Financial Accounting

Chapter 1

Accounting as an Information System

LEARNING OBJECTIVES

After studying this chapter, you will be able to understand

1. Meaning and Definition of Accounting

2. Characteristic Features of Accounting

3. Concept of Accounting as an Information System

4. Characteristic Features of Accounting System

5. Users of Financial Accounting Information

6. Branches of Accounting

7. Distinction Between Financial Accounting and Management Accounting

8. Objectives of Financial Accounting

9. Meaning of General Purpose Statements

10. Qualitative Characteristics of Accounting Information (or) Financial Statements

11. Functions of Accounting

12. Advantages of Accounting

13. Limitations of Accounting

14. Bases of Accounting

15. Distinction Between Accrual Basis of Accounting and Cash Basis of Accounting ...