The fundamentals of accounting

Topics

Choose a topic to revise

Sample objectives

What this unit covers

• The purpose of accounting: Recognize and articulate the distinction between book-keeping and accounting. Identify the reasons for assessing business profit and loss. Clarify how accounting contributes to supplying information that aids in tracking performance and making decisions.
• The accounting equation: Clarify the definitions of assets, liabilities, and owner's equity, and demonstrate the application of the accounting equation.