what do you understand by accounting?
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assets = liabilities + owner's equity\n\nA = L + E
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The satement of financial position is the same as the balance sheet. In it, you list your assets, liabilities and equity with their corresponding values.  Ask your accountant for specifics.
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financial statements -are only a statement of the board  ,vouched that they reflect the true financials of the company.[mostly they are not].a good accountant -can detect the hidden flaws in the statements that the board wants us to read.stringent rules &punishments will deter the board and the auditing firms -to indulge in such acts .
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net income\ncash flow\nquick ratio\nshareholders or owners equity\nrevenues\naudited statement vs. compilation\ndisclosures\nnotes to financial statements\nany warnings in auditors letter re: going concern or other potential problems
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If u r interested of knowing the principle of accounting in one sentence then i will say that:\nWhat u r giving and what u r receiving.\nand furthermore there are five basic items of accounting:\n1. capital or owner's equity\n2. liabilities\n3. assets\n4. incomes\n5. expenses
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check this site for getting an idea of professional accounting\n\nhttp://www.futureaccountant.com/
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The role of an Accountant may include aspects of the following:-\n\n- Tracking company expenses\n- Writing, error checking, analysing financial documents\n- Identifying problems and inefficiencies with the way the business is run\n- Ensure the correct tax is paid\n\nDepending on the job, the accountant may also perform audits of any client companies.\n\nA management accountant works at the cross-company level, looking at budgets, costs, assets, yearly targets, tracking year to date against and highlighting issues and areas that can benefit from streamlining efficiencies.\n\nYou will need a good head for figures and numbers, enjoy analysis, and will need a BA degree.\n\nJob prospects are good for graduates - lots of large firms hire many trainees every year. Training salary is low but once qualified the rewards can be very good.
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Broadly, accounting is defined as the systematic recording, reporting, and analysis of financial transactions of a business. \n\nThere are different types of accounting, namely: Financial Accounting, Tax Accounting, Cost Accounting and Managerial Accounting.\n\nFINANCIAL ACCOUNTING is defined as “measuring and recording business transactions and providing financial statements that are based on generally accepted accounting principles. It focuses on external reporting. \n\nFinancial statements (financial data) tell us (1) the financial position of an entity at a certain date and (2) the results of its operations (profit/loss) and the changes in its financial position and variations in stockholder's equity (investment) in a period of time. (Historical information/past events).\n\nFinancial accounting aims at satisfying the interest of the "general user" which may include: shareholders, government agencies, creditors, and the general public.\n\nMANAGERIAL ACCOUNTING. Measures and reports financial and non-financial information that helps MANAGERS make decisions to fulfill the goals of an organization. It focuses on internal reporting. \n\nCOST ACCOUNTING is an information system that classifies, accumulates, controls and assigns costs to determine costs of activities, processess or products, facilitating decision making and managerial planning and control.\n\nCost accounting plays a role in both managerial and financial accounting. Some authors describe Cost Accounting as a unifying point between Managerial and Financial Accounting.\n\nTAX ACCOUNTING is used to communicate information to the appropriate taxing authorities. Generally, the Internal Revenue Service and state tax or revenue boards. It includes the procedures for determining taxes payable and compliance with other provisions of tax laws.\n\nHope this helps...
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Accounting is money on paper.\nFinance is real money.
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The process of accounting after the journal entry is passed is mechanical and it can be mechanised by using the logical flow of information.....\n\nTherefore, in Computerised accounting, you only record a journal entry...and the rest is done by the computer..\n\n\nlearn the fundamental concepts here to have a wonderful understanding on the basics of accounting...\n\nhttp://www.futureaccountant.com/accounting-process/study-notes/\n\n\nhttp://www.futureaccountant.com/\nhttp://www.schoolingkids.com/
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Well, something is wrong.  \n\nIn accounting, when you debit something, you also credit something else. \n\nThis means one of a few things:\n\n1) The book is wrong, which is unlikely but not unheard of as there is always errata in every publication.\n\n2) There are some assumptions that you did not record.  For example, you made a profit and need to carry over the retained earnings to owners equity. This is probably the most likely thing as problems generally try to test your comprehension and ability to reason. \n\n3) You overlooked something.
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A financial statement that summarizes a company's assets, liabilities and shareholders' equity at a specific point in time. These three balance sheet segments give investors an idea as to what the company owns and owes, as well as the amount invested by the shareholders.\n\nThe balance sheet must follow the following formula:\nAssets = Liabilities + Shareholders' Equity \n\nEach of the three segments of the balance sheet will have many accounts within it that document the value of each. Accounts such as cash, inventory and property are on the asset side of the balance sheet, while on the liability side there are accounts such as accounts payable or long-term debt. The exact accounts on a balance sheet will differ by company and by industry, as there is no one set template that accurately accommodates for the differences between different types of businesses.\n\nInvestopedia Says: It's called a balance sheet because the two sides balance out. This makes sense: a company has to pay for all the things it has (assets) by either