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Accounting At Your Fingertips, 2e by George Murray, CPA.

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1.1 Accounting Basics

The Functions of Accounting

Accounts

The Accounting Equation

Financial Statements

The Rules of Accounting

Internal Controls

In this subchapter, we explain the function of accounting and who benefits from the information it provides. We also introduce the building blocks of an accounting system—assets, liabilities, and owner’s equity—and show how transactions affecting these accounts are summarized into key financial statements.

The Functions of Accounting

Accounting has been called the language of business, and rightly so. Every day, companies complete numerous transactions: selling products or services, paying employees, buying supplies, collecting outstanding bills, and so on. Accountants take all this information—the ...

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