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Cracking the Code of ACCOUNTING
As we are all aware of the term of accounting, but after the hearing the word
accounts and accounting some of us get confuse in regard of what is it exactly
and how does it works.
In this PDF or Notes, we are going to discuss about the What is Accounting and
How does it work, so let’s start a little tour of accounting.
In this lesson, we will try to answer the three main questions:
What is accounting? what types of accounting are there? And why do
we need it?
Accounting is an information science that is used to collect and organize
financial data for organizations and individuals. It helps in determining
the financial health of a business, making informed decisions and
complying with legal requirements.
These
financial statements provide information about the performance,
financial position and cash flows of a company.
Another type of accounting is managerial accounting, which contains
strategic information that shouldn't be seen by the firm's competitors.
It helps in decision-making and planning for the future of the company.
Tax accounting is a very technical field and different that varies for every
single legislation in the world. We won't cover it in this note.
The main focus of this note will be on bookkeeping and financial
accounting as they are the solid foundation that one needs to
understand financial transactions.
RUBY KUMARI
Cracking the Code of ACCOUNTING
As we are all aware of the term of accounting, but after the hearing the word
accounts and accounting some of us get confuse in regard of what is it exactly
and how does it works.
In this PDF or Notes, we are going to discuss about the What is Accounting and
How does it work, so let’s start a little tour of accounting.
In this lesson, we will try to answer the three main questions:
What is accounting? what types of accounting are there? And why do
we need it?
Accounting is an information science that is used to collect and organize
financial data for organizations and individuals. It helps in determining
the financial health of a business, making informed decisions and
complying with legal requirements.
These
financial statements provide information about the performance,
financial position and cash flows of a company.
Another type of accounting is managerial accounting, which contains
strategic information that shouldn't be seen by the firm's competitors.
It helps in decision-making and planning for the future of the company.
Tax accounting is a very technical field and different that varies for every
single legislation in the world. We won't cover it in this note.
The main focus of this note will be on bookkeeping and financial
accounting as they are the solid foundation that one needs to
understand financial transactions.
RUBY KUMARI
