Learning Diary

Published: 2021-06-29 06:31:28
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Category: Business

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LEARNING DIARY
The second lecture focuses mainly on the type of information that are registered in accounting and gives insights on financial statements and the concepts on its structure as well as processes involved in moving from dual entries to financial statements.
In as much, that processes involved in financial statement is the recording of financial activities of a business, its main objective can be expressed as the provision of information about financial position, performance and changes in financial position of an organization, which is regarded useful for decision-making. The lecture also describes the basic elements involved in the recording of financial statements. These include:
* Accrual basis: describes the recording of financial transactions in accounts when revenues are earned and expenses as they are incurred. This basis is referred to as the main rule.
* Cash basis: refers to the recording of financial transactions in accounts when cash is received or paid.
The process of recording financial information is accompanied with two entry rules. These rules can also be described as the double entry accounting system, which records the related pairs of financial transactions for assets, liabilities, income and expenses. These rules states that:
* The increase of cash is written down into the debit side of the cash account and the decrease of money is written down into the credit side of the cash account.

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