Accounting is a process of identifying, recording, and communicating economic events such of an organization to related users (Weygandt, 2005). Economic events include purchase of materials, sale of goods, and acquisition of machinery which are measured in monetary terms and are recorded in the financial statements.
WORDS THAT RELATE TO ACCOUNTING:
• Identifying
• Recording
• Communicating
Identifying - involves in the selection of the economic events which are
important to a particular business transaction. Examples of transactions in a merchandising store are sales of merchandise, purchases of merchandise, and purchases of delivery truck.
Recording - is the act of keeping a chronological record of events that are measurable in accounting documents like journals and ledgers.
Communicating - refers to the process of communicating financial reports to the users of financial information.
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FABM Notes
Non-FictionLeaving my notes for FABM, inorder to help incoming senior high school students. You can use this to review or advance study. BACKGROUND PHOTO FROM: Pinterest. cttro
