SSC All Board Accounting Board Question 2018
SSC All Board Accounting Board Question 2018. Accounting is the production of information about a company and the transmission of such information to those who have with those who need it. Communication is generally in the form of financial statements that present in monetary terms the economic resources under the control of the management, the art lies in the selection of relevant information for the user and is a faithful image. The accounting principles are applied to commercial entities in three divisions of artistic practice, the name of the accounting and audit.
Accounting is the recording of financial transactions along with storing, sorting, retrieving, summarizing, and presenting the results in various reports and analyses. Accounting is also a field of study and profession dedicated to carrying out those tasks.
SSC All Board Accounting Board Question 2018
Many tedious accounting practices have been simplified with the help of computer software. The Enterprise resource planning (ERP) software provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources.
Communication is generally in the form of financial statements that present in monetary terms the economic resources under the control of the management, the art lies in the selection of relevant information for the user and is a faithful image. The accounting principles are applied to commercial entities in three divisions of artistic practice, the name of the accounting and audit.
Accounting or accountancy is the measurement, processing, and communication of financial and nonfinancial information about economic entities such as businesses and corporations. The modern field was established by the Benedikt Kotruljevic in 1458[citation needed], (Italian: Benedetto Cotrugli; 1416–1469) merchant, economist, scientist, diplomat and humanist from Dubrovnik (Croatia), and Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the “language of business”, measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms.
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting, and cost accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization’s financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators, and suppliers; and management accounting focuses on the measurement, analysis, and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.
Accounting is facilitated by accounting organizations such as standard-setters, accounting firms, and professional bodies. Financial statements are usually audited by accounting firms and are prepared in accordance with generally accepted accounting principles (GAAP).[8] GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, “all major economies” have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).
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