1 ACCOUNTING PRINCIPLES CONCEPTS AND CONVENTIONS

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1ACCOUNTINGPRINCIPLES, CONCEPTS ANDCONVENTIONSTHISCHAPTERINCLUDES Definition of ACCOUNTING Objectives of ACCOUNTING Function of ACCOUNTING Book-Keeping ACCOUNTING Cycle ACCOUNTING - Classification Basis of ACCOUNTING Basic ACCOUNTING Terms ACCOUNTING PRINCIPLES ACCOUNTING CONCEPTS American Institute ofCertified Public Accountants-Accountingis theartofrecording,classifyingand summarizing in a significant manner andintermsofmoney,transactionsandeventsw hichareinpartat least, of a financialcharacterandinterpretingtheresu ltsthereof . (attributes) ofAccounting(i) ACCOUNTING records transactions andevents which are of financial nature.(ii) ACCOUNTING is an art.(iii)Itinvolvesthefollowingactivitie s:recording, classifying and summarizing(iv) Solved Scanner CMA Foundation Paper - 2(New Syllabus)financialpositionofanenterprise byanalysing and interpreting thesummarizedrecordsandcommuni-cating them to users.

Accounting Cycle Accounting - Classification Basis of Accounting Basic Accounting Terms Accounting Principles Accounting Concepts and Conventions CHAPTER AT AGLANCE S. No. Topic Important Highlights 1. Definition As per the definition of American Institute of Certified Public Accountants-Accounting is “the art of recording, classifying

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