Plus One Class Notes 04-11-2020 -Commerce

Accountancy 

1-What is Accounting ?

Simply Accounting Means is The language of Business ,It is Not mathematics but it is related to mathematics

2-Who is the Father Of Accounting ?

Luca Pacioli

1446 or 1447 ൽ ഇപ്പോൾ വടക്കൻ ഇറ്റലിയിൽ സ്ഥിതിചെയ്യുന്ന ബോർഗോ സാൻ സെപോൾക്രോയിൽ ജനിച്ച ഫ്രാൻസിസ്കൻ  ലൂക്കാ പാസിയോലി. 1517 ജൂൺ 19 ന് അദ്ദേഹം അതേ പട്ടണത്തിൽ വച്ച് മരിച്ചുവെന്ന് വിശ്വസിക്കപ്പെടുന്നു.

3-What is the Meaning of Accounting ?

Accounting is the process of Identifying ,Measuring ,And Communicating the Economic information to take decision by users of such information 

4- Who gave the correct definition of accounting?

American Institute of Certified Public Accountants (AICPA)

5 - What is the Definition of Accounting ?

"The process of identifying, measuring, recording and communicating the required information relating to the economic events of anorganisation to the interested users of such information"

Assignment 

Define Accounting  And What is The major Process Of Accounting ?

Accounting is the language of Business .American Institute of Certified Public Accountants (AICPA) is  Define Accounting  "The process of identifying, measuring, recording and communicating the required information relating to the economic events of an organisation to the interested users of such information"

The Major Process Of Accounting 

1-Identification 

This includes monitoring activities and selecting events that are considered events of economic activity. 

2-Measurement 

It means quantification of business transactions into financial terms by using monetary unit.

3-Recording 

After identifying and measuring economic and economic events, they are recorded chronologically and systematically in the books of accounts

4-Classification

Here, The information and figures obtained here are properly organized

5-Summarise 

For classifying the information and figures obtained and then codified and summarized

6-Analysis 

The Above Data Analysis for Accounting and prepare proper Information 

7-Interpretation

Explain the analyzed information in a way that is accurate

8-Communication 

The information is communicated through preparation and distribution of accounting reports.