What is accounting all about?

Accounting or accountancy is the measurement, processing, and communication of financial information about economic entities [1] [2] such as businesses and corporations. Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. [6] [7] Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organisation's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; [8] and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. Accountant use the work done by bookkeepers to produce and analyze financial reports. Although accounting follows the same principles and rules as bookkeeping, an accountant can design a system that will capture all of the details necessary to satisfy the needs of the business managerial, financial reporting, projection, and analysis and tax reporting. Click below for QNA about Accounting. <a href="https://www.shiksha.com/search/question/answered?q=Accounting&ts=311745" style='word-wrap:break-word;'>https://www.shiksha.com/search/question/answered?q=Accounting&ts=311745</a>.

0 Upvotes 0 Upvotes 0 Downvotes

• • Report Abuse
• Comment