Accounting is considered an art because it requires the use of skills and creative judgment. One has to be trained in this discipline to be able to perform accounting functions well.Accounting is also considered a science because it is a body of knowledge. However, accounting is not an exact...
The final type of accounting is forensic accountancy. This is far more intricate work and revolves around obtaining financial information that is difficult to source and piecing it back together. Learning the basics Learning the basics of accounting will give you a better understanding of the process...
What is GAAP? What is principles of accounting? What are generally accepted accounting principles (GAAP)? What are cost flow assumptions? What are accounting principles? What is accounting? Related In-Depth Explanations Accounting Basics Accounting Principles Mark the Question as Read Advan...
What is the average collection period? What is the difference between product costs and period costs? What is the difference between break-even point and payback period? What are reversing entries and why are they used? Related In-Depth Explanations Accounting Basics Adjusting Entries Book...
Accounting is an essential aspect of a business. Thorough record-keeping enables a business to furnish accurate financial reports to shareholders, lenders and the Internal Revenue Service, among others. Whether your company is being audited or merely needs to file its quarterly taxes, you will need...
Home›Accounting›Accounting Basics›What is a T-Account? Definition:A T-account is a tool that is used to help understand individual ledger accounts and the effects of each transaction. Basically, a T-account is a way to organize and summarize transactions in an individual ledger. ...
Is the system perfect?No, we still have much to correct and regulate; this is evidenced by the corporate scandals of today, such as HEALTHSOUTH and Enron. But you must look at the bigger picture: as accountability and financial systems grow and evolve, the accounting principles we use grow ...
objectives, and therefore, unique needs. The analysis of a business, on an individual basis will often yield information needs that only exist within that particular business. This is why analysis must take place on an individual basis, and why the accounting system for each business is so ...
The concept of double entry accounting is the basis for recording business transaction and journal entries. Make sure you have a good understanding of this concept before moving on past the accounting basics section. Now that we have talked about the double entry bookkeeping system, let’s move...
Identify the key differences, from salary to required education, between accounting and financial planning careers. Learn how personality traits matter.