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ACCOUNTING
DBA 103
MISS SITI NUR ZUHAINI
BINTI
MOHD FISAH
LECTURE 1
LEARNING OUTCOMES
Know the different users who can benefit from using the data.
DEFINITION:
FINANCIAL STATEMENT
Summary report that shows how a firm has used the funds
entrusted to it by its stockholders (shareholders) and lenders,
and what is its current financial position.
The three basic financial statements are the
TYPES OF BUSINESS
ORGANIZATION
Sole Proprietor
Partnership
Corporation
SOLE PROPRIETOR
Advantages
Disadvantages
PARTNERSHIP
Advantages
Disadvantages
Unlimited liability.
General partners are
individually responsible
for the obligations of the
business, creating
personal risk.
Limited life. A
partnership may end upon
the withdrawal or death of
a partner.
CORPORATION
Advantages
Disadvantages
Individuals
Other users
(Employees
and labour
unions)
Business
Non-profit
organisations
Investors
Taxing
authorities
Creditors
Government
regulatory
agencies
USER OF
ACCOUNTIN
G
INFORMATIO
N:
The Decision
Makers
ACTIVITY-BASED COSTING
TECHNIQUES
SPECIALISED ACCOUNTING
SERVICES
Public
Accounting
Auditing
Tax Accounting
Management consulting
Private
Accounting
Cost Accounting
Budgeting
Information System
Design
Internal Auditing
Financial Accounting
Management Accounting
The stablemonetary-unit
concept
The goingconcern
principle
The reliability
principle
The cost
principle
Definition
An accounting method which only allows
expenses to be recorded for which there is
verifiable proof, such as a receipt or invoice
prepared by a third party. This concept does
not work with certain entries such as those
pertaining to the obsolescence of inventory.
Definition
The accounting principle that goods and services
purchased should be recorded at their historical cost
and not at their current market value.
Definition
A basic principle in accounting that assumes a company will
continue to operate in the foreseeable future. The significance
of this principle becomes apparent when the value of a running
business is compared with the value of one being liquidated.
THE STABLE-MONETARY-UNIT
CONCEPT
THE END