General Accounting​​ (គណនេយ្យទូទៅ)​

There are 5 steps of accounting learning:

1- Principle of Accounting

2- Financial Accounting I&II

3- Managerial Accounting

4- Intermediate Accounting

5- Advance Accounting

PRINCIPLE OF ACCOUNTING

1 - An Overview of Accounting

Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities.Accounting, which has been called the "language of business",measures the results of an organization's economic activities and conveys this information to a variety of users including investors, creditors,management, and regulators.Practitioners of accounting are known as accountants.

Accounting can be divided into several fields including financial accounting, management accounting, auditing, and tax accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and suppliers;and management accounting focuses on the measurement, analysis and reporting of information for internal use by management.The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

Accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies.Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom.As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards(IFRS).

2 - Sub-fields of Accounting

Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation and accounting information systems.

2-1 Financial Accounting :

- Production of summary financial statement for external users.
- Prepared annually, six-monthly or quarterly.
- Generally required by law.
- Reflect past performance and current position.
- Information calculated and presented in accordance with International Accounting Standard.

2-2 Management Accounting :

- Production of detailed account, used by management to control the business and plan for the future.
- Normally prepared monthly, often on a rolling basis.
- Not mandatatory.
- Include budgets and forecasts of future activities, as well as reflecting past performance.
- Information computed and presented in order to be relevant to managers.

2-3 Auditing (Financial Audit, Internal Audit)

Auditing is the verification of assertions made by others regarding a payoff, and in the context of accounting it is the "unbiased examination and evaluation of the financial statements of an organization".

An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses an opinion on the fairness with which the financial statements presents the financial position, results of operations, and cash flows of an entity, in accordance with GAAP and "in all material respects". An auditor is also required to identify circumstances in which GAAP has not been consistently observed.

2-4 Accounting Information System

An accounting information system is a part of an organisation's information system that focuses almost exclusively on processing quantitative data.

3 - What is GAAP ?

Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS).^[1] While standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) sets the internationally appropriate principles- based Code of Ethics for Professional Accounts the International Accounting Education Standards Board (IAESB) sets professional accounting education standards;International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards

Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United States the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP, and in the United Kingdom the Financial Reporting Council (FRC) sets accounting standards. However,as of 2012 "all major economies" have plans to converge towards or adopt the IFRS.

There are 2 elements of Accounting : Recording and Summarising.
1- Recording : Transaction must be record as they occur in order to provide up-to-date information for management.

2- Summarizing: The transaction for a period are summarized in order to provide information about the company to interested party.