Scope of accounting, Accounting Basics

The range of accounting can be presented in a diagrammatic form.

Data  collection  and  creation  is  the  area  that  provides  raw  material  for accounting. The data collected is 'historic' means that this refers to events that have previously taken place. Previously, accounting was largely concerned along with what had occurred, quite than making any attempt to predict and get ready for future.

After the historic data has been composed, this is recorded in accordance along with generally established accounting theory. A huge number of transactions or events have to be entered in the books of original entry as journals and ledgers in accordance along with the classification scheme previously decided upon. The processing and recording of information generally accounts for a substantial part of whole accounting work. Such type of activity of accounting may be termed as recordative. The processing technique utilized for recording may be manual, electronic or mechanical. Computers are also utilized broadly in modern business for doing such job.

Posted Date: 4/2/2013 6:47:23 AM | Location : United States







Related Discussions:- Scope of accounting, Assignment Help, Ask Question on Scope of accounting, Get Answer, Expert's Help, Scope of accounting Discussions

Write discussion on Scope of accounting
Your posts are moderated
Related Questions
The process of adjusting the bond interest expense account for any premium or discount is called amortization of the premium or discount

Q. Show payment of a liability? Accountants are able to easily measure some changes in assets and liabilities such as the acquisition of an asset on credit and the payment of a

Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu

Q. What is Accrued expenses? Accrued expenses, accruals -- an expense that has been incurred though not yet paid for.Salaries are a good instance. Employees earn or accrue salar

Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets

TYPES OF FINANCIAL ANALYSIS a) According to the material used, the study can be - i) External analysis : Where analysis is done by exterior interested parties and  ii)

what is the implications of applying accounting concepts wrongly

Explain about the Petty Cash Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

started in business with cash 16,000