Accounting·Basic accounting systems · NSSCO 1.1
What accounting is & who uses it
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Welcome to Accounting! Before we touch a single ledger, let's understand what accounting really is, how it differs from bookkeeping, why so many different people depend on the figures, the three branches of the profession, two principles that hold everything together — business entity and money measurement — and how computers and honesty fit into modern accounting.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 1.1):
- Explain the meaning of the term accounting
- Explain the meaning of the term bookkeeping and distinguish between accounting and bookkeeping
- Explain the objectives of accounting
- Explain the importance of accounting information to various users (internal: owners, employees; external: banks, investors, government, suppliers, competitors, analysts, community, public)
- Identify the branches of accounting (cost and management accounting, financial accounting, auditing)
- Explain the principles of business entity and money measurement and illustrate with examples
- Discuss ethics in the job, the combating of fraud and financial risk management
- Explain the application and advantages of computers in accounting, including electronic banking and e-mail
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