Accounting is
the systematic recording, reporting and scrutiny of financial transactions of a
business. It is a procedure of communication of financial information about the
business entity for users, such as managers and shareholders. There is a set of
regulations and rules, which the accountant has to pursue. The accountant is
the person, who is in charge of accounting. Accounting assists the company to
evaluate the financial performance of the business along with looking at
statistics such as net profit.
There are numerous functions that
accounting comprises of. These functions contain recording transactions,
keeping records of finances of the company, making reports and analysis of the
financial information, presenting the report to the management of the company,
performing audits, advising on matters of taxes, and so on. Accounting is the
methodical process, which comprises recognizing, recording, calculating,
categorizing, confirming, summarizing, interpreting and communicating the
financial information to the management. It is the filed that offers information
on resources that are accessible to the company, finding means for financing
those resources and the outcome for the means that are employed. For more info
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