intro to accounting for senior high school student

intro to accounting

1. Introduction to accounting Fundamentals of Accountancy, Business, and Management 1

2. What do you think is the secret formula for a company’s succes s?

3. Definition of Accounting By AICPA (American Institute of Certified Public Accountants) “The art of recording, classifying and summarizing in a significant manner and in terms of money, transactions and events which are in part at least of a financial in character and interpreting the results thereof.“ By AAA (American Accounting Association) “ the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by the users of information"

4. The Accounting Process Identification of economic events relevant to a business Recording of relevant economic events Summarize all the recorded economic events into accounting reports Interpret data

5. Nature of Accounting Accounting is a process Accounting is an art Accounting deals with financial information and transactions Accounting is a means and not an end Accounting is an information system

6. Functions of Accounting Keeping systematic record of business transactions Protecting properties of the business Communicating results to various parties in or connected with the business Meeting legal requirements

7. Think of events happening in a business that needs to be recorded

8. Generalization Accounting is very important to keep track of events happening in a business. Accounting is the language of business.

9. History of Accounting Watch History of Accounting by Professor Alldredge

10. Recall what we have watched in the video The most important event in accounting history is the dissemination of the double-entry bookkeeping of Luca Pacioli . Luca Pacioli is the father of modern accounting. Double-entry bookkeeping is defined as any bookkeeping system that has a debit and a credit for each transaction. Luca Pacioli's Summa de Arithmetica , Geometrica , Proportioni et Proportionalita (review of Arithmetic, Geometry, Ratio and Proportion) is the first book printed with a treatise on bookkeeping.

11. Recall what we have watched in the video The modern profession of the chartered accountant originated in Scotland in the nineteenth century when Queen Victoria granted a royal charter to the Institute of Accountants in Glasglow . In the Philippines, accounting standards are already available to guide accountants in their practice of the profession like the PFRS (Philippine Financial Reporting Standards) and PAS (Philippine Accounting Standards).

12. Evaluation Which of the following is NOT an economic event? An agent who attended to a concern of a complaining customer Patricia, manager of Company X, who sold an abandoned building of her company Company Y which borrowed ₱5M from a bank due to tight financial conditions Company Z which paid its employees their salaries for the month of January

13. Evaluation Which of the following does NOT show one of the main functions of accounting? Fred prepared a report to be submitted to the taxing authorities John recorded the purchase of an equipment in the accounting books immediately after purchase Jason prepares financial reports monthly for the company’s stockholders Allen canvassed the price of a sewing machine to be used in the company’s operations

14. Evaluation Who is considered as the father of modern accounting? Queen Victoria Luca Pacioli Augustus Suetonius Who is the person reponsible for the process of identifying, recording, and communicating economic events of an organization. Manager Accountant Bookkeeper Treasurer

15. Evaluation Which of the following is false? The accounting process consists of identifying economic events, recording these events, and communicating these events to external users only. The accounting process consists of identifying economic events, recording these events, and communicating these events to internal and external users. The accounting process consists of identifying economic events, recording these events, and communicating these events to internal users only. a and c only

16. Thank you!