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Home » Accounting Homework Help » Financial Accounting
Financial Accounting
Today every organisation tries to increase its input-output and production capacity. To summarize all these records and maintaining them for future use it requires a detailed report of the financial state or transactions of a person or entity: an accounting of the estate is required, the rendering or submission of such a report is what to be known as accounting. It depends upon what you are using the word "accounting" in reference to. There are so many ways of using accounting, whether the question is, "What do you do when you do accounting?" then the answer is: Accounting is a method or system used to keep track of and determine the financial status of a person or company's income/assets and outlay of money/possessions. (An Accountant engages in Accounting: "The occupation of maintaining and auditing records and preparing financial reports for a business". There are various other variations in meaning, but they are basically related to the above two meanings. If you mean, "What does it mean that I have to have keep an accounting of what I'm doing?" then it means that you have to keep a record (usually written) of whatever you do. In information technology, accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation. It is the process of keeping track of a user’s activity while accessing a network’s resources including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Quite simply, accounting is a language that to the information for the financial position of an organization.

Accounting is the backbone of business. Ethical and professional accounting forms a clear financial image of a business, and allows managers to make informed decisions, keeps investors abreast of developments in the business, and keeps the business profitable. It is also one of the oldest professions; businesses have been practicing accounting for thousands of years. Accounting is the art of recording, summarizing, reporting, and analyzing financial transactions. An accounting system can be a simple, utilitarian check register, or, as with Microsoft Office Accounting, it can be a complete record of all the activities of a business, providing details of every aspect of the business, allowing the analysis of business trends, and providing insight into future prospects.

Today, accounting is called "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accounting that art which concentrates on reporting to people inside the business entity and is used to provide information to all who belongs to the organization.

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