Accounting Archives - Akron Office

Accounting Basics

June 18, 2021

Accounting or accountancy is basically the measurement, interpretation, and reporting of financial and non-financial data about organizations including corporations and businesses. Accounting involves applying principles of accounting to data that are used to control and evaluate the performance of a company, business, or organization. It also involves the systematic retrieval of information, both internally and externally, that will meet the requirements of management in the preparation of financial statements. The concepts and practices of accounting have changed over time with changes in the way businesses are conducted, the focus of investment, and the availability of financial resources. In order for an accounting system to serve its purpose it must be reliable and well understood by ...

Accounting

The Different Aspects of Accounting

Richie Thomas

May 15, 2021

Accounting or accountancy is the formal measurement, assessment, and reporting of financial and/or non-financial information about organizations including corporations and businesses. It is also known as accounting theory, accounts analysis, or auditing accounting. The practice of accounting has evolved throughout history because of the need to understand the relationships between various financial transactions and the activities of the companies that perform them. The early history of accounting dates back to the 10th century, with the Medieval Europe Accounting Commission. Over time, accounting practices and techniques have been developed, and accounting itself has evolved into a very specific science, often referred to as management accounting. There are three basic parts to an account...

Accounting

A Few Things About Accounting

Richie Thomas

March 12, 2021

Accounting or accountancy is an area of accounting that is concerned with the recording, managing, and reporting of financial data regarding companies and other financial entities. The objective of the accountants is to record the financial transactions of the clients/consumers and translate these into information that will assist business managers in making strategic decisions. The main focus of accountancy includes financial reporting, auditing, prevention of fraud, management of information systems and tax preparation. The accountants work with the finance, management, or sales departments to ensure that the client/consumers information is secure and managed correctly. Financial accounting consists of three major parts namely cash-flow, balance sheet, and sales book. A cash-flow statem...

Accounting

The Many Concepts of Accounting

Richie Thomas

March 3, 2021

Accounting or accountancy is basically the measurement, interpretation, and reporting of financial and non-financial information about companies and other financial entities such as corporations and businesses. Accounting reports are prepared for various purposes like planning, control, reporting, and evaluation of the financial performance of a company. The objective of accounting is to provide information needed by managers, investors, tax authorities, regulatory authorities, and other professionals on the activities and status of a company so they can take the necessary actions to improve their businesses. Auditors, who are usually accountants, help in the process of accounting by ensuring that all the procedures are conducted in a fair and orderly manner. Generally, there are four maj...

Accounting

What Is Financial Accounting?

Richie Thomas

December 3, 2020

Accounting is an art and science that have evolved over time into a highly complex system of measurement, assessment, reporting, interpretation, and management. Accountancy or accounting is the measurement, interpretation, and reporting of financial and/or non-financial information about organizations including corporations and businesses. The purpose of accounting is to facilitate decision making by providing information needed to make informed decisions about strategic, operational, and investment decisions. Accounting information is used to prepare financial statements which are prepared for reporting to investors, regulatory authorities, management, and other organizations. Accounting is a part of the science of public accounting which includes auditing, rating, and advising aspects of...