Basic Financial And Management Accounting Principles

1866 WordsMar 4, 20168 Pages
In the business world, business accounting embraces many professional and trade skills and abilities, such as being able to gather, record, summarize and analyse financial transactions. It is studied and known that business accounting is useful in people’s everyday lives. This report is going to be about basic financial and management accounting principles and techniques used in today’s working society, with the aim to introduce how daily transactions activities are partaken in the working environment as an accountant. The report will also discuss about the main branches in within business accounting and will talk about concepts, policies and principles in accounting. As written on Business News Daily, accounting is: “Vital to a strong company, keeping track of the business’s finances and its continued profitability”, (Martin, 2015). It is certainly vital and important that companies and businesses acquire understanding and knowledge on accounting, but also individuals should acquire knowledge in accounting for personal benefit. This is because in the today’s society and civilization, people use accounting in their daily lives. For example when they study financial statements to make investment decisions, assess interest rates to pay off their houses mortgages and calculate rates for house bills and car payments. The accounting branches and sub-branches Accounting is a very broad and emerged field, perhaps very interesting ground to work. Rosivach, a business woman
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