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The Differences Between Public and Private Accounting - Research Paper Example
Author : feiledmond
Finance & Accounting
Pages 5 (1255 words)
Name Finance and Accounting 22 October 2013 The Differences between Public and Private Accounting 1. Introduction Generally, accounting is very important to everyone, be it at home, school, work, or even in business. Everyone is expected to account for all the money he or she uses and show how the money is spent…
According to Eisen, accounting refers to the “art of organizing, maintaining, recording, and analyzing financial activities” (1). The work of an accountant is to convert the accounting information into meaningful terms that are understandable and thus can be used by interested parties. An accounting system can use a simple check register or use the Microsoft Office Accounting which is more appropriate. Although accountants follow the same procedure as bookkeepers, an accountant can design a system that will capture all the necessary details that are needed in a business (Snyder Microsoft.com). Accounting systems are there to serve the control, management, and planning purposes of public finance administration. There are many reasons why accounting is said to be very vital. Just like the language of business, every business owner should be able to know the importance of accounting. Accounting is important as it helps in interpretation of companies operations and finances. Another reason why accounting should be considered important is the fact that it is usually considered as the guiding force to good management decisions in a particular company. No company management team can make sound decisions without knowing how the company finances are. ...