Tuesday, July 9, 2013

Accounting Definition

Good Practice & body of information concerned are the folliwing

  •     keeping financial records,  
  •     methods for recording accounting transactions,
  •   reporting & analyzing the financial     information to the management,
  •     advising on taxation matters, and
  •     performing internal audits.
Accounting Definition
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting & communicating financial information. It reveals profit / loss for a given period, value and nature of a firms assets, liabilities & owners' equity.

Accounting DefinitionAccounting delivers info on the

  •     the results achieved through their use.
  •     resources available to a firm,
  •    the means employed to finance all of those resources

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