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BAC 121 (30)
Lecture

accounting

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Department
Accounting
Course
BAC 121
Professor
Serge Coulombe
Semester
Fall

Description
It is not easy to provide a concise definition of accounting since the word has a broad application within businesses and applications. The American Accounting Association define accounting as follows: "the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information!. This definition is a good place to start. Let's look at the key words in the above definition: - It suggests that accounting is about providing information to others. Accounting information is economic information - it relates to the financial or economic activities of the business or organisation. - Accounting information needs to be identified and measured. This is done by way of a "set of accounts", based on a system of accounting known as double-entry bookkeeping. The accounting system identifies and records "accounting transactions". - The "measurement" of accounting information is not a straight-forward process. it involves making judgements about the value of assets owned by a business or liabilities owed by a business. it is also about accurately measuring how much profit or loss has been made by a business in a particular period. As we will see, the measurement of accounting information often req
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