Category: Accounting

Accounting

Basic Accounting

David Brandt

June 10, 2021

Accounting is a branch of management science that is concerned with the recording of financial transactions, which are meant to represent the financial responsibilities and assets of an entity. Accounting provides information necessary for decision making. There are many types of accounting systems available such as internal bookkeeping, the balancing of cash flows, the measurement of assets and liabilities, and the preparation of reports. All of these methods are used to ensure that accounting processes are conducted in a timely and effective manner to meet the needs of organizational stakeholders.The basic function of accounting is to record the financial performance of a company. This includes the assessment of the costs of assets and liabilities, transfer of assets from one category to

Accounting

Accounting Basics

David Brandt

May 8, 2021

Accounting is a methodology by which accounting information is processed and communicated to a decision maker. The discipline of accounting studies is vast, and includes accounting theory, auditing, statistics, and application of methods and principles to accounting. Auditing is one branch of accounting that attempts to ensure that the process of accounting is reliable. The aim is to provide knowledge of the financial condition of a company to investors and stakeholders. Statistics provide information on trends and patterns that are helpful in the analysis of accounting data. Accounting information is essential for decision making, management of resources, and planning for the future.Generally, accountants use several methods to arrive at accounting information. Generally, an accountant cr