What do you mean by accounting?

Answer 1

A surplus account is the accumulation of undivided profits.

Answer 2

Accounting is a service-based profession that provides reliable and relevant financial information useful in making decisions.

Accounting is the recording, reporting, and analysis of financial transactions of a business.

A person in charge of accounting is known as an accountant, and this individual is typically require to follow a set of rules and regulations, such as the Generally Accepted Accounting Principle (GAAP). Accounting allows a company to analyze the financial performance of the business, in other words, how well the business is doing, are they making a profit or suffering a loss, can they invest in more operations, purchase supplies and/or inventory.

In education "accounting" is learning the rules and regulations and how to perform accounting task, such as filling out the Balance Sheet, record transactions, post transactions, analyze, etc. In simple it is learning the accounting cycle, and how to record & maintain accounting documents.

Answer 3

Accountancy means practice and body of knowledge concerned primarily with

1. methods for recording transactions,
2. keeping financial records,
3. performing internal audits,
4. reporting and analyzing financial information to the management, and
5. advising on taxation matters.

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