Accounting consistsof three basic activities it identifies, record and communicates the economic event of an organization to interested users

Internal users marketing management finance human resources

External users creditors investors

Ethics in financial reporting
standards of conduct by which one\'s actions are judged as right or wrong, honest or dishonest, fair or not fair, are ethics

IFRS by IASB. GAAP by FASB

Historical cost principle record assets at their cost
Fair Value Principle assets and liabilities should be reported at fair value

Monetary unit assumption
requires that companies include in the accounting records only transaction data that can be expressed in terms of money

Economic entity assumption
requires that activities of the entity be kept separate and distinct from activities of its owner and all other economic entities

common sources of revenue : sales fees services     commissions interest dividends royalties rent

prepare.   income statement. retained earnings statement. statement of financial position.  statement of cash flows.  comprehensive income statement

Career opp
Public accounting government accounting private accounting forensic accounting