Hello! Last week was the start of our online classes and I can say that it is pretty boring. Being unable to interact with my classmates and teachers is very boring and I can’t focus on my lessons since there are lots of distractions, just a new tab away and viola!!!—I messed up. And there’s more, not all of our instructors has showed up but we already have tons of works to do, and facing the laptop or cellphone makes me lazy. BUT I have tried my best to cope up because I can’t do anything about it, soooo laban lang ta nwo!!
On the other hand, since this blog is all about accounting, I will share some of the lessons that I have learned and understood in my last week’s topic. Well obviously it would be Introduction to Accounting, so let’s start from the definition of accounting, by the way I put also my inference about the topic so if I am wrong or something, I’m sorry in advance, you can still look up the real meaning anyway:
According to Accounting theory, accounting is the process of IDENTIFYING (accountable business events/transactions) , MEASURING (assigning of peso to accountable events), and COMMUNICATING (preparing and distributing financial statements to the users) economic information to permit informed judgement and decisions by the users of the information. Economic information usually refers to financial statements, so what I can conclude about this is in the process of accounting, it must be step-by-step, accountants cannot jump right into the last step in doing accounting or else the financial statements are a mess.
So in definition we have come across of some terms like used in Accounting like Financial Statement, identifying, measuring and communicating, I will discuss this as soon as possible, if I have time but I will make sure it will not be later than a week. Goodbye everyone, Have a nice day!
Act-Count-Think 