Accountancy

Accounting is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Accounting is the language of business.

Categories

1. Financial accounting is a major branch of accounting that describes the collection, recording, and extraction of financial information, in order to periodically summarize profit and loss, the balance sheet, and cash flow in accordance with legal, professional, and capital market requirements. The main task is to prepare regular financial reports.
2. Managerial accounting is the branch of accounting for internal use, to which end an organization provides information only accessible to its insiders in order to assist decision-makers. The mission of managerial accounting is to utilize, inform, and control the functions of management.

Contents

1. Principles of accounting
2. Introduction to accountancy
3. The Accounting Equation
4. Double entry
5. Debtors (an asset)
6. Creditors (a liability)
7. Prepayments (an asset)
8. Accruals (debt or credit)
9. Depreciation (an expense)

Proposed additional sections

• Accounting standards
• Assets
• Non-current assets
• Liabilities
• Cash
• Receivables
• Investments
• Books of prime entry
• Year end adjustments
• The trial balance
• Journals
• Provisions
• Capital and reserves
• Disclosures
• Balance sheet
• Income statement
• Cash flow statement
• Accounting policies
• GAAP
• IFRS
• Income and Expenditure Recognition
• Cost Flow Assumptions
• Single Entry System
• Basic Bookkeeping
• Financial ratios
• GST

Glossary and Appendices

• Glossary
• Professional bodies
• Notes to authors
• Templates
• Quick reference

Other pages

• Amortization
• Cost accounting
• Managerial accounting

Resources

• Accounting I and II - Concise review with practice set and quizzes.