Summary

In this topic we have learnt that:

Accounting profession is vital in provision of information for decision making.

	Accounting involves recording transactions in an orderly manner and availing the same on a timely basis
	to decision makers.

	Two broad categories of information are provided, that is, information on financial performance and
	position of an entity.

	A number of financial statements are useful in providing this information such as the balance sheet,
	income statement, cash flow statement and statement of changes in owners' equity.

	The information is used by a number of parties such as stock holders, potential investors, management,
	employees, regulatory agencies, students and general public.

	We have looked at the various accounting measures that are utilised. The importance of behaving in an
	ethical manner has been underscored in ensuring that credible accounting measurements are done and
	that reliable financial data is reported.

	The topic has also reviewed the watchdog organisations to the professions who are in charge of
	ensuring that accountants conduct their duties in a professional manner and in adherence to their code
	of conduct.

Summary

	The profession is based on a number of conventions and concepts such as matching, monetary unit,
	going concern, time period and separate entity. We have reviewed their importance as well as
	application.