What is accounting all about?

Answer 1

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Answer 2

What Accounting Is All About

Answer 3

Accountants are concerned about several things:
1. Keeping an account of all purchase and sale transactions in so far is practical
2. Arriving at income and expense figures
3. Keeping track of assets and liabilities
4. Keeping records that enable a government to determine that their funds are being used in a legal manner.
5. Auditing records to confirm that regulatory law is being followed
6 Auditing to determine if the employees are not cheating the public or private owners
7. Auditing for tax compliance
8. Presenting financial statements
9.Determining unit costs of various products

Many people specialize in one or more of the above areas.

Answer 4

Accounting is a set of concepts and techniques that are used to measure and report financial information about an economic unit. The economic unit is generally considered to be a separate enterprise. The information is potentially reported to a variety of different types of interested parties. These include business managers, owners, creditors, governmental units, financial analysts, and even employees. In one way or another, these users of accounting information tend to be concerned about their own interests in the entity. Business managers need accounting information to make sound leadership decisions. Investors hold out hope for profits that may eventually lead to distributions from the business (e.g., "dividends"). Creditors are always concerned about the entity's ability to repay its obligations. Governmental units need information to tax and regulate. Analysts use accounting data to form their opinions on which they base their investment recommendations. Employees want to work for successful companies to further their individual careers, and they often have bonuses or options tied to enterprise performance. Accounting information about specific entities helps satisfy the needs of all these interested parties.

The diversity of interested parties leads to a logical division in the discipline of accounting: financial accounting and managerial accounting. Financial accounting is concerned with external reporting of information to parties outside the firm. In contrast, managerial accounting is primarily concerned with providing information for internal management.

Answer 5

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What is accounting all about?