Accounting

Often called the "language of business," accounting is the systematic process of recording, summarizing, analyzing, and reporting an organization's financial transactions. This discipline produces crucial financial statements—including the income statement, balance sheet, and statement of cash flows—that provide a clear picture of a company's performance, financial position, and liquidity. This vital information is used by a wide range of stakeholders, such as managers, investors, creditors, and regulators, to make informed economic decisions and assess the overall health of the enterprise.

1. Introduction to Accounting
   1. The Purpose of Accounting
      1. The "Language of Business"
         1. Communicating Financial Information
         2. Facilitating Comparisons
         3. Standardizing Business Communication
      2. Role in Decision Making
         1. Supporting Internal Decisions
         2. Supporting External Decisions
         3. Resource Allocation
         4. Performance Evaluation
   2. Key Users of Accounting Information
      1. Internal Users
         1. Management
            1. Planning
            2. Controlling
            3. Decision Making
            4. Performance Assessment
         2. Employees
            1. Compensation Decisions
            2. Job Security Assessment
            3. Career Planning
      2. External Users
         1. Investors
            1. Investment Decisions
            2. Assessing Profitability
            3. Risk Assessment
         2. Creditors
            1. Lending Decisions
            2. Assessing Creditworthiness
            3. Monitoring Loan Covenants
         3. Government Agencies
            1. Taxation
            2. Regulatory Compliance
            3. Economic Policy Making
         4. Customers
            1. Assessing Supplier Stability
            2. Long-Term Relationship Decisions
         5. Suppliers
            1. Credit Terms Assessment
            2. Business Relationship Evaluation
   3. Branches of Accounting
      1. Financial Accounting
         1. External Reporting
         2. Compliance with Standards
         3. Historical Cost Focus
      2. Managerial Accounting
         1. Internal Reporting
         2. Decision Support
         3. Future-Oriented Analysis
      3. Tax Accounting
         1. Tax Compliance
         2. Tax Planning
         3. Tax Code Requirements
      4. Auditing
         1. Internal Auditing
         2. External Auditing
         3. Compliance Auditing
      5. Forensic Accounting
         1. Fraud Detection
         2. Legal Disputes
         3. Litigation Support
      6. Governmental and Not-for-Profit Accounting
         1. Fund Accounting
         2. Budgetary Control
         3. Public Accountability
   4. Professional Ethics and Conduct
      1. Integrity
         1. Honesty in Reporting
         2. Avoiding Misrepresentation
         3. Moral Courage
      2. Objectivity
         1. Avoiding Conflicts of Interest
         2. Unbiased Judgment
         3. Independence of Mind
      3. Confidentiality
         1. Protecting Sensitive Information
         2. Legal and Ethical Obligations
         3. Client Privacy Rights
      4. Professional Competence
         1. Continuing Education
         2. Adherence to Standards
         3. Technical Proficiency
      5. Professional Behavior
         1. Compliance with Laws and Regulations
         2. Avoiding Actions that Discredit the Profession
         3. Professional Courtesy