Question

a 100 word paragraph about accounting

Answer 1

Answer:

Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers, and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.

Answer 2

Accounting:

• The practise of recording a business's financial transactions is known as accounting.
• As part of the accounting process, these transactions are collated, reviewed, and reported to oversight organisations, regulatory agencies, and tax collection organisations.
• Financial statements are used in accounting to summarise a company's operations, financial situation, and cash flows.
• They offer a brief rundown of financial transactions throughout the course of an accounting quarter.
• In any size of firm, accounting is an essential activity for making decisions, creating budgets, and determining economic success.
• A bookkeeper can handle simple accounting needs, but larger or more complicated accounting needs should be handled by a Certified Public Accountant (CPA).

There are two crucial types of accounting for businesses:

1. Administrative accounting
2. Cost management.

• Managerial accounting helps management teams make company decisions, whereas cost accounting helps business owners determine how much a product should cost.
• Qualified accountants use a set of rules known as Generally Accepted Accounting Principles for preparing financial statements (GAAP).
• Strategic planning, external compliantly heavily on accounting.

#SPJ2