what is accounting?

Answer 1

Accounts payable, and accounts receivable.

Answer 2

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Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements and accounting records in order to express an opinion—that conveys reasonable but not absolute assurance—as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles, in all material respects. At the heart of accounting is the measurement of financial transactions which are transfers of legal property rights made under contractual relationships. Non-financial transactions are specifically excluded due to conservatism and materiality principles.

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the work. Many allow their members to use titles indicating their membership. Examples are Chartered Accountant and Certified Public Accountant.

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits. This provides an easy way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Greece.

According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such.

Answer 3

Mathematical Literature!

Answer 4

Accounting is the language of business, as such, all organizations involved in making money, need fluent speakers of the language, to succeed.

Answer 5

Accounting - Recording and reporting of financial transactions, including the origination of the transaction, its recognition, processing, and summarization in the FINANCIAL STATEMENTS.

Answer 6

a system that provides quantitative information about finances

a bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts

Answer 7

ac·count·ing (ə-koun'tĭng) pronunciation
n.

The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets, liabilities, and operating results of a business.

Answer 8

The systematic recording, reporting, and analysis of financial transactions of a business