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 accounting is.

After that, we will learn about the role of accounting in the financial world, specifically its purpose and the users of the information it provides.

We will also study the different branches of accounting and the areas of practice available to accounting professionals. The types and forms of business organizations are also covered here.

At the end of all the lessons is a summary and a quiz to test and enhance your knowledge of the topics discussed.

Lesson 1

What is Accounting? Its Definition and Meaning

Accounting is famously known as the language of business. It is a channel through which information about a business entity is communicated to different users. Read more..
Lesson 2

Purpose of Accounting

With the illustration presented here, and for a straightforward answer, it is clear that the ultimate purpose of accounting is to provide information to different users. These users utilize the information in making informed economic decisions. Read more..
Lesson 3

Users of Financial Statements

We have been talking about accounting and its purpose of providing information to users. Fine! – but, who exactly are these so-called "users of financial statements"? What decisions do they make? And what information do they need? Read more..
Lesson 4

Types of Accounting (Branches, Specializations)

Discover the different branches (a.k.a. fields of accounting specialization) that have evolved over time. Read more..
Lesson 5

Areas of Accounting Practice

Learn about the areas of accounting practice: public accounting, private accounting, government accounting, and the academe. Read more..
Lesson 6

Types of Business and Forms of Ownership

Business organizations come in different types and forms. In accounting, it is important to know them because there are differences in accounting for the transactions of each type of business and form of ownership. Read more..
Summary

Introduction to Accounting: Summary

This is a summary of the topics discussed in Introduction to Accounting under Accounting 101: The Basics tutorial series. You can always check the full lessons out anytime.
Test Yourself

Introduction to Accounting: Quiz

Test your accounting skills with this short quiz on Introduction to Accounting, under Accounting 101: The Basics tutorials.
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