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INTRODUCTION TO ACCOUNTING

LEARNING OUTCOMES
At the end of the session, students are able to: Define accounting and its importance, Identify main user groups of financial statements, Identify types and various forms of business, and Distinguish the difference between bookkeeping and accounting.
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WHAT IS BUSINESS?
A business can be defined as an organization that provides goods and services to others who want or need them.

WHAT IS ACCOUTNING?
Accounting is an information system
It provides financial information of business. Systematically record, classify, summarize and interpreting economic events of business.

FUNCTION AND OBJECTIVES


Accounting provides financial information to business for making financial decision. Therefore, accounting is often referred to as the language of business. Accounting information can assists manager in making good decision.
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USERS OF ACCOUNTING INFORMATION


Users can be divided into:
Internal users External users

Uses of accounting information to users:

BOOKKEEPING vs ACCOUNTING
Bookkeeping is a part of Accounting. Bookkeeping refers to the mechanical aspects of accounting.
It only involves the process of recording, classifying and summarising transactions.

TYPES OF BUSINESS
Sole-trader Partnership Company
Private Limited (Sdn. Bhd.) Public Limited (Bhd.)

Characteristics of business:
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