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What is accounting?
Accounting is referred to as language of business. It deals with collection and recording information and then communicating these information with financial institutions.
Parts of accounting:
- Tax accounting:
The tax imposed by government needs to be filled. Tax accounting deals with the amendments and calculates tax to be paid by the organization.
- Budgeting accounting:
It is used by the management team to measure performance of the approved budget.
- Auditing accounting:
It provides opinion about correctness of the financial statements and tests internal control of organization.
- Financial accounting:
It provides reports about economic performance of a financial organization and deals with financial condition of organization.Example-book keeping, preparing financial statements etc.
- Managerial accounting:
It collects statistical and other financial information about the organization and prepares reports which are used by management team to understand organization’s whereabouts.
- Cost accounting:
It estimates the manufacturing cost of a company and prepares reports which are used to make profit estimates for company. Examples are analysis of cost volume profit, standard cost accounting etc.
- Non-profit accounting:
It deals with study and reporting of financial information of an organization for purposes other than profit analysis. It is based on fund accounting. Charities, NGOs etc. are examples of non-profit organization.
- International business accounting:
It deals with areas of accounting based on International business activities. It covers abroad based MNCs and international trade. It designs accounting patterns for international accounting regulations and evaluates performance of foreign subsidiaries.
- Accounting information system:
It records information on accounting using information technology resources. It is a computer based method. It stores and collects financial information which is used by management team for making decisions for growth of company.
- Accounting education:
It deals with conducting research and providing accounting information to students.
The subject of accounting has different elements which are:
It keeps written record of transactions occurring in a company. Transactions from both the debtors and creditor’s point of view are considered. A systematic records needs to be maintained for future reference and analysis.
When the transactions are recorded, it is in the form of raw data, which is of no use to company. So,data needs to be organized systematically. The individual record and summary record is made separately.
The management team needs to be updated with the reports so that they can answer to the owner of company. These reports are in form of financial statements which show details about performance of company.
After the steps of summarization and reporting, comes step of analysis. This is done by drawing comparison on parameters of profits and sales. The final verdict is given on the basis of analyzing reports.
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Application of Accounting:
- Knowing about debtors and creditors
- Helps in taking managerial decisions
- Helps in determining overall sale of business
- Provides written record of transactions
- Helps in tax calculation
- Helps in calculating profit and loss of a company
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