The Accounting System : A Accurate And Error Free Financial Data For Making Management Decisions

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The methods to summarize, procedures to establish, controls and plans to gather along with presenting the most accurate and error free financial data for making management decisions all of these organized computerized methods falls under the head of Accounting System. Similarly the accounting information system is the system to keep the records of business to regulate its accounting system. It Includes categories like sales, purchases and various monetary processes of business. The basis of AIS is to gather the data and provide it with information to the investors, creditors and managers. The First Accounting System: In 1880 Allegedly Hollerith is the father of the first accounting machine, punch card. He in addition to this is also the…show more content…
The most inspiring quality of managerial accounting is that it provides a firm with the most skilled employee as "Management Accountant". There are a number of employees that works as an accounted in a firm but these typically called management accountants are very rare to find and they operates cost, financial, tax accountants, or internal auditors. • Governmental Accounting: It can be stated as public accounting or federal refers to that particular type of accounting system that is used in the public sector. • Tax Accounting: This is referred to the accounting that is related to tax is governed in accordance with the laws of jurisdiction. • Forensic Accounting: The accountants of forensic accounting act as skilled witnesses in the courts. This type of accounting is used in the investigation, auditing and accounting of cases of disputes. • Project Accounting: Through frequents reports of monetary the system that keeps a track of the financial progress is called project accounting. • Social Accounting: Also known as “Corporate social Responsibilities Reporting” and “Sustainability Accounting”. It is referred to that method of reporting changes in the activities of the organization particularly in ecological and social environment. Main Accounting Concepts: 1. Periodic Inventory Method: This method of accounting system is for the valuation of inventory. It keeps the record of the inventory at the start of a period, the sales and

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