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Finance and Accounting Concepts - Essay Example
Author : yrunolfsson
Finance & Accounting
Pages 8 (2008 words)
Accounting concepts play an important role in recording the financial transactions and is a discipline that provides certain information related to financial transactions. …
It consists of financial activities which include collecting, recording, analyzing and communicating the financial information to others. The financial data is a collection of facts which is expressed in numerical symbols and characters. The major task of the accountant is to records the financial transactions and converts data into financial information. The study will deal with the various accounting concepts that have helped the accountants in dissemination of financial information. Accurate financial presentation helps in the systematic recording of the financial transactions and also helps in identification of errors in the accounting procedure. The author of the study will able to give an insight into the basic accounting concepts and its impact on the business activities. Finally, the study will conclude with the various accounting concepts and its practical applications. Accounting Concepts & Procedures Accounting is definitely concerned with the recording of transactions that affect the business activities and is also related to preparation of income statement and the balance sheet. As per the AICPA committee of terminology accounting is regarded as a process of recording, classifying, summarizing and in systematic and significant manner. ...