Accounting

Type of Information provided by Accounting where in it is information expressed in words or descriptive form.

• Quantitative information

• Qualitative information

• Financial Accounting

• Management Accounting

Type of Information provided by Accounting where in it is information expressed in money.

• Financial information

• Qualitative information

• Financial Accounting

• Management Accounting