Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.
Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.
Accounting is defined as a process of record keeping of all financial transactions in a business.
In business, every transaction is expected to be recorded. Every business has multiple transactions going throughout the day, and it is essential that to determine the productivity of the business, these transactions be recorded. This one accounting was discovered.
Accounting is an integral part of the business which is used to record the list of financial transactions occurring in the business. Sometimes accounting is also defined as the process of collecting, recording, studying, and reporting the financial transactions of an organization.
This summary of financial transactions that are recorded in accounting gives detailed information about the financial health of an organization, including their financial position, the operations of the company, sustainability in the market and cash flows.
The analysis of these statements also determines the productivity and financial health of the organization, which acts as a guide for further growth.
The function of accounting or account keeping is handled by the finance department in a large organization. In the case of smaller organizations and smaller businesses, it is handled by a bookkeeper or an accountant.
The primary function of these departments or people is to keep a record of all the financial transactions happening in the organization and report them to the authorities and responsible person of the company by submitting reports of Management and cost accounting.
Answers & Comments
Answer:
Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.
Answer:
Accounting is responsible for interpreting, classifying, analyzing, reporting and summarizing financial data. The biggest difference between accounting and bookkeeping is that accounting involves interpreting and analyzing data and bookkeeping does not.
Accounting is defined as a process of record keeping of all financial transactions in a business.
In business, every transaction is expected to be recorded. Every business has multiple transactions going throughout the day, and it is essential that to determine the productivity of the business, these transactions be recorded. This one accounting was discovered.
Accounting is an integral part of the business which is used to record the list of financial transactions occurring in the business. Sometimes accounting is also defined as the process of collecting, recording, studying, and reporting the financial transactions of an organization.
This summary of financial transactions that are recorded in accounting gives detailed information about the financial health of an organization, including their financial position, the operations of the company, sustainability in the market and cash flows.
The analysis of these statements also determines the productivity and financial health of the organization, which acts as a guide for further growth.
The function of accounting or account keeping is handled by the finance department in a large organization. In the case of smaller organizations and smaller businesses, it is handled by a bookkeeper or an accountant.
The primary function of these departments or people is to keep a record of all the financial transactions happening in the organization and report them to the authorities and responsible person of the company by submitting reports of Management and cost accounting.