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  CONCEPTUAL FRAMEWORK AND ACCOUNTING STANDARDS  ACCOUNTING OVERVIEWLearning Objectives1. Define accounting and state its basic purpose2. Explain the basic concepts applied in accounting3. State the branches of accounting and the sectorsin the practice of accountancy4. Explain the importance of a uniform set of¬†financial reporting standards  ACCOUNTING -is the language of business.ACCOUNTING -is the art of recording, classifyingand summarizing in a significant manner and in terms of money, transaction and events which are, in part at least, of a financial character, and interpreting the result thereof (AICPA)  ACCOUNTING AS SCIENCE, ART & INFO SYSTEM1. As social science its is body of knowledge whichhas systematically gathered, classified andorganized.2. As a practical art, it requires the use of creativeskills and judgement3. As information system, it identifies, measureseconomic activities, process info into financialreports and communicate to users.
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