Accounting is the system that measures business activities, processes that information into reports, and communicates the results to decision-makers.
Managers of businesses and other users use accounting information to set goals for their organizations, to evaluate progress toward those goals, and to take corrective action if necessary. accounting may be divided into two parts:financial accounting and management accounting. management accounting, or managerial accounting, provides information mainly to management of a firm, analyzing individual and specific problems for decision making in various departments of a business.in contrast, financial accounting is related to preparation of reports and statements for users both inside and outside a firm.accounting may be defined as a process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of information.Among the wide range of users of financial accounting are management of a business, investors, creditors, governmental organizations, Securities and Exchange Commission, trade unions, insurance companies, financial analysts and consulting institutions and so on. the rules that govern how accountants measure, process, and communicate financial information fall under the heading GAAP, which stands for gernerally accepted accounting principles.the most basic tool of accounting is the accounting equation, which presents the resources of the business and the claim to those resources.financial reports, or accounting reports, are end product of accounting process, giving a concise report of profitability and financial position of an enterprise and they are the final products of the accounting process.the primary financial statements are the (1)balance sheet, (2)income statement (3)statement of cash flows and (4)statement of changes in financial position.the balance sheet lists all the assets, liabilities, and owner's equity of an entity as of a specific date, usually the end of a month or a year.the income statement presents a summary of the revenues and expenses of an entity for a specific period of time, such as a month or a year.a cash flow statement is an accounting statement that reflects the condition of cash receipts and cash disbursements of an enterprise during a certain accounting period.a statement of changes in financial position is an accounting statement that reflects comprehensively the sources and application of working capital and its changes during an accounting period.
Question:
What is the accounting?
What is financial accounting？
Managers of businesses and other users use accounting information to set goals for their organizations, to evaluate progress toward those goals, and to take corrective action if necessary. accounting may be divided into two parts:financial accounting and management accounting. management accounting, or managerial accounting, provides information mainly to management of a firm, analyzing individual and specific problems for decision making in various departments of a business.in contrast, financial accounting is related to preparation of reports and statements for users both inside and outside a firm.accounting may be defined as a process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of information.Among the wide range of users of financial accounting are management of a business, investors, creditors, governmental organizations, Securities and Exchange Commission, trade unions, insurance companies, financial analysts and consulting institutions and so on. the rules that govern how accountants measure, process, and communicate financial information fall under the heading GAAP, which stands for gernerally accepted accounting principles.the most basic tool of accounting is the accounting equation, which presents the resources of the business and the claim to those resources.financial reports, or accounting reports, are end product of accounting process, giving a concise report of profitability and financial position of an enterprise and they are the final products of the accounting process.the primary financial statements are the (1)balance sheet, (2)income statement (3)statement of cash flows and (4)statement of changes in financial position.the balance sheet lists all the assets, liabilities, and owner's equity of an entity as of a specific date, usually the end of a month or a year.the income statement presents a summary of the revenues and expenses of an entity for a specific period of time, such as a month or a year.a cash flow statement is an accounting statement that reflects the condition of cash receipts and cash disbursements of an enterprise during a certain accounting period.a statement of changes in financial position is an accounting statement that reflects comprehensively the sources and application of working capital and its changes during an accounting period.
Question:
What is the accounting?
What is financial accounting？