Apr 12, 2016 Introduction to Accounting Part 1: Basics of Financial Statements Learn about the role accounting plays in an organization and how to prepare and analyze financial statements.May 22, 2011 1 3 Introduction to Financial Accounting, Part I Duration: 9: 36. AccountingTube 49, 449 views accounting introduction
Definition of accounting. There are three steps to preparing financial information: identification, recording and communication. First, economic events are identified. A sale at a gas station, payment of taxes by a commercial enterprise, or purchase of insurance are all examples of economic events. Next,
The introduction of accounting helps the decisionmakers of a company to make effective choices, by providing information on the financial status of the business. Today, accounting is used by everyone and a good understanding of it is beneficial to all. Introduction to Accounting This chapter provides a fresh introduction to accounting. First, we will define accounting and break the definition down into simple points to obtain a clearer understanding of what accountingaccounting introduction Introduction to Accounting Basics. Some of the basic accounting terms that you will learn include revenues, expenses, assets, liabilities, income statement, balance sheet, and statement of cash flows. You will become familiar with accounting debits and credits as we show you how to record transactions.