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Accounting is the process by which financial information about a business is recorded, classified, summarized, interpreted, and communicated to person who require that information.
The accounting Wikia is for any content related to accounting that does not fit within the accounting category at Wikipedia.
Accounting by Type
- Financial Accounting - Focused on maintaining financial records (bookkeeping) and the reporting of historical financial results of the enterprise based on these records. Where these reports or financial statements are aimed at external users of the accounts, they should be prepared in prescribed formats, based on generally accepted accounting principles and conform to accounting standards that are prepared by national or international accounting bodies, and may need to be externally audited.
- Management Accounting - prepares and analyze financial information primarily for internal use. It includes financial planning (especially budget preparation and reporting), and Cost Accounting (which tracks and analyses the cost of products and activities engaged in by the organization).
- Financial Management - concerned with financial decision making, including choosing sources of capital and investment decisions.
- Auditing - the process of examining an entity's financial statements and reporting on whether or not they accurately summarize the underlying accounting transactions and portray a true and fair view of of the organization's performance and financial position. Auditors may also examine and report on an organization's system of internal control, wider business processes. External auditors are independent of the organization and report primarily to the owners, trustees or other stakeholders. Internal auditors are employed by the organization and report to the senior management.
- Tax and Regulation - Refer to the knowledge of taxation, ethics, professional and legal responsibilities, and business law.
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See Also
The Wikia finance category for related wikis.
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