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Accounting is that system which help us for written the transection in systemeticaly way. accounting is the very useful system for remmedering the such transaction,with the help of accounting we know that what is the financial position of our company & firm. in the ancent time we done that kind transaction like exchanging the things between two parties without help of money but in that transaction we find some erorr in that transaction as follows-:(1) we have to need two parties in that transaction which parties are want to exchange their things with that party which thing they want .
Accounting is very nescessary for recording their firm,company's transaction for knowing the financial position of the companyor firm .
in accounting we have to follow the such rules for recording the such transaction in systemeticaly way as follows: (1) materaility concept
(2) matching concept
(3)money measurement concept
(4) separate entity concept
(5) accounting period concept
What else can I help you with?
Financial and management accounting?
The Financial accounting is mainly for the people outside a given organization such as the shareholders. The management accounting provides information to the people within a given organization.
What are the primary objectives of the accounting function in an organization?
The primary objectives of the accounting function in an organization are to process financial information and to prepare financial statements at the end of the accounting period.
What is the importance of the accounting process?
The accounting process is how money is received or paid in a company or organization. It is the groundwork for the whole cashflow in a company or organization.
What is the cost accounting in service organization?
Accounting that categorizes costs at different job units
Why study accounting in depth?
Because accouning application is very broad and provides lots of job apportunities. accounting is used in - Non profit organization - Profitable organization - Private organization - Public organization accounting provides excellency and furnishes the management of the organization with sound decision making tools. Sayed Azim Shah Finacial Advisor
Managerial accounting is what type of accounting?
Managerial accounting is a type of accounting which is concerned with providing information to managers that is, people inside an organization who direct and control its operation.
What private organization establishes broad accounting principles as well as specific accounting rules?
FASB financial accounting standards board
What are the purposes of business organization in accounting?
Fak U!
What is accounting cycle or process?
The sequence of activity which are followed in an organization,where accounting is pratise.the sequence of accounting procedure used to record classify and summarize accounting information is known as ACCOUNTING CYCLE/PROCESS.
What group or organization governs ethical issues in financial accounting?
The Financial Accounting Standards Board (FASB)
The private sector organization involved in developing accounting principles is the?
FASB - Financial Accounting Standards Board
The area of accounting that provides managers of an organization with information they need to make decisions is called?
managerial accounting
