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Accounting Assignment Help
What is accounting? Accounting refers to the recording of transactions in a systematic manner so as to arrive at the financial status of the organization or individual. It starts with simply recording the day to day transactions and extends itself to preparation and presentation of financial statements like Statement of income and expenditure and balance sheet.
Accounting is based on certain agreements and concepts which have emerged out of custom and practice followed commonly by organizations globally. Examples of some of the concepts are: Accrual, going, materiality, consistency, conservatism, etc.
Various types of financial statements which are prepared in accounting are: Income and expenditure, Balance sheet, cash flow statement, etc.
Accounting needs to provide all kinds of information relating to the business to all the users of such information like shareholders, investors and prospective buyers, etc.
Accounting basically aims at keeping fiscal data in an organized form and to present the information in such a standardized form so that comparison can be made between organizations.
This is just a brief on what accounting entails. Accounting is a bigger area than what these few paragraphs can hold.
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