Fundamentals of Accounting Notes 1

This document provides an overview of the fundamentals of financial accounting. It discusses the objectives of accounting, which include providing information to users for decision making, systematically recording transactions, ascertaining financial performance and position, and determining solvency. The key users of accounting information are also identified as internal users like management and employees, and external users like creditors. The functions...

This document provides an overview of the fundamentals of financial accounting. It discusses the objectives of accounting, which include providing information to users for decision making, systematically recording transactions, ascertaining financial performance and position, and determining solvency. The key users of accounting information are also identified as internal users like management and employees, and external users like creditors. The functions of accounting are measurement, forecasting, decision making, comparison, evaluation, control, and government regulation and taxation. Basic accounting concepts and terms are also introduced.