what is the accounting?????

hi guys,, 

maybe some kind of you not know yet about accounting,,

so i'll try y best to learn about accounting for you..

i hope with this article,, make more people love accounting

chck this out...

Accounting

Accountancy or accounting is the system of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account (ledger) to which debit and credit entries (recognizing treansaction) are chronologically posted to record changes in value (see bookkeeping). Such financial information is primarily used by lenders, managers, investors, tax authorities, and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies. Accounting has been defined by the AICPA as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."  (source : wikipedia)

from that definition, we can know, every company of the world need to use the accounting system to control the company in financial or management sector.

Types of accounting

• Financial accounting is "a major branch of accounting involving the collection, recording and extraction of financial information, and the summary of it in the form of a periodic profit and loss account, a balance sheet and a cash flow statement in accordance with legal, professional, and capital market requirements".
• Management accounting is another branch of accounting performed within an organization to provide information only accessible to its decision-makers.
• Open-book accounting is an accounting principle that aims to improve accounting transparency of organizations.
• Tax accounting is the accounting needed to comply with jurisdictional tax regulations.
• Accounting scholarship is the academic discipline which studies the theory of accountancy.

The related, but separate financial audit comprises internal audit and external audit. External audit—carried out by independent auditors—examines the financial statements and accounting records in order to express an opinion as to the truth and fairness and adherence to Generally Accepted Accounting Principles (GAAP). Commonly used GAAP include the US Financial Accounting Standards Board (FASB), which issues FASB Pronouncements including Statements of Accounting Standards, and the International Accounting Standards Board (IASB), which issues International Financial Reporting Standards (IFRS). Many other countries have instituted local standards resulting in a local country GAAP. Internal audit aims at providing information for management usage, and is typically carried out by employees.

the conclusion is, accounting is the important part to manage your company, and we have to run the application of  accounting..

If you wanna be rich, you have to know about lost and gain, and you can find it in Accounting