Define Economic

May 20th, 2015
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Economics or Economics is the social science that studies the production, distribution, and consumption of goods and services.

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Accounting and FinanceBasic ConceptsProf. Eliseo A. Aurellado, CPA, MBA,PhDDefinitions Accounting - financial information system for decisionmaking.Objective: Wealth measurement Finance- science of the management of cash andother assetsObjective: Creation of wealthExploring Wealth How do you define wealth? How rich are you?Concept of Wealth Assets things OF VALUE that we OWN Liabilities things OF VALUE that we OWE OWN OWE = NET WORTH NET WORTH = WEALTHNature of Accounting Definition: Process of identifying, measuring,and communicating economic information toperform informed judgments and decisions byusers of the information Language of business As old as the merchants of Venice Governed by principles and conventionsExh.1-1AccountingAccounting System(accumulates financial andmanagerial accounting data)Managerial AccountingInformation for decisionmaking, and controlof an organizationsoperations.InternalUsersFinancial AccountingPublished financialstatements and otherfinancial reports.ExternalUsersAccounting Process FlowEconomic EventorTransactionDual-entry bookkeepingprocessJournalizing (Accounting entry injournals )Posting (T-accounts in Ledger)Trial BalanceFinancialStatementsUSERSStockholdersManagersRegulatory agencies- BIR- SECInvestorsCreditorsEmployeesFS INFORMATION NEEDEDEquity value of the businessBusiness perform

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