Accounting
Bookkeeping v Accounting
While bookkeeping incorporates elements of accounting, it does not focus on the analysis or communication of the collected information for/to interested parties.
Accounting Cycle
The Accounting Equation
ASSETS = LIABILITIES + OWNERS' EQUITY
6 steps of Trx analysis
1. Identify affected accounts2. Identify effect3. FS element represented in Trx4. Journal entries5. Verify balance6. Adjusting entries
Financial stmts
- Income Stmt- Earnings Stmt- Balance Sheet- Stmt of Cash Flows
Coding
Methods and applications
of coding?
Humans
v
IT
Why is human judgement
necc in AIS?
Source docs
Recordable Trx?
Estimation/interpretation