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fundamental principle of double-entry accounting, ensuring a company's financial balance by showing that total assets equal the sum of liabilities and shareholders' equity.</div><a class="moreRead" href="/definition/accounting-equation" title="Read more about Accounting Equation in Finance">Read More</a></div></li><div class="clr"></div></ul></div><div class="clr"></div></div><h1 class="definitionTitle">What is 'Accounting'</h1><br><div class="section1"><div class="Normal"><strong>Accounting</strong><br>Accounting, which is often just called "accounting," is the process of measuring, processing, and sharing financial and other information about businesses and corporations.<br><br><strong>What is accounting?</strong><br>Accounting is the processor keeping the accounting books of the financial transactions of the company. The accountants summarize the transactions in the form of journal entries. These entries are used in bookkeeping. The books of accounts are prepared by the accountants as per the regulation of the auditors and various regulating bodies. The accountants might follow the Generally Accepted Accounting Principles (GAAP) or the IFRS (International Financial Reporting Standards) principles<br><br>If an analyst reads the book of accounts, he/she can get a fair idea of the financial situation of the company. Thus, for public listed companies, the book of accounts is necessary to determine the company valuation.<br><br><strong>How does accounting work?</strong><br>Accounting is one of the most important things a business does. A bookkeeper or accountant might do it in a small business or by dozens of people in a large organization's finance department. The reports made by different types of accounting, like cost accounting, financial accounting and managerial accounting.<br><br>The operations, financial status, and cash flows of a large organization over a certain time period are summed up in the financial statements. These are short reports after incorporating all the transactions based on hundreds of individual financial transactions. So, on top of years of schooling and hard tests, all accounting credentials require a certain number of years of real-world accounting experience.<br><br>In the United States, a bookkeeper can handle simple accounting tasks. In contrast, other qualifications like the CMA or the CPA might be required for complex tasks. In Canada, the CPA manages complex tasks. <br><br>In India, the CA or the Chartered Account is the qualification for the accountants. It is a competitive exam, and the student needs to pass the papers to become a chartered accountant. For all tax-related and accounting related queries, the CA is considered a knowledgeable person.<br><strong><br>Various Accounting Varieties</strong><br><strong>Financial Accounting</strong><br>The balance sheet, income statement, and cash flow statement summarise all financial transactions that occurred within a specific accounting period. The process of preparing interim and annual financial statements is called financial accounting. Most businesses have their annual financial accounts audited by an independent CPA firm. Certain entities, such as publicly-traded corporations, are required to undergo audits. As part of their lending covenants, lenders frequently require the annual results of an external audit. Therefore, the bulk of businesses will perform annual audits for whatever reason.<br><br><strong>Managerial Accounting</strong><br>Managerial accounting and financial accounting use many of the same data, but they organize and use the data in different ways. In managerial accounting, the accountant needs to prepare peroidical reports for actionable insights. The decisions by the management are taken after considering these managerial reports. In addition to budgeting, forecasting, and different tools for analyzing finances, managerial accounting has many other accounting features. This is for any kind of information that management might find useful.<br><br><strong>Cost Accounting</strong><br>Cost decisions are taken after considering the insights of cost accountants. Cost accounting looks at all of the costs of making a product. The relevant managers make use of the costing decisions to check the viability of the products and improve costing decisions.<br><strong><br>Conditions for Accounting</strong><br>Most of the time, accountants in the United States use generally accepted accounting principles (GAAP) when making financial statements. GAAP is a set of rules and regulations meant to make it easier for businesses to compare and share their financial reports.<br><br>The International Accounting Standards Board is in charge of the International Financial Reporting Standards (IFRS), used in most other countries.<br><br><strong>What are the responsibilities of an accountant?</strong><br>Accountants help businesses keep accurate and up-to-date records of their finances. Account ants summarize business transactions in the form of various financial statements. Also, the job of the accountants is to prepare actionable reports for the top management.<br><br><strong>Accounting requires skills.</strong><br>There are many different kinds of people who become accountants. In general, though, accountants need to pay close attention to details because they need to be able to spot and fix small mistakes or oddities in a company's financial statements. Problem-solving also requires being able to think logically. Due to the widespread availability of computers and calculators, math skills are not as important as they used to be.