Definition: Accounting refers to the systematic planning, analysis, measurement, control, reporting, and presentation of financial information. The word "accounting" can also refer to a branch of accounting that focuses on the preparation of accounts by an organization or individual. The term "accountants" typically refers to members of this professional group who perform accounting services for their clients. Definition: Accountancy is the systematic planning, analysis, measurement, control, reporting, and presentation of financial information in a manner that is transparent, understandable, reliable, and accurate. The word "accounting" has a long history dating back to antiquity, with the earliest known accounts being found on papyrus and clay tablets. The term first appeared in English around the 16th century, where it was used as an abbreviation for bookkeeping or accounting. In accounting, there are many branches and sub-disciplines that focus on different aspects of financial management. Some common topics include budgeting, income statement preparation, balance sheet analysis, profit and loss statements, cash flow statements, and auditing. Accounting also involves the use of computer software to perform financial analyses and create financial reports. In summary, accounting refers to the systematic planning, analysis, measurement, control, reporting, and presentation of financial information in a manner that is transparent, understandable, reliable, and accurate.
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