ACCOUNTANCY? It's Easy If You Do It Smart

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Accounting
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Introduction to Accounting
Even if you are new to accounting, you may have
noticed some use of accounting in your daily
life.
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Accounting is just a more formal and efficient
version of those processes in the context of a
company. Companies use accounting to keep their
financial information organized, which helps them
understand their financial data.
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  Accounting consists of 2 parts

• Book-keeping
• Analysis

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Key objectives of accounting
1. Recording 2. Planning 3. Decision 4.
Performance 5. Position
6. Liquidity 7. Financing 8. Control 9.
Accountability 10. Legal 11. Users
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Types of Accounting
Accounting is a broad and dynamic profession and
always adjusts to the specific needs and diverse
users. Over the past few decades, accounting has
branched out into various types of accounting to
meet the diversity of user needs.
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• Financial Accounting
• Management Accounting
• Governmental Accounting
• Tax Accounting
• Forensic Accounting

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Purpose of Financial Statements
The objective monetary economic statements is to
supply info concerning the financial position,
performance and changes in monetary position of
an enterprise that's helpful to a good vary of
users in creating economic selections (IASB
Framework)
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Statement of Changes in Equity
Statement of Changes in Equity, usually mentioned 
as Statement of maintained Earnings in U.S. GAAP,
details the amendment in owners' equity
over AN accounting amount by presenting the
movement in reserves comprising the shareholders'
equity.
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Statement of Cash Flows
Statement of money Flows, additionally  referred
to as income Statement, presents the movement
in money flows over the amount as
classified beneath  operational, finance and finan
ce  activities.
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