The book also described the use of journals and ledgers. Accountancy contained two parts bookkeeping and accounting. Both became useful to the merchants and the professional from time to time. It plays an important function in recording the financial transaction of an organization. It provides information to a whole range of users. The essay elaborates basics of accountancy and the use of accountancy in different areas of management by the accountants and the bookkeepers (Gazely and Lambert, 2006) Accounting and Bookkeeping Accountancy does the task of maintaining records and it also involves in preparation of financial reports for a particular business. It also involves in auditing those reports. It is concerned with the knowledge, practices and the principles of accounting for meeting the general needs of a running business. According to Kohler “Accountancy refers to the entire body of the theory and practices of accounting” (A. Goyal and M. Goyal, 2009). The term accountancy can be divided into two parts: Accounting and Bookkeeping. Accounting Accounting basically deals with the provision or measurement of assurance of the financial information that are used by a number of users such as the lenders, investors, managers and the decision makers of a particular organization (Fitzpatrick, 2010). According to American Accounting Association it is “a process of identifying, measuring and communicating information to permit judgment and decisions by the users” (Khan and Jain, 2007). It also measures the different economic activities which are responsible for affecting both the inflow and outflow of the resources of the economy. It serves as a language to the business as it communicates its results to the business (Hugh and Hobbs, 2005). There are certain characteristics of accounting which are as follows: Accounting concerns of only the financial transactions and are expressed in terms of money. The information which cannot be expressed in term of money cannot be included in the books of accounts. After the identification of the financial information these are recorded in the books of accounts. Journal is known as the primary book of accounts in which all the information is recorded at first. When information are vast then the book of accounts is sub-divided into a number of various books such as Sales book, Purchase Book, Sales Return Books, Cash Book and many more (Stittle and Wearing, 2008) After recording of the financial data, they are classified into different groups of data which are of same nature. The book in which these are recorded are known as the Ledger. After classifying the data, they are summarized and presented in a manner that is understood by a layman also. This process is concerned with the preparation of Profit and loss account, trial balance and balance sheet. The information thus got from the summarization of the data is to be analysed to get a result. Ratio analysis is a very common tool for analysis and thus it helps both the management and the external users to take their decisions. The result thus communicates some information to the interested party and they can take an appropriate decision (Warren, 2009). There are different types of accounting which are as follows: Financial accounting concentrates on only those transactions that have already occurred in the past. The main aim of this type of accounting is to
Finance and Accounting Define Accounting and Bookkeeping and compare and contrast the role of Professional Accountants and Bookkeepers. Introduction One can track the birth of accountancy from the earlier days of human. The urge to maintain records came up when there was a need for maintaining the records of values of the agricultural products along with their quantities…
Her father is described as a weak individual and is not a prominent character in the story (Perrault). More focus is kept on Cinderella and her fairy Godmother. The Fairy Godmother keeps on telling Cinderella to be a good girl and Cinderella listens to her.
Cost accounting is applied in organization, regulation and making of decisions. Accountants specialized in managerial accounting depend on the regular statements of finance such as income statement, cash flow statement and balance sheet and other kinds of accounting reports in evaluating the firm’s information.
The job opportunities for accountants in all types of public and private sector organizations continue to grow.Accountants are strategic providers of financial information on the basis of which decisions are taken.
Like every other professional field, professional accounting is governed by a set of principles which guide the accountant in the performance of his/her task(s). These principles are inscribed in the context of a code of ethics which rules the behavior of the professional and sets up a code of conduct which regulates behavior in the field.
ve engaged forensic accountants to investigate and gather evidence which would help to decide the extent of crime and formulate penalties accordingly. Businesses on the other hand to avoid colossal damages manage forensic accountants on their payroll to prevent frauds and other
During the 1800s, the rise of science and the development of positivist criminology have led to the development of more humane probation (Clear, Cole, & Reisig, 2009, p. 66). According to Regoli& Hewitt
The role of management accountants specifically concentrates in the two areas that are supporting management decision making and monitoring and control however it is being discussed in the literature and research relating to the corporates that management accountants would be