HSC Syllabus of Accounting Session 2013-14

Posted on May 12, 2013 by Shah Jamal

Accountancy, or accounting, is the production of information about an enterprise and the transmission of that information from people who have it to those who need it. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is representationally faithful. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.

HSC Syllabus of Accounting Session 2013-14

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HSC Syllabus of Accounting Session 2013-14

HSC Syllabus of Accounting Session 2013-14

HSC Syllabus of Accounting Session 2013-14

HSC Syllabus of Accounting Session 2013-14

Information technology plays a vital role within accounting. Today many tedious accounting practices have been simplified with the help of computer software. Software such as enterprise resource planning (ERP) software systems help to manage value chain of companies. ERP systems provide a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources. this software can replace up to 200 individual software programs that were previously used. there is also computer integrated manufacturing that allows products to be made and completely untouched by human hands and can increase production by having less errors in manufacturing process. Computers have reduced the cost of accomeulating, storing, and reporting managerial accounting information and have made it possible to produce a more detailed account of all data that is entered into any given system. Computers have changed business to business interaction through e-commerce. Rather than dealing with multiple companies to purchase products a business can purchase a product at a less expensive price and take out the third party and vastly reduces expenses companies once accrued. Inter-organizational information system enables suppliers and businesses to be connected at all times. When a company is low on a product the supplier will be notified and fulfill an order immediately which eliminates the need for someone to do inventory, fill out the proper docomeents, send them out and wait for their products.

HSC Syllabus of Accounting Session 2013-14

The American Institute of Certified Public Accountants (AICPA) defines accountancy as “…the art of recording, classifying, and summarizing in a significant manner and in terms of money…” transactions and events that are at least partly financial in character, and interpreting the results.

HSC Syllabus of Accounting Session 2013-14

Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years, were found in Mesopotamia (Assyrians). The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced.

Early accounts served mainly to assist the memory of the businessperson and the audience for the account was the proprietor or record keeper alone. Cruder forms of accounting were inadequate for the problems created by a business entity involving multiple investors, so double-entry bookkeeping first emerged in northern Italy in the 14th century, where trading ventures began to require more capital than a single individual was able to invest. The development of joint-stock companies created wider audiences for accounts, as investors without firsthand knowledge of their operations relied on accounts to provide the requisite information. This development resulted in a split of accounting systems for internal (i.e. management accounting) and external (i.e. financial accounting) purposes, and subsequently also in accounting and disclosure regulations and a growing need for independent attestation of external accounts by auditors.