UDA (UM-Cyberjaya)

Accounting involves measuring, processing, and communicating financial information. It encompasses concepts like the double-entry system, the accounting equation (assets = liabilities + equity), and the distinction between accrual and cash basis accounting. Assets, liabilities, and equity are the core elements, forming the basis of financial statements. Generally accepted accounting principles (GAAP) guide accurate financial reporting. Financial analysis is conducted to evaluate performance and inform decision-making. Accounting is essential for tracking and interpreting financial data to understand the financial status and performance of businesses and organizations.