<br><strong><br>What does accounting mean for investors?</strong><br>Modern financial markets are based on the work of accountants. Without accounting, investors wouldn't be able to trust that financial information is correct or up-to-date, and company executives wouldn't have the information they need to manage risks and plan projects. Accountants are important to regulators because they give auditors' opinions on annual 10-K reports. Accounting is an important part of modern finance, even though it is sometimes overlooked.<br><br><strong>What are the seven things that accounting does?</strong><br>Your accounting department needs to be good at and do seven very important things. Accounts receivable and payable, payroll, inventory management, budgeting, reports and financial statements, legal compliance and financial control, and keeping records.<br><strong><br>What does the word "ledger" mean?</strong><br>A ledger is a book with accounts where the categorized and summarised information from the journals is written as debits and credits. The second entry book is another name for it. The information needed to make financial statements is in the ledger.<br><br><strong>What are the basics of accounting?</strong><br>Simple accounting is keeping track of the money that comes in and out of business. It involves evaluating, summarising, and reporting on these transactions to regulators, watchdog groups, and tax collection groups.<br><br><strong>What is the accounting journal?</strong><br>A journal of accounts is a complete record of how a business handles its money. It is also called the book of original entry because it is the first place where transactions are written down.<br><br><em>Disclaimer: This content is authored by an external agency. The views expressed here are that of the respective authors/ entities and do not represent the views of Economic Times (ET). ET does not guarantee, vouch for or endorse any of its contents nor is responsible for them in any manner whatsoever. Please take all steps necessary to ascertain that any information and content provided is correct, updated and verified. ET hereby disclaims any and all warranties, express or implied, relating to the report and any content therein.</em><br><br><meta content="cms.next" name="cmsei"></div></div><div class="clr"></div><div id="widgetSEO" class="widgetSEO"><div class="readMoreTopics seoWidget seoWidget_con clearfix"><div class="prel"><h2 class="head">Read More News on</h2><div class="nextprev-btn slider_embd"><div data-ga-onclick="Previous | href" class="prev-btn arw_blk disable flt"><span class="alft"></span></div><div class="ts-dots flt"><ul></ul></div><div data-ga-onclick="Next | href" class="next-btn arw_blk ryt flt"><span class="aryt"></span></div></div></div><div id="slides_SEO" class="overh slides clearfix"><ul><li><a href="/topic/accounting" title="ACCOUNTING">ACCOUNTING</a><a href="/topic/chartered-account" title="CHARTERED ACCOUNT">CHARTERED ACCOUNT</a><a href="/topic/accountingmanagerial" title="ACCOUNTINGMANAGERIAL">ACCOUNTINGMANAGERIAL</a><a href="/topic/cma" title="CMA">CMA</a></li><li><a href="/topic/gaap" title="GAAP">GAAP</a><a href="/topic/international-accounting-standards-board" title="INTERNATIONAL ACCOUNTING STANDARDS BOARD">INTERNATIONAL ACCOUNTING STANDARDS BOARD</a><a href="/topic/international-financial-reporting-standards" title="INTERNATIONAL FINANCIAL REPORTING STANDARDS">INTERNATIONAL FINANCIAL REPORTING STANDARDS</a><a href="/topic/generally-accepted-accounting-principles" title="GENERALLY ACCEPTED ACCOUNTING PRINCIPLES">GENERALLY ACCEPTED ACCOUNTING PRINCIPLES</a></li><li><a href="/topic/what-is-accounting" title="WHAT IS ACCOUNTING">WHAT IS ACCOUNTING</a><a href="/topic/accounting-definition" title="ACCOUNTING DEFINITION">ACCOUNTING DEFINITION</a><a href="/topic/india" title="INDIA">INDIA</a><a href="/topic/united-states" title="UNITED STATES">UNITED STATES</a></li><li><a href="/topic/canada" title="CANADA">CANADA</a></li></ul></div></div></div><div class="prevNextDefNames"><ul><li class="flt"><a href="/definition/accountant" title="PREV DEFINITION"><div class="prevDef flt"><i class="prev"></i>PREV DEFINITION</div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/accountant" title="Meaning of Accountant in Finance">Accountant</a><br><div class="synopsis"></div><a class="moreRead" href="/definition/accountant" title="Read more about Accountant in Finance">Read More</a></div></li><li class="flt"><a href="/definition/accounting-equation" title="NEXT DEFINITION"><div class="nextDef fltr">NEXT DEFINITION<i class="next"></i></div></a><div class="clr"></div><div id="prevDefLinks"><a href="/definition/accounting-equation" title="Meaning of Accounting Equation in Finance">Accounting Equation</a><br><div class="synopsis">The Accounting Equation (Assets = Liabilities + Equity) is the fundamental principle of double-entry accounting, ensuring a company's financial balance by showing that total assets equal the sum of liabilities and shareholders' equity.</div><a class="moreRead" href="/definition/accounting-equation" title="Read more about Accounting Equation in Finance">Read More</a></div></li><div class="clr"></div></ul></div><div class="related_definition"><div class="related_defHeader"><div class="head flt">Related Definitions</div><div class="FAQ_pagination fltr"><div class="flt" id="pre"><a href="javascript:void(0);"><i class="prev"></i></a></div><div class="fltr" id="post"><a href="javascript:void(0);"><i class="next"></i></a></div><div class="clr"></div></div><div class="clr"></div></div><ul><li><a class="bdbottom" title="Atm" href="/definition/atm">Atm<div class="synopsis"><p>for Automated Teller Machine, ATM has become an increasingly popular banking outlet to withdraw cash, deposit cheques and check the latest transactions and account balance. In 1960, a man named Luther Geroge Simijan invented Bankography, a machine that allowed customers to deposit cash and check the transaction. Then the first ATM was set up in 1967 by Barclays Bank in Enfield. James Goodfellow in</p></div></a><a class="bdbottom" title="Abandonment Value" href="/definition/abandonment-value">Abandonment Value<div class="synopsis"><p>Abandonment value is the equivalent cash value of a project if it is liquidated immediately after reducing all debts which need to be repaid. Description: Abandonment value is also known as liquidation value of an asset. The general rule for deciding to discontinue the product is that if the product’s salvage value is greater than the net present value (NPV) of its expected cash flows, the proj</p></div></a><a title="Abnormal Rate Of Return" href="/definition/abnormal-rate-of-return">Abnormal Rate Of Return<div class="synopsis"><p>Abnormal rate of return or ‘alpha’ is the return generated by a given stock or portfolio over a period of time which is higher than the return generated by its benchmark or the expected rate of return. It is a measure of performance on a risk-adjusted basis. Description: The abnormal rate of return on a security or a portfolio is different from the expected rate of return. It is the return gene</p></div></a><a title="Accountant" href="/definition/accountant">Accountant<div class="synopsis"><p>at Is the definition of an Accountant?A professional who conducts accounting activities including accounting research, audit, or analysis of financial statements is known as an accountant. Accountants work for accounting companies or in the internal accounting departments of large corporations. They are responsible for ensuring that companies maintain accurate records of their income and expenditu</p></div></a></li><li><a class="bdbottom" title="Accounting" href="/definition/accounting">Accounting<div class="synopsis"><p>counting, which is often just called "accounting," is the process of measuring, processing, and sharing financial and other information about businesses and corporations.What is accounting?Accounting is the processor keeping the accounting books of the financial transactions of the company. The accountants summarize the transactions in the form of journal entries. These entries are used in bookkee</p></div></a><a class="bdbottom" title="Accounting Equation" href="/definition/accounting-equation">Accounting Equation<div class="synopsis"><p>QUATIONAccounting Equation DefinitionThe accounting equation, also known as the basic accounting equation or balance sheet equation, is a statement that a company's total asset is the sum of its liability and its shareholder's equity. It ensures that the balance sheet is balanced (i.e, for every debit, there is a corresponding credit)The accounting equation is the basis of the double-entry account</p></div></a><a title="Accounts Payable" href="/definition/accounts-payable">Accounts Payable<div class="synopsis"><p>When a company purchases goods on credit which needs to be paid back in a short period of time, it is known as Accounts Payable. It is treated as a liability and comes under the head ‘current liabilities’. Accounts Payable is a short-term debt payment which needs to be paid to avoid default. Description: Accounts Payable is a liability due to a particular creditor when it order goods or service</p></div></a><a title="Accounts Receivable" href="/definition/accounts-receivable">Accounts Receivable<div class="synopsis"><p>: Accounts Receivable (AR) is the proceeds or payment which the company will receive from its customers who have purchased its goods & services on credit. Usually the credit period is short ranging from few days to months or in some cases maybe a year. Description: The word receivable refers to the payment not being realised. This means that the company must have extended a credit line to its c</p></div></a></li><li><a class="bdbottom" title="Accrual Accounting" href="/definition/accrual-accounting">Accrual Accounting<div class="synopsis"><p>When transactions are recorded in the books of accounts as they occur even if the payment for that particular product or service has not been received or made, it is known as accrual based accounting. This method is more appropriate in assessing the health of the organisation in financial terms. Description: To understand accrual accounting, let's first understand what we mean when we say the w</p></div></a><a class="bdbottom" title="Arrears" href="/definition/arrears">Arrears<div class="synopsis"><p>ding to arrears definition, it is a financial term in relation to the status of payments related to their due date. Generally, the term is used for describing the responsibility or liability that was not paid past its due date. Hence, arrears mean a payment that is overdue.What is Arrears?Arrears is a commercial term meaning a payment that is past its due date. 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