answersLogoWhite

0

In simple terms Accounting is the process(technique) of identifying, recording, summarizing, analysing and interpreting transactions & events.

User Avatar

Wiki User

13y ago

What else can I help you with?

Continue Learning about Finance

1 What is the nature and scope of accounting?

What is management accounting ?Explain the nature and scope of management accounting management accounting is a part of accounting which is used for decision making lik in the organisation these decision makers prepare cash flow statement wich helps in forcasting the future profit of the organisation


Can you explain how transactions are debited or credited in accounting?

In accounting, transactions are debited or credited based on the accounting equation, which states that assets must equal liabilities plus equity. When a transaction increases assets or expenses, it is debited. When a transaction increases liabilities, equity, or revenue, it is credited.


Explain how can creative accounting affects the cost of capital and what are the likely implications?

Creative accounting can make financial documents of a business look misleading. Many financial institutions my be hesitant to lend money, which will make the business have to pay more for capital.


Can you explain the difference between debit and credit in accounting?

In accounting, debit and credit are two sides of the same transaction. Debit represents money coming into an account, while credit represents money going out of an account. Debits increase assets and expenses, while credits increase liabilities, equity, and revenue.


What is accounting module?

An accounting module refers to a set of standardized parts of accounting that are used in teaching the accounting students. The accounting modules are usually broken down into a number of subjects to enable the learners to easily understand certain accounting concepts.