FABM1 Q1 W1.1 IntroductionToAccounting
FABM1 Q1 W1.1 IntroductionToAccounting
ACCOUNTANCY,
BUSINESS AND
MANAGEMENT 1
(FABM 1)
INTRODUCTION 01
TO
ACCOUNTING
OBJECTIVES
● Define accounting;
● Identify the natures of accounting; and
● Narrate the history of accounting
DEFINITION
Accounting is the art of recording, classifying, and summarising in a
significant manner and in terms of money, transactions and events
which are, in part at least, of financial character, and interpreting the
results thereof’. -The American Institute of Certified Public
Accountants (AICPA)
Accounting provides
assistance to decision-makers
Accounting is a
PROCESS
Accounting is a tool to
achieve specific objectives. It is
not the objective itself.