Violence
INTRODUCTION:
Accounting is a glorious but misunderstood field. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. It's often thought of as a discipline of pinpoint exactitude with rigid rules, in practice accountants rely heavily on best estimates and educated guesses that require careful judgment and strong imagination.
The short-but-sweet description of accounting is "the language of business." A more formal definition is offered by The American Accounting Association: "The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information."
However defined, accounting plays a vital role in facilitating all forms of economic activity in the private, public and nonprofit sectors, in endeavors ranging from coal mining to Community Theater to municipal finance.
ACCOUNTING:
Accounting is defined as “the art of recording, classifying and summarizing in terms of money transaction and events of financial character and interpreting the results thereof.”
An analysis of the definition of accounting brings the following functions of accounting.
Recording: This is one of the basic functions of accounting. Recording means to put the transaction to writing in books of accounts. It is essentially concerned with not only ensuring that all business transactions of financial characters are in fact recorded but also that they are recorded in an orderly manner. Recording is done in the book - "journal". This book is further subdivided in various subsidiary books such as cash journal, purchases journal, sales journal etc.
Classifying: Classification is the process of grouping of transaction or entries of one nature at place. The work of classifying is done in the book termed as “Ledger”.
Summarizing: This involves the presenting of classified data in a manner which is understandable and useful to management and other interested
Accounting is a glorious but misunderstood field. Accountants are often stereotyped as soulless drones laboring listlessly in the bowels of corporate bureaucracies. It's often thought of as a discipline of pinpoint exactitude with rigid rules, in practice accountants rely heavily on best estimates and educated guesses that require careful judgment and strong imagination.
The short-but-sweet description of accounting is "the language of business." A more formal definition is offered by The American Accounting Association: "The process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of the information."
However defined, accounting plays a vital role in facilitating all forms of economic activity in the private, public and nonprofit sectors, in endeavors ranging from coal mining to Community Theater to municipal finance.
ACCOUNTING:
Accounting is defined as “the art of recording, classifying and summarizing in terms of money transaction and events of financial character and interpreting the results thereof.”
An analysis of the definition of accounting brings the following functions of accounting.
Recording: This is one of the basic functions of accounting. Recording means to put the transaction to writing in books of accounts. It is essentially concerned with not only ensuring that all business transactions of financial characters are in fact recorded but also that they are recorded in an orderly manner. Recording is done in the book - "journal". This book is further subdivided in various subsidiary books such as cash journal, purchases journal, sales journal etc.
Classifying: Classification is the process of grouping of transaction or entries of one nature at place. The work of classifying is done in the book termed as “Ledger”.
Summarizing: This involves the presenting of classified data in a manner which is understandable and useful to management and other interested