LM3184 at University Of Santo Tomas | Flashcards & Summaries

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Lernmaterialien für LM3184 an der University of Santo Tomas

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primary functions of accounting

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recording, classifying, and summarizing

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functions of accounting: recording

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helps record all business transactions of financial character in an orderly
manner which is done in various journals

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functions of accounting: classifying

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• after a systematic analysis of recorded data, the entries of similar data are
grouped into one place;
• transactions are classified on journals

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functions of accounting: summarizing

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• classified data is then displayed in a statement
• balance sheets, trial balance, etc.

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what are the objectives of accounting

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  • Systematic recording of Business Transactions
  • Ascertainment of Results
  • Ascertainment of Financial Position
  • Communicating Information to Various Users
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Objectives of Accounting: Systematic recording of Business Transactions

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done through book-keeping, journal, ledger, and trial balance

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Objectives of Accounting: Ascertainment of Results

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Gives the profit and loss accountants, business entities, whether it is manufacturing, trading or service company

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Objectives of Accounting: Ascertainment of Financial Position

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Provided by the Balance Sheet (knows the status/trend of financial reports), income statement and statement of equity which provides integral information to various types of businesses

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Objectives of Accounting: Communicating information to various users

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financial reports

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Internal Users

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  • The information for the use of the Internal Users is from the process of management accounting
  • Meant for the internal use, providing special information for the managers of the company 
  • Kinds of information used by managers can range from low ranged planning data to detailed explanation of why cost may vary from cost estimate
    • Ex. Processing information gathered by accountants 
  • Who are these users?
    • Management and Employees; functioning INSIDE the company
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Managerial Accounting

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  • a method of accounting that creates statements, reports, and documents that help management in making better decisions related to their business' performance.
  • primarily used for internal purposes
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What is Accounting?

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- Process of recording and using financial information collected by a business
- Process of identifying, measuring and communicating economic information to permit
informed judgement, and decision by users of the information
- Helps individuals and organizations understand their financial health by keeping track of
the expenses, profits and losses
- Defined a service, defining the work of an accountant
- Language of a business

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Q:

primary functions of accounting

A:

recording, classifying, and summarizing

Q:

functions of accounting: recording

A:

helps record all business transactions of financial character in an orderly
manner which is done in various journals

Q:

functions of accounting: classifying

A:

• after a systematic analysis of recorded data, the entries of similar data are
grouped into one place;
• transactions are classified on journals

Q:

functions of accounting: summarizing

A:

• classified data is then displayed in a statement
• balance sheets, trial balance, etc.

Q:

what are the objectives of accounting

A:
  • Systematic recording of Business Transactions
  • Ascertainment of Results
  • Ascertainment of Financial Position
  • Communicating Information to Various Users
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Q:

Objectives of Accounting: Systematic recording of Business Transactions

A:

done through book-keeping, journal, ledger, and trial balance

Q:

Objectives of Accounting: Ascertainment of Results

A:

Gives the profit and loss accountants, business entities, whether it is manufacturing, trading or service company

Q:

Objectives of Accounting: Ascertainment of Financial Position

A:

Provided by the Balance Sheet (knows the status/trend of financial reports), income statement and statement of equity which provides integral information to various types of businesses

Q:

Objectives of Accounting: Communicating information to various users

A:

financial reports

Q:

Internal Users

A:
  • The information for the use of the Internal Users is from the process of management accounting
  • Meant for the internal use, providing special information for the managers of the company 
  • Kinds of information used by managers can range from low ranged planning data to detailed explanation of why cost may vary from cost estimate
    • Ex. Processing information gathered by accountants 
  • Who are these users?
    • Management and Employees; functioning INSIDE the company
Q:

Managerial Accounting

A:
  • a method of accounting that creates statements, reports, and documents that help management in making better decisions related to their business' performance.
  • primarily used for internal purposes
Q:

What is Accounting?

A:

- Process of recording and using financial information collected by a business
- Process of identifying, measuring and communicating economic information to permit
informed judgement, and decision by users of the information
- Helps individuals and organizations understand their financial health by keeping track of
the expenses, profits and losses
- Defined a service, defining the work of an accountant
- Language of a business

LM3184

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