TAILIEUCHUNG - ACCOUNTING 1 (ACN101- M) THE NATURE AND FUNCTION OF ACCOUNTING

Every organization—large and small—has managers. Someone must be responsible for formulating strategy, making plans, organizing resources, directing personnel, and controlling operations. This is true of the Bank of America , the Peace Corps , the University of Illinois , the Red Cross , and the Coca-Cola Corporation , as well as the local 7-Eleven convenience store. In this chapter, we will use a particular organization—Good Vibrations, Inc.—to illustrate the work of management. What we have to say about the management of Good Vibrations, however, is very general and can be applied to virtually any organization. Good Vibrations runs a chain of retail outlets that sells a full range. | http Unisa 1 WikiStudent for Unisa students ACCOUNTING 1 ACN101- M STUDY UNIT 1 THE NATURE AND FUNCTION OF ACCOUNTING DEFINITION Accounting can be defined as the orderly systematic recording of the monetary values of financial transactions of a business The reporting of results Providing financial information as a basis for decision making 3 main processes define the accounting process 1. IDENTIFYING Selecting evidence of economic financial activity transactions 2. RECORDING transactions to provide a permanent history of the businesses financial activities 22__. . 3. COMMUNICATING the recorded information to interested users by use of accounting reports IE Financial Statements The Nature Of Accounting Accounting is used to convey the financial situation of an enterprise. It is therefore essential that the recipient of such information is able to understand it. Both words and figures are used to convey this information. Accounting is a language which is used to convey financial information to users http Unisa 2 WiMStudait for Unisa students Forms Of Ownership 1. Sole Trader Proprietor 2. Close Corporation 3. Company 4. Partnership 5. Non - profit Organizations Users of Financial Information Financial information is required used for analysis by 1. INVESTORS The Shareholders with a Financial Interest in the business 2. CREDITORS The lenders of money merchandise and services also have a Financial Interest in the business 3. EMPLOYEES Regarding job security and wage negotiations and predictions for future employment 4. GOVERNMENT Regarding taxes and also for statistical purposes. Also used as an indication for MacroEconomic planning 5. MANAGEMENT In order to plan and set new goals for future economic growth FIELDS OF ACCOUNTING Financial Accounting VS Management Accounting Recording transactions and preparing financial statements regarding the entity as a whole GAAP Generally Accepted Accounting Practices standards ensure .

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