Accounting
Accounting is a system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and other relevant stakeholders including the government.
Accounting can also be defined as the process of sorting and entering financial data into a bookkeeping system, as well as the finalizing of end of year accounts, producing financial statements and calculating tax payable often by a Certified Public Accountant.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Accounting. A system that measures the business' activities in financial terms, provides written reports and financial statements about those activities, and communicates these reports to decision makers and others.
Related concepts
- Bookkeeping. Recording, filing, and retrieving of financial data, as well as producing those financial reports that are required by laws.
