The importance of accounting cannot be overstated when running a business. It is important for the managers to know how well the company is doing, it is also important that the investors understand the financial state of the business, and finally, the government will wish to know how well the company is doing because of its taxation obligations.
We expect accounts to be a true and accurate picture of the financial performance of a business, in other words we do not expect cheating or illegal behaviour. Accountants are charged with producing accurate and honest accounts and following professional standards.
The video will serve as an introduction two accountancy and will attempt to simplify the functions of the various accounts and their purpose. This is one video amongst many on the course but it is important to master this video before carrying on.
Introduction to Accounting Principles
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