Question

what is accounting ? Explain the full meaning

Answer 1

Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accountingand 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 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 or accountancy is the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.