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Browse subjects › Prinsip Perakaunan Form 4 › Chapter 1: Introduction to Accounting
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Form 4 · Prinsip Perakaunan · iSchool.myChapter 1:Introduction toAccountingMeaning and purpose ofaccounting–Accounting records,classifies, summarises, analyses and communicates financial informationBookkeeping recordstransactions; accounting interprets information for decisionsUsers of accountinginformation–Internal: owner,management and employeesExternal: investors,banks, suppliers, government and customersAccounting conceptsand principles–Business entity: ownerand business are separateGoing concern: businessis expected to continueMoney measurement:record items measurable in moneyHistorical cost: assetsrecorded at acquisition costConsistency, prudence,materiality and accounting periodAccounting cycle–Step 1: Identify sourcedocumentStep 2: Record in booksof prime entryStep 3: Post to ledgerStep 4: Prepare trialbalanceStep 5: Makeadjustments and financial statementsStep 6: Analyse andinterpretProfessional ethics–Integrity and honestyObjectivity andconfidentialityProfessionalcompetence and due care