Summary of "Lesson 003 - Introduction to Accounting"
Introduction to accounting is the focus of Lesson 003, providing an overview of the field and its importance in making economic decisions.
Definition of accounting
Accounting is a service activity that provides quantitative financial information about economic entities to aid in decision-making.
Function of accounting
- Accounting provides quantitative financial information to help owners or managers make decisions.
- Maintain systematic records.
- Communicate financial results.
- Meet legal requirements.
- Protect assets.
- Assist management.
Nature of accounting
- Accounting is considered an art.
- Financial in nature.
- A process.
- An information system.
History of accounting
Accounting dates back over 7,000 years to ancient civilizations like Mesopotamia and has evolved to include the double-entry bookkeeping system introduced by Luca Pacioli in 1494.
Speaker
- Kevin of U.S. Accounting Lessons PH.
Category
Educational
