The Purpose of Accounting Assignment One. Introduction.

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Presentation transcript:

The Purpose of Accounting Assignment One

Introduction

What is accounting?

What methods can businesses use to record transactions?

Why is it useful to record transactions?

How do accounting methods help to monitor the financial activity of a business?

How do accounting methods help business to control their costs?

How do accounting methods help businesses to plan for the future?

How do accounting methods help a business to measure their financial performance?

Why is it important for businesses to keep historical financial information?

Overall, how important are accounting methods?

What is meant by revenue and expenditure?

Definition of capital income Remember to give examples

Definition of capital expenditure Remember to give examples

Definition of revenue income Remember to give examples

Definition of revenue expenditure Remember to give examples

What is the difference between revenue expenditure and capital expenditure?

What is the difference between revenue income and capital income?