Accounting financial accounting. Accounting Theory (Most Important)

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Accounting financial accounting. Accounting Theory (Most Important)

Lecture notes, cheat sheets

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1. THEORY OF ACCOUNTING

Бухгалтерский учет is an ordered system for collecting, registering and summarizing information in value terms about the assets, liabilities, income and expenses of the organization and their changes, expressed in a continuous, continuous, documentary reflection of all business transactions. From the definition of accounting follow its goals - collection, registration and generalization of information about the financial and economic activities of the organization.

Unlike other types of accounting, accounting:

▪ is documented;

▪ continuous (from day to day) in time and continuous in scope (without any omissions) of all changes occurring in the financial and economic activities of the organization;

▪ applies special, unique methods of processing information (accounting accounts, double entry, balance sheet, etc.).

Accounting consists of four independent parts: theory of accounting, financial accounting, management accounting and tax accounting.

Accounting Theory - a science that studies the theoretical, methodological foundations and practical recommendations for the organization of the accounting system as a whole.

Financial Accounting is a system for collecting and summarizing accounting information that provides accounting and registration of business transactions, as well as the preparation of accounting (financial) statements. Financial accounting data is used within the organization by managers of various levels and external users (investors, creditors, banks, tax and financial authorities, etc.). Financial accounting covers a significant part of accounting, accumulating information about the property of the organization - intangible assets, fixed assets, leased property, financial investments, cash, other current assets, liabilities of the organization, capital, and other sources of property formation.

Management Accounting - an integral part of accounting, designed to collect accounting information used within the organization by managers at various levels. Its main purpose is to provide in full the necessary information to managers responsible for achieving specific production results, solving problems of evaluating business performance.

Tax accounting - an integral part of accounting, designed to collect accounting information that provides accounting registration of taxes and fees for the purpose of objective taxation and tax reporting.

>> Forward: Accounting Principles

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