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Accounting: Talking in simple terms, accounting simply refers to
‘recounting’ or ‘reckoning’. According to the organizational perspective
also, it has the same meaning. As a business starts and begins its
operations, the previous performance is required to be assessed by many
stakeholders of the firm. For this, it is important to note or record
all the transactions or events that have occurred in monetary terms in a
summarized way. Mainly, the process of accounting includes recording,
classifying and summarizing the past events of financial nature with a
view to help the users of the financial statements to understand the
summary of the financial statements and results.
Accounting is a part of the daily life of almost every literate
individual. Every one keeps an account of his income and expenses. But,
in business terms, it is more serious and complicated. Accounting is a
must in business and a business can not be executed unless the owners or
the managers know that how much does the third parties or the outsiders
owe to it and how much does it owe to the outsiders. It also provides
information about the returns on the capital invested in the business.
For this information, the systematic maintenance of the records of all
transactions and events occurring on a routine basis and assessing this
information for assisting the decision making in business is required.
Accounting is the best medium for communication of the results of
business and known as the language of business. Accounting also has its
own set of rules and regulations for carrying out the accounting of the
transactions. They consist of the principles on which the system is
based; the GAAP Generally Accepted Accounting Principles, Accounting
Standards. For the US, the principles of accounting followed are the US
GAAP.
Another important fact to be noted here is that accounting is different
from book-keeping and has a broader scope. Book-keeping is just related
with orderly record keeping while accounting consists of the evaluation
and judgment at several stages like the recording, classifying,
summarizing and interpretation. Accounting has nowadays, become a big
area and it takes in different types of accounting including the cost
accounting, management accounting, financial accounting and more
recently, responsibility accounting.
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