Introduction to Accountancy

Process of recording, classifying, summarizing, interpreting, and communicating financial data.

Preparing statements for external users, following standardized guidelines

Providing information to internal users for decision-making, planning, and control.

Preparing tax returns and planning for tax liabilities in compliance with tax laws.

Examining records to ensure fairness, accuracy, and compliance with standards.

Assets = Liabilities + Equity.

Resources controlled by a company that provide future economic benefits.

Common set of standards companies follow when compiling financial statements.

A global framework for preparing and disclosing financial statements for public companies.

Reports a company's financial performance (revenues, expenses, and net income/loss) over a period of time.

Provides a snapshot of a company's assets, liabilities, and equity at a specific point in time.

Reports the movement of cash both into and out of the company during a period, categorized into operating, investing, and financing.

A series of steps to record, classify, and summarize accounting information, ending with financial statements.

Focuses on measuring, analyzing, and reporting costs to help businesses make decisions about pricing and profitability.

The process by which a government levies charges on individuals and corporate entities to finance public services.

A system for collecting, storing, and processing financial data used by decision-makers to improve efficiency and control.

Calculations based on financial data that provide insights into a company's performance and financial health.