accounting
Sign in to saveAccounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
AI overview
Accounting is the process of recording and tracking a business's financial activities and results. It provides important financial information to investors, creditors, managers, and regulators who need to understand how an organization is performing economically.
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Article
25 sectionsContents
- History
- Etymology
- Terminology
- Topics
- Financial accounting
- Management accounting
- Intercompany accounting
- Auditing
- Information systems
- Tax accounting
- Forensic accounting
- Political campaign accounting
- Organizations
- Professional bodies
- Firms
- Standard-setters
- Education, training and qualifications
- Degrees
- Professional qualifications
- Research
- Scandals
- Fraud and error
- See also
- References
- External links
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably.
Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. 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. Management accounting focuses on the measurement, analysis and reporting of information for internal use by management to enhance business operations. 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. Accounting information systems are designed to support accounting functions and related activities.