Business Entity Concept

ABM1 Accounting as an Information System

SY2016-2017

Summary
Fra

Luca Pacioli is the Father of Accounting

Definitions of Accouting

FRSC
American Institute of CPA

Steps

of the Accounting Process (ARCS-IR)

Diagram of the Accounting Information
System

ABM1 Accounting as an Information System

SY2016-2017

Accounting is
I. A service activity and its function is to provide
quantitative information, primarily financial in
nature about economic entities, that is intended
to be useful in making economic decision
II. The process of identifying, measuring and
communicating economic information to permit
informed judgment and decision by users of the
information
A.
B.
C.
D.

I only
II only
Both I and II
Neither I and II

ABM1 Accounting as an Information System SY20162017

Accounting is
I. A service activity and its function is to provide
quantitative information, primarily financial in
nature about economic entities, that is intended
to be useful in making economic decision
II. The process of identifying, measuring and
communicating economic information to permit
informed judgment and decision by users of the
information
A.
B.
C.
D.

I only
II only
Both I and II
Neither I and II
ABM1 Accounting as an Information System
SY2016-2017