Unit 1: Introduction to Bookkeeping PDF

Almighty Father, we praise and thank you for this new day. As we begin our class, still our hearts to hear from You. Pray Calm any distractions so that we may er focus on the blessings of learning. Grant us discernment as we discuss and discover together. Unit...

Almighty Father, we praise and thank you for this new day. As we begin our class, still our hearts to hear from You. Pray Calm any distractions so that we may er focus on the blessings of learning. Grant us discernment as we discuss and discover together. Unite us with our teacher and classmates and may all that we do, draw us closer to You.  Vi s i Missi on on To be a leading Catholic To provide excellent and Christian educational responsive programs and institution committed to services, adopt empowering the holistic formation of management systems, persons and build a learning, who excel in their caring, and praying respective endeavors community guided by and are guided by the the teachings of St. Benedict Benedictine principles Subject Orientation Course Title/Outline Subject Formation Performance Tasks Requirements Chainlink UNIT 1 INTRODUCTION TO BOOKKEEP ING 1. Differentiate accountancy, accounting, and bookkeeping; 2. Identify the various definitions of accounting, nature, principles, and history; 3. Recognize bookkeeping and accounting as a potential career to look forward to; 4. Identify the internal and external users of Financial Information; 5. Review the forms of business ownership and types of business activity; and 6. Apply the concepts and principles building in a skill in accounting. Accountancy Accounting Bookkeeping Accountancy Accounting Bookkeeping S P L  SERVIC E Provides quantitative information (financial) that is useful in making business decisions.  PROCES S It is the art of Recording, Classifying and Summarizing in a quantitative and significant manner the business transactions and Interpreting the results thereof. *AICPA “LANGUAGE ” of Business  LANGUAG E of Business It is the common language that is used to communicate business activities to the users of the accounting information.  BOOKKEEP IN G Bookkeeping is the Systematic practice of recording, Chronological organizing, Source Documents classifying and maintaining a business’s HOW DO WE RECORD A TRANSACTIION? What iis the iimportance of record keepiing iin a busiiness?  Did you find the 10 words? Now, I want you to arrange them alphabetically as fast as you can! GO! Did you find the 10 words? 1.Bookkeepin g 2.Career 3.Communica te 4.Decisions 5.Holistic 6.Increase 7.Isabella 8.Monitor 9.Puzzle 10.Transaction  3 t h ii n g s t h a t 1 t h ii n g t h a t yo u h av e needs further ll ear ne d cll arii fii catii ons. * * H o w w ii ll ll you app ll y t h ii s ll earnii ng ii n your ll ii fe? Ac c o u n t i n g Perio d Accounting period refers to the time period for which accounting books are balanced and preparation of financial statements is done by business entities. It is done to evaluate the performance of the company and also for external reporting. Source: https://efinancemanagement.com/financial-accounting/what-is-accounting-period Ac c o u n t i n g Perio d In general, the accounting period is one (1) year. Many business entities, especially those which need financial performance for a period less than a year follow the accounting period of 3 months or 6 months. Source: https://efinancemanagement.com/financial-accounting/what-is-accounting-period Ac c o u n t i n g Perio d W hy ii s a c c o u n t ii n g p e r ii o d re ll eva n t ? C h e c k yo u r u n d e r s t a n d i n g ! E x p l a i n 1 d e fi n i t i o n o f accounting. Give one reason for recording. Name the two accounting periods. Give one element of a quantitative information. Nature of Accounting INFORMAT PROC IONSYS ESS TEM AR FINANCI T AL Users of Financial Information  1.Pu b l i c 6.Investor 2.Governm s ent 7.Custome 3.Manageme rs nt 8.Auditor 4.Employees 9.Supplie 4 P i c s 1 w o r d Review... Review... History of Accounting History of Accounting History of Accounting History of Accounting History of Accounting History of Accounting History of Accounting History of Accounting St. Matthew Feast Day: September 21 Principles of Accounting  Assii gnment :: S t u d y Un ii t 1 and be rea d y f o r t h e Writ ten Work 1.