Accounting is the work or process of keeping financial records. Sentences of road 8000 of little used to in organization for decision making. n. 1. In other words, bookkeeping is the means by which data is entered into an accounting system. A narrative or record of events. 0 && stateHdr.searchDesk ? Watch lectures, practise questions and take tests on the go. It is common factors to compare profit, cash, sales, and assets, etc. This work is done by accounting. in Chinese (Traditional)

Join courses with the best schedule and enjoy fun and interactive classes. What does ACCOUNTING mean? The accounting equation forms the foundation of the double-entry accounting and is a concise representation of a concept that expands into the complex, expanded and multi-item display of … Management must find out its positive and negative points. in Chinese (Simplified) concepts cleared in less than 3 steps. On the other hand, Art is a technique that helps in achieving the desired goals in the best possible manner.Accounting has its own principles holes and techniques. Nowadays, the computer has been deployed to automatically account for transactions as they happen.Recording of transactions creates raw data. It is the systematic recording, reporting, and analysis of the financial activity (transactions) of a person, business, or organization. And they must be filed timely or the y may not be considered as filed. The operations that are being financed with the money of owners, it needs to be periodically updated to them. ACCOUNTING method of valuing INVENTORY under which the costs of the first goods acquired are the first costs charged to expense. It reveals In other words, accounting is a practice and body of knowledge concerned  primarily withTherefore accounting can be defined as” the process of recording, summarising, reporting and analyzing required financial information relating to the economic events of an organization to the interested users for making decisions.”The primary function of accounting is to make records of all transactions that the firm enters into. That’s why it is regarded as a science.Every businessman records a business transaction in the books of accounts as per rules, according to the nature of the business and determine the results after analyzing, so it’s an art. Finance Some considered accounting is as science and some others as art. the study of subjects such as literature, language, history, and philosophy Accounting helps in doing so by means of comparison. assets definition Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars. Define accounting for.

accounting meaning: 1. the skill or activity of keeping records of the money a person or organization earns and spends…. In view of the coronavirus pandemic, we are making Connect with a tutor instantly and get your

For the purpose of recording, the accountant maintains a set of books. In business, it allows companies to analyze their financial performance.

Taxpayers meeting statutory requirements MUST file various returns on the prescribed forms. regnskap, bokføring… English Definition of accounting: The systematic recording, reporting, and analysis of financial transactions of a business.

Thus it is clear from the above discussion that accounting has the elements of both science and art.Q: The first step in the accounting process is_______.Ans: The correct answer is C. Maintaining proper and fine accounts has become very essential today, as a result, of increasing complementation in the business world. {{#verifyErrors}}

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Accounting – definition and meaning. It communicates the performance of the business with various end-users who are interested to know about the business. 2.

The text book definition of accounting states that it includes recording, summarizing, reporting and analyzing financial data.

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