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Introduction to Acccounting
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8th grade
Business
13 minutes ago by
Shauna-Kay Herah
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  • Slide 1
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    Introduction to Acccounting

    Body text
  • Slide 2
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    Introduction to Accounting

    • Accounting entails recording, classifying and summarizing of business transactions.

    • Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organisations.

    • The primary purpose of accounting is to provide the information that is needed for sound decision making.

  • Question 3
    60 seconds
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    Q.

    The process of identify, classify, recording and communicating business transaction is called as book-keeping.

    answer choices

    True

    False

  • Question 4
    30 seconds
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    Q.

    Book keeping is mainly concerned with

    answer choices

    Recording of financial data

    Designing the systems in recording, classifying, and summarizing the recorded data

    Interpreting the data for internal and external users

    None of the above

  • Slide 5
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    USERS OF ACCOUNTING INFORMATION

    • The accounting process provides financial data for a broad range of individuals whose reason for studying the data varies. 

    • The two primary users of accounting information are internal users and External users. 

    • Each group uses accounting information differently, and requires the information to be presented differently.

  • Slide 6
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    Internal Users

    • Internal users are people within a business organization who use financial information.

    • Owners

    • Management

    • Employees

  • Slide 7
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    External Users

    • External users are people outside the business entity (organization) who use accounting information.

    • Creditors or Suppliers

    •  Investors 

    • Banks and Other Lenders 

    • Tax Authorities 

    • Customers

  • Question 8
    30 seconds
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    Q.

    Which of the following is the example of internal users

    answer choices

    Tax Authorities

    Investors

    Creditors

    Employees

  • Question 9
    30 seconds
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    Q.

    Users of accounting information include

    answer choices

    Creditors

    Lenders

    Customers

    All of the above

  • Question 10
    30 seconds
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    Q.

    Owners of business firms are the only people who need accounting information.

    answer choices

    True

    False

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