According to Accounting Theory (http://accountingtheory.weebly.com/nature-and-scope-of-accounting.html):
1. SERVICE ACTIVITY
Accounting provides assistance to decision makers by providing them financial reports
2. PROCESS
A process refers to the method of performing any specific job step by step
Specific Task: collecting, processing and communicating
3. BOTH AN ART AND DISCIPLINE
Accounting is the art of recording, classifying, summarizing, and finalizing financial data
Art
°Refer to the way something is performed
°Behavioral knowledge involving a certain creativity and skills to help us attain some specific objectives
Discipline
°It follows certain standards and professional ethics
4. DEALS WITH FINANCIAL INFORMATION AND TRANSACTIONS
Accounting records financial transactions and data, classifies these and finalizes their results given for a specified period of time, as needed by their users.
5. AN INFORMATION SYSTEM
Recognized and characterized as storehouse of information
As a service function, it collects processes and communicates financial information of any entity
∆ ACCOUNTING INFORMATION
Allows business owners to assess the efficiency and effectiveness of their business operations
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ACCOUNTING
RandomMaybe you are here because you're an ABM Student. Grade 11 or 12? This may contained a detailed notes in FUNDAMENTALS OF ACCOUNTANCY BUSINESS MANAGEMENT 1 (FABM1).
