environment of accounting

Assignment on Environment of Accounting

Submitted to:-
Prof. Dr. Parimal Chandra Datta

Submitted by:-
ID#
Name
151009067
Muntashir Rahman Jeesa
151008067
Shihab Kamal Munshi

Date of Submission: July 13th, 2015

Primeasia University,Bangladesh
Table of Content
Sl

PAGE
1.
Brief History of Accounting

2.
Definition of Accounting

3.
Activities of Accounting

4.
Bookkeeping & Accounting Compared

5.
Uses of Accounting Data

6.
Reasons for Using Accounting Data

7.
Ethics in Accounting

8.
Generally Accepted Accounting Principles

9.
IFRS & GAAP Compared

10.
Accounting Equation

11.
Assets

12.
Liabilities

13.
Owners Equity

1. Brief History of Accounting:- Accounting is the language of Business. The father of Accounting LUKAS PACIOLI. Who is a citizen of Italy.
First book: Summa-de-ArithmeticaGeometrica Pro..(1494)
Financial accounting based on double entity.

2. Definition of Accounting:-
Accounting is the system of identifying business transactions, recording the business transaction and communicating the economic events of business through preparation of the financial and analysis thereof.

3. Activities of Accounting:-
On analysis of above definition we get three activities of accounting as follows:
a. Identification of business transaction through basic accounting equation.
b. Recording the business transaction. Recording process involves journal, ledger and trial balance.
c. Communicating the economic event through preparation of financial statements and its analysis. Such financial statements are prepared at the end of accounting period.
d. These financial statements involves the preparation of income statement, owners equity statement, balance sheet and cash flow statement.

4. Bookkeeping & Accounting Compared:-
5. Uses of Accounting Data:-
Users of accounting data are generally classified as follows:
a. Internal users: Users of accounting data who are within the business will known as internal users.
Example: