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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]
An accounting information system (AIS) is a system of collecting, storing and processing financial and accounting data that are used by decision makers.An accounting information system is generally a computer-based method for tracking accounting activity in conjunction with information technology resources.
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 ...
The definition of financial accounting "Financial accounting describes the systems that process business transactions. These systems provide useful information about the financial position, ...
One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. [2] In other words, management accounting helps the directors inside an organization to make decisions.
Accounting Operations Accounting records are key sources of information and evidence used to prepare, verify and/or audit the financial statements . They also include documentation to prove asset ownership for creation of liabilities and proof of monetary and non monetary transactions .
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.
Accounting software is a computer program that maintains account books on computers, including recording transactions and account balances. It may depend on virtual ...
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