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Financial Accounting Introduction. The purpose of
accounting is to provide the information that is needed for sound economic decision making. The main purpose of
financial accounting is to prepare
financial reports that provide information about a firm's performance to external parties such as investors, creditors, and tax authorities.
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Fundamental accounting concepts and revenue recognition principles are at the heart of coding
financial transactions in
accounting language as well as preparation of
financial statements from these coded
financial transactions.
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Financial Principles Lesson.
Accounting is the language of business and it is used to communicate
financial information. In order for that information to make sense,
accounting is based on 12
fundamental concepts.
Financial Accounting vi Objectives and Scope of
Accounting Let us go through the main objectives of
Accounting: To keep systematic records:
Accounting is done to keep systematic record of
financial transactions. The primary objective of
accounting is to help us collect
financial Rules of
accounting that should be followed in preparation of all accounts and
financial statements. The four
fundamental concepts are (1) Accruals concept: revenue and expenses are recorded when they occur and not when the cash is received or paid out; (2) Consistency concept: once an
accounting method has been chosen, that method should be used unless there is a sound reason to do otherwise;
Financial Accounting Basic introduction to
financial accounting. Defines
financial accounting, compares to managerial
accounting, lists underlying assumptions, and … Fundamental financial accounting concepts txt download Basic
Accounting Principles The Conceptual Framework of
Accounting mentions the underlying assumption of going concern.In addition, the
concepts of accrual,
accounting entity, monetary unit, and time period are also important in preparing and interpreting
financial statements.Read more..
Löparens hjärta Know what your finance manager presents to you. This course empowers non-
financial managers with the essentials of finance and
accounting. Held in Singapore. The term '
accounting concepts' includes those basic assumptions or conditions on which the science of
accounting is based.These
concepts are used by accountants and bookkeepers all over the world. Following are the most important
accounting concepts: download Fundamental financial accounting concepts in ePub Fundamental financial accounting concepts epub download
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