Learning objectives of chapter:

1. After studying this chapter, you should be able to:Explain what accounting is
2. .Identify the users and uses of accounting.
3. Understand why ethics is a fundamental business concept.
4. Explain generally accepted accounting principles
5. .Explain the monetary unit assumption and the economic entity assumption.
6. State the accounting equation, and define its components.Analyze the effects of business transactions on the accounting equation.
7. Understand the four financial statements and how they are prepared

Chapter Contents:

1. Definition of Accounting;
2. Users of Accounting, 
3. Brief History of accounting, 
4. Book Keeping and accounting, 
5. The accounting profession, Ethics, fundamental business
6. concepts, Generally Accepted Accounting
7. Principles(GAAP), Basic accounting equation, 
8. Transaction analysis, Double Entry Book Keeping, Summary of financial statements

Chapter Outcomes

1. will understand the basic accounting equation
2. Users of accounting information
3. Authority bodies of accounting 
4. Different terminology of accounting related books
5. basic idea of financial report