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Accounting Introduction

accounting-introduction

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What is accounting ?

It is the recording, summarizing, analysing, interpreting and reporting of the financial information of an organisation

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hint " Rose-smelling AIR"

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What is bookkeeping ?

It is recording of business transaction

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Stewardship

it is a role of accounting. The accounting information system allows business to monitor how well the resources are managed by the stewards

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Decision-making

It is a role of accounting. The accounting information system provides financial information that helps stakeholders make decision

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{"id":1638491,"question_id":"365806","created_at":"2018-01-24 16:36:13","updated_at":"2018-01-24 16:36:13","answerTitle":"It is a role of accounting. The accounting information system provides financial information that helps stakeholders make decision","isAnswerCorrect":"1","isAnswerBlank":null,"isInSecondMatchingColumn":null,"sequenceOrder":null,"lang":null,"type":0}

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Name 2 professional ethics

objectivity and integrity

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Name 2 advantages a company has over a sole proprietorship

1. owners are not personally liable for the debts of a business. 2. banks are more willing to provide loan to a company 3. it is easier to transfer ownership of a company

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{"id":1638496,"question_id":"365808","created_at":"2018-01-24 16:40:32","updated_at":"2018-01-24 16:40:32","answerTitle":"1. owners are not personally liable for the debts of a business. 2. banks are more willing to provide loan to a company 3. it is easier to transfer ownership of a company","isAnswerCorrect":"1","isAnswerBlank":null,"isInSecondMatchingColumn":null,"sequenceOrder":null,"lang":null,"type":0}

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Advantages a sole proprietorship has over a company

1. sole proprietorship is easier to start-up and close down 2. the owner gets the entire profit unlike shareholders who get only dividends 3. there are less rules and regulation to comply with compared to companies

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