Accounting

Introduction to Accounting

MS: Perakaunan · EN: Accounting · ZH: 会计

Meaning

Accounting is the process of identifying, recording, classifying, summarising and reporting the financial transactions of a business so the information can be interpreted for decision-making. It covers several sub-fields such as financial accounting, management accounting, auditing and taxation. A professional body such as the Malaysian Institute of Accountants regulates the profession.

Example

Seri Maju Grocery records daily sales of RM500 and stock purchases of RM300, then summarises them into an Income Statement at year end to find its net profit.

Source: DSKP KSSM Prinsip Perakaunan Tingkatan 4

Other terms in this chapter

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