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Sayed Arif
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Accounting - December 9th, 2013

what is Accounting?discuss Accounting in detail?
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Asad Khan
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Re: Accounting - December 9th, 2013

Accounting refers to the practice of systematically recording the financial transactions of a business, analysing the information for internal development by the management, summarizing and interpreting them for the sake of reporting to the concerned state authorities and the stakeholders of the firm. It includes-

1. Financial Accounting- Provides financial statements based on generally accepted accounting principles (GAAP) and the focus is on reporting to external parties

2. Management/Cost Accounting- Mainly used by management for identifying the overheads, keeping track of the goals and solving the problems

Financial information is mainly summarized by-
a) Balance Sheet- Gives the value and nature of a firm%u2019s assets, liabilities and owners%u2019 equity by describing the source of funds and the application of funds as on a given date.
b) Income Statement- Profit/Loss for a given time period by including both cash and non-cash transactions.
c) Cash Flow statement- Assesses the liquidity of the firm by estimating the net cash flow for a given time period

Accounting, being one of the key divisions of any business is managed by bookkeepers and qualified accountants with designations such as Chartered Accountant (India) / Certified Public Accountant (USA)
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Rose Marry
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Re: Accounting - April 20th, 2016

Quote:
Originally Posted by sayed123 View Post
what is Accounting?discuss Accounting in detail?
Hey friend,

Please check attachment for Notes on Financial Accounting, so please download and check it.
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File Type: pdf Notes on Financial Accounting.pdf (7.11 MB, 0 views)
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