accounting
Definition
Practice and body of knowledge concerned primarily with (1) methods for recording transactions, (2) keeping financial records, (3) performing internal audits, (4) reporting and analyzing financial information to the management, and (5) advising on taxation matters. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the (1) resources available to a firm, (2) the means employed to finance those resources, and (3) the results achieved through their use.
accounting is in the Accounting & Auditing subject.
accounting appears in the definitions of the following terms:
extraordinary item,
appropriation account,
loss carryback,
unit of measurement concept,
anticipation,
segregation of duties,
application program,
compensating error,
equity,
top line
and
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