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Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
The activities management accountants provide inclusive of forecasting and planning, performing variance analysis, reviewing and monitoring costs inherent in the business are ones that have dual accountability to both finance and the business team. Examples of tasks where accountability may be more meaningful to the business management team vs ...
An Accounting Entity is simply an Entity for which accounting records are to be kept. The main requirements for something to be considered an "accounting entity" are: It can own property the value of which can be measured in financial terms; It can incur debts or liabilities which can also be measured in financial terms
The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
In accounting, a business or an organization and its owners are treated as two separate parties. This is called the entity concept. The business stands apart from other organizations as a separate economic unit. It is necessary to record the business's transactions separately, to distinguish them from the owners' personal transactions.
In cost accounting, classification is basically on the basis of functions, activities, products, process and on internal planning and control and information needs of the organization. Financial accounting aims at presenting 'true and fair' view of transactions, profit and loss for a period and Statement of financial position (Balance Sheet) on ...
A chart of accounts provides a listing of all financial accounts used by particular business, organization, or government agency. The system of recording, verifying, and reporting such information is called accounting. Practitioners of accounting are called accountants. [1]
An organizational structure defines how activities such as task allocation, coordination, and supervision are directed toward the achievement of organizational aims. [1] Organizational structure affects organizational action and provides the foundation on which standard operating procedures and routines rest.