Accountancy (profession) or accounting (methodology) is the measurement, statement, or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts.
Accounting (Definition) is a service activity. Its function is to provide quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, and in making reasoned choices among alternative courses of action.
It is also the discipline of measuring, communicating and interpreting financial activity. Accounting is also widely referred to as the "language of business".
Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation 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.
Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world. Many allow their members to use titles indicating their membership or qualification level. Examples are Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (FCA, CA or ACA), International Accountant (FAIA or AAIA),Management Accountant (ACMA, FCMA or AICWA), Certified Public Accountant (CPA) and Certified General Accountant (CGA or FCGA).
Auditing is a related but separate discipline, with two sub-disciplines: internal auditing and external auditing. External auditing is the process whereby an independent auditor examines an organisation's financial statements and accounting records in order to express an opinion as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles (GAAP), or International Financial Reporting Standards (IFRS), in all material respects. Internal auditing aims at providing information for management usage, and is typically carried out by auditors employed by the company, and sometimes by external service providers.
Accounting/accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.
Accounting scholarship is the academic discipline which studies accounting/accountancy.
What symbol can I use to represent accounting on a graduation announcement?*
Q. I am graduating soon and I want to make my own announcements. I know the medical profession has the snake around the staff. I was wondering, is there a symbol for the accounting profession? Any ideas on what I can use?
Asked by reena - Thu May 10 13:23:48 2007 - - 0 Answers - 0 Comments
A. What about a calculator, 1040 form, pencil or jelly beans (the right bean counter can be sweet)? Also Dilbert
Answered by Chaney Lake Girl - Thu May 10 13:59:30 2007
Would the signing of a contract be recorded in a construction company's accounting journal?*
Q. Working on some accounting homework; I'm not sure how to journalize the signing of a contract for an imaginary construction company. Any accounting majors out there who can tell me whether the signing of a $250,000 contract for work set to begin at a future date would be recorded in the general journal? If yes, which accounts are debited and credited? Thanks a bunch.
Asked by redmercury82 - Thu Oct 11 01:36:37 2007 - - 2 Answers - 0 Comments
A. No, at the point of signing a contract, you don't record any entries in the general journal.
Answered by Sandy - Thu Oct 11 02:08:42 2007
accounting certification? How often do i have to renew my cpa test?*
Q. I'm planning on takeing the cpa exam in the next 6 months and was wondering how often i need to take that test to renew my accounting certificate? 1 year, 2 year 5 years or is that one test I take good for my life?
Asked by Dom G - Tue Jan 30 20:26:28 2007 - - 2 Answers - 0 Comments
A. The standards vary from state to state but in general, once you pass the CPA exam you don't need to take it again. However, you will have to take continuing education courses to keep your license current.
Answered by stlouiscurt - Tue Jan 30 21:37:15 2007
Manager, Accounting Advisory Support - International Wealth ...*
unknown
2008-05-15 15:38:10
RBC Financial Group / Royal Bank of Canada (Toronto ON): "This is a dual role, including Accounting advisory support working directly with RBC's Accounting Policy team, and supporting Special Projects for International Wealth..."
Accounts Receivable Clerk*
unknown
2008-05-16 13:08:01
Moose Cree First Nation (Moose Factory ON): "Position Summary: The Accounts Receivable Clerk is responsible for the accounts receivable duties by maintaining records of cash receipts, preparing and issuing invoices..."
Public Accounting Practice For Sale in Lewes/Rehoboth Beach Area, DE*
unknown
2008-05-16 19:43:00
This is a new listing in far west Sussex County in the Lewes/Rehoboth Beach area of Delaware. This is a well-established, reputable public accounting firm grossing approximately $240000 and taking...
