Accounting Subject, Its Objects And Their Classification

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Accounting Subject, Its Objects And Their Classification
Accounting Subject, Its Objects And Their Classification

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Video: Cost Accounting Lesson 1 2023, January

The subject of accounting is an orderly system of generalization, collection, and registration of information about the equity capital and liabilities of the enterprise in monetary terms during the course of the enterprise's activities.

Accounting subject, its objects and their classification
Accounting subject, its objects and their classification

Accounting functions

Accounting in an organization performs the following functions:

- provides control over the property of the enterprise, its rational use;

- control of all resources of the organization;

- forecasting and identifying negative factors of the enterprise;

- mobilization of hidden reserves, development of measures for their use;

- high-quality and correct maintenance of tax and accounting documentation.

Accounting for property of economic activity has two main directions:

1) The composition of the property, its scope (main production, sales or auxiliary premises), and who is financially responsible for it.

2) Sources of origin of this property (equity or debt).

All funds in accounting can be divided into three categories:

1. Buildings, reproduction facilities, structures (fixed assets) - this property has a long-term operation, their cost is gradually included in the cost of the output (depreciation). The service life of these funds is more than 1 year.

2. Funds in circulation - funds that are on accounts and in the cash desk, materials, accounts receivable, finished products, loans issued.

3. The diverted funds - withdrawn from circulation for an indefinite period, but according to the current legislation are registered by the enterprise until the end of the year. These include budgetary payments, financial benefits.

Accounting objects

The object of accounting in the organization is all material values, as well as any activity of the enterprise that has monetary value. Material assets include: fixed assets, materials, MBP, finished products and semi-finished products, production waste.

The financial activities of the organization include: production costs, product sales, wages, payment for energy resources, settlement and credit operations, the creation of enterprise funds, funds for the development of the enterprise, financial relations with customers and suppliers, financial relations with government bodies, financial results.

The main economic activity of the organization should include operations for the acquisition and use of fixed assets (or their lease), the acquisition of material assets, as well as planning the costs required for the production of products. That is, business transactions are activities that result in changes in the composition of property and its source.

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