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  • Chapter 1 - Accounting Environment - Note

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    Idzni Zalika
    57 vizualizări14 pagini
    This document provides an overview of accounting, including its definition, purposes, fields, professional bodies, ethics, regulations, types of businesses, characteristics of accounting information, and users. Accounting is defined as the process of identifying, measuring, summarizing, and communicating economic information. Its main purposes are to provide useful information to users and assist in decision making. Accounting fields include financial, management, auditing, tax, and public sector. Professional bodies establish standards and ethics for accountants. Regulations include the Companies Act and accounting standards. Types of businesses include sole proprietorships, partnerships, and limited companies.

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    Chapter 1- Accounting Environment- Note

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    This document provides an overview of accounting, including its definition, purposes, fields, professional bodies, ethics, regulations, types of businesses, characteristics of accounting information, and users. Accounting is defined as the process of identifying, measuring, summarizing, and communicating economic information. Its main purposes are to provide useful information to users and assist in decision making. Accounting fields include financial, management, auditing, tax, and public sector. Professional bodies establish standards and ethics for accountants. Regulations include the Companies Act and accounting standards. Types of businesses include sole proprietorships, partnerships, and limited companies.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPT, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    57 vizualizări14 pagini

    Chapter 1 - Accounting Environment - Note

    Încărcat de

    Idzni Zalika
    This document provides an overview of accounting, including its definition, purposes, fields, professional bodies, ethics, regulations, types of businesses, characteristics of accounting information, and users. Accounting is defined as the process of identifying, measuring, summarizing, and communicating economic information. Its main purposes are to provide useful information to users and assist in decision making. Accounting fields include financial, management, auditing, tax, and public sector. Professional bodies establish standards and ethics for accountants. Regulations include the Companies Act and accounting standards. Types of businesses include sole proprietorships, partnerships, and limited companies.

    Drepturi de autor:

    Attribution Non-Commercial (BY-NC)
    Descărcați ca PPT, PDF, TXT sau citiți online pe Scribd
    Indicator pentru conținut neadecvat
    din 14

    CHAPTER 1: ACCOUNTING ENVIRONMENT

    KE1013 Chapter One

    Outline

    Definition
    Purposes, Fields, Professional Bodies, Ethics and Regulations

    Types of Business
    Characteristics of Qualitative Accounting Information Users of Accounting Information
    KE1013 Chapter One

    Learning objectives:

    Define what is accounting? Describe the role of accounting? Describe the profession of accounting & the accounting professional/governing body? Explain the importance of ethical conduct Explain types of business. State the characteristics of qualitative accounting info. State the users of accounting?
    KE1013 Chapter One

    Definition of Accounting

    Kieso and Weygandt (1996) process of identifying, recording and communicating economic activities of the organization to the users of the information.
    Generally accepted definition: accounting is the process of identifying, measuring, summarizing and communicating economic information to permit informed judgments and decisions by users of the information.
    KE1013 Chapter One

    Accounting: Definition
    Measuring Identifying
    Bookeeping Recording Reporting

    Interpreting

    Analyzing

    Designing Information
    KE1013 Chapter One

    Provide useful information to users


    5

    Purpose of Accounting

    Provide useful information to users.


    Provide assistance in decision making.

    Performance evaluation tools.


    Controlling purposes.

    KE1013 Chapter One

    Fields in Accounting
    Financial Accounting

    Accounting Information System

    Accounting
    Management Accounting Auditing Tax
    KE1013 Chapter One

    Public Sector Accounting and Non-Profit Organization

    Accounting Professional Bodies MIA MALAYSIA MASB


    KE1013 Chapter One

    MICPA

    FRF
    8

    Ethics in Accounting
    Integrity Objectivity Independence Confidentiality Professional competence and due care Compliance with technical standards Professional behavior
    KE1013 Chapter One

    Regulations in Accounting

    Companies Act 1965


    S: 167 S: 169 Ninth Schedule

    Financial Reporting Act 1997 Accounting Standards (FRSs)

    KE1013 Chapter One

    10

    Types of Business Organization

    Perniagaan tunggal (Sole proprietor)


    Perniagaan perkongsian (Partnership) Syarikat berhad. (Limited companies)

    KE1013 Chapter One

    11

    Difference between businesses


    Management Liability Sole Proprietor Owner Unlimited Partnership Partners Unlimited Public Company BOD Limited

    Profit
    Tax

    Unlimited
    Owners income tax None

    According to agreement Partners income tax


    Agreement, Partnership Act 1961.

    Regulation

    Dividend on shares. Tax based on the profit of the co. Companies Act 1965, MA, AA
    12

    KE1013 Chapter One

    Characteristics of Qualitative Accounting Information

    Timeliness (ketepatan masa)


    Relevance (relevan)

    Reliable (boleh dipercayai)


    Comparable (boleh dibandingkan)

    Easy to understand (boleh difahami)


    KE1013 Chapter One

    13

    Users of Accounting Information


    Users

    Internal Managers Direct Interest

    External Indirect Interest Regulatory Agencies Inland Revenue Dept. Customers 14

    Investors Potential Investors Creditors


    KE1013 Chapter One

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