Financial Analysis - What is Accounting - Accounting Assignment Help

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Assignment Task

 

What is Accounting

Accounting is a process of three activities:

1 Identifying

2 Recording

3 Communicating W

 

Who uses Accounting?

-A business owned by one person is generally a proprietorship.

-A business owned by two or more persons associated as partners is a partnership.

-A business organized as a separate legal entity under state corporation law and having ownership divided into transferable shares of stock is called a corporation.

-Public sector bodies

-Clubs and societies

 

Types of accounting

• Financial Accounting

– Historical

– External

– Regulated (GAAP vs IFRS)

• Management Accounting

– Forward looking

– Internal

– Bespoke

 

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