Business Article

I - INTRODUCTION TO ACCOUNTING SESSION OBJECTIVES:

The basics of chronicle

The contrary types of accounting, the distinction between various types of accounting

The financial statements and their importance

The various concepts and conventions that overhaul in the forwardness of accounts

DEFINITION OF ACCOUNTING

According to The American set up of Certified Public Accountants, accounting is the art of arranging, classifying and summarizing in a significant manner and in terms of money proceedings and events which are, in expound at least, of a financial character, and interlingual rendition the results thereof.

CLASSIFICATION OF ACCOUNTING Financial news report:
Financial Accounting is that part of accounting which is mainly concerned with the
historical, custodial and stewardship aspects of away reporting to share holders, government and other users of accounting info outside the business entity. Financial accounting emphasizes the stewardship aspect of accounting rather than the control or decision making aspects of accounting. It is the recording and processing of financial data affecting the business unit, which relates to the sometime(prenominal) and is generally for one year.



The end product of financial accounting is the Profit and loss for the period ended (which shows the profit make or loss incurred) and the Balance Sheet as on the last day of the accounting period (which shows the financial position). The preparation of the financial accounting is based on generally current accounting principles, enunciated by the accounting profession and is heavily strained by legal regulations and accounting standards.

live Accounting:

It is that part of accounting which is concerned with the accumulation and assignment of historical be to units of product and departments, primarily for the purpose of valuation of stocks and measurement of profits. Cost accounting seeks to ascertain the cost of a unit produced...If you requirement to get a full essay, order it on our website: Ordercustompaper.com



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