Chapter 1 Balance sheet

Chapter 1: The Balance Sheet

• What is Accounting
• 1. Gathering of financial information about the activities of business
• 2. Preparation and collection of permeant records.
• 3. Rearranging and classifying of information into a more usable form.
• 4. Preparation of information reports and summaries ( management, bankers, investors, and other creditors

Why Study Accounting

• 1. Many Jobs require accounting and clerical skills.
• 2. The ability to keep accurate record.
• 3. Accounting background helps understand the business world and handle daily financial affairs.