"Accounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations."
Study of financial transactions and records; includes financial reporting and analysis.
Financial Accounting: The study of financial statements used to communicate a company's financial performance, including balance sheets, income statements, and cash flow statements.
Managerial Accounting: The study of how accounting information is used within a company to make decisions, including analyzing costs, creating budgets, and developing performance metrics.
Auditing: The examination of financial statements by an independent third-party to ensure they are accurate and comply with accounting standards.
Tax Accounting: The study of tax laws and regulations, and the preparation of tax returns for individuals and businesses.
Cost Accounting: The study of how to accurately measure and allocate costs within a company, including understanding cost behaviors and creating cost models.
Forensic Accounting: The use of accounting skills to investigate financial crimes, such as fraud or embezzlement, and providing expert witness testimony.
International Accounting: The study of accounting principles and practices used in different countries and the differences in accounting standards and regulations across borders.
Governmental Accounting: The study of accounting principles and practices used in government entities, including budgeting, fund accounting, and financial reporting.
Nonprofit Accounting: The study of accounting principles and practices used in nonprofit organizations, including understanding donor restrictions and the importance of transparency in reporting.
Financial Statement Analysis: The study of how to interpret and analyze financial statements to make decisions about a company's financial health and potential.
"Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators."
"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."
"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 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."
"Financial statements 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)."
"Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators."
"Accounting information systems are designed to support accounting functions and related activities."
"The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice."
"Financial accounting focuses on the reporting of an organization's financial information to external users, while management accounting focuses on measurement, analysis, and reporting for internal use by management."
"Of which double-entry bookkeeping is the most common system."
"Financial statements are usually audited by accounting firms."
"As of 2012, 'all major economies' have plans to converge towards or adopt the International Financial Reporting Standards (IFRS)."