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Accounting

  • Accounting is the art of measuring, communicating and interpreting financial activity.
  • Financial accounting is one branch of accounting and involves processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated.
  • By contrast management accounting information is used within an organization and is usually confidential and accessible only to a small group, mostly decision-makers.
  • Tax Accounting is the accounting needed to comply with jurisdictional tax regulations.
  • Accounting attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners.
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