Accounting : What Is Accounting?

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WHAT IS ACCOUNTING? “Accounting is the art recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting the information in various reports and analysis” Accounting is an information science used to collect, classify, and manipulate financial data for organizations and individuals. TYPES OF ACCOUNTING: Main types of accounting are as follow: 1. Financial accounting. 2. Management accounting. 3. Government. 4. Tax accounting. 5. Forensic accounting. 6. Project accounting. 7. Social accounting. EXECUTIVE SUMMARY: Bookkeeping is the estimation, transforming and correspondence of budgetary data about financial substances.. Professionals of bookkeeping are known as bookkeepers. The terms bookkeeping and monetary reporting are regularly utilized as equivalent words. Budgetary bookkeeping concentrates on the reporting of an association 's monetary data, including the arrangement of money related proclamations, to outer clients of the data, for example, financial specialists, controllers and suppliers. TYPES OF ORGANISATIONS: THERE ARE TWO MAIN TYPES OF ORGANISATION WHICH ARE AS FOLLOW 1: PROFIT MAKING ORGANISATION: A business or other association whose essential objective is profiting (a benefit), instead of a non benefit association which centers an objective, for example, helping the group and is concerned with cash just as much as important to keep the association working. Most organizations thought to be organizations are revenue
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