Economics and Business

Course Outline: Financial Accounting, Principles of Accounting or Basic Accounting

Mr. Md. Abdullahil Kafi

Accounting is not only a tool but also a highly developed information system. It is not now a clerk’s job, it is rather the job of a highly professional person. Accounting developed with the growth of human civilization. It has developed from the scratch of keeping note to the current level of human resource accounting.

It is an information system that identifies, records, and communicates the economic events of an organization to interested users.

  1. In identification process, accounting selects the economic activities relevant to a particular organization for recording purpose.
  2. In Recording process information is recorded in a systematic, chronological manner. In recording, economic events are also classified and summarized. 
  3. Financial information is communicated through accounting reports to users for decision making, the most common accounting reports are called financial statements.
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