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Introduction to Accounting

Introduction

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.

What's in Here

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

Then, we will 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 what you've learned on the topics discussed.

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Lesson 1

What is Accounting? 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.
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Lesson 2

Purpose of Accounting

It is apparent that the ultimate purpose of accounting is to provide information to different users. We will delve into this more and discuss the broad types of accounting information.
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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?
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Lesson 4

Types of Accounting (Branches of Accounting)

Discover the different branches or fields of accounting specialization that have evolved over time.
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Lesson 5

Areas of Accounting Practice

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

Types of Business and Forms of Ownership

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

Introduction to Accounting: Summary

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

Introduction to Accounting: Quiz

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