Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.
Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system. Accounting information systems are designed to support accounting functions and related activities.
Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli. Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS).
Hello mga ka-PHC!
Tagal ko na ni-ccompile 'to and i-uupdate ko na lang pag may bago. Sana makatulong sa inyo lalo na sa mga students dito. 😊
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For those who are taking BSA or any related accounting field. Feel free to answer the following problems :)
1. Adjusting entries that may be reversed include those for prepaid or unearned items that
a. create an asset or an liability account
b. were originally entered in a revenue or expense...
Good Morning Ka PH!
Hingi langa advice kasi this school year kukunin ko ang kursong Accountancy at nais ko sanang humingi ng payo/tips sa mga accoutancy student diyan kung ano mga maipapayo niyo sakin about sa course na ito. Mga dapat basahin na libro o online na pwedeng makatulong.
Salamat!
Laging dapat sa Manila ka magrereview. Everyone's telling me na dapat Manila. Pero syempre, yung gastos, paano naman diba?
Gusto ko lang sanang makakita ng example na hindi nag Manila, pero pumasa sa 1st take.
May review center rin kasi dito sa may Pampanga. Gusto ko itry. Kasi naiiyak ako sa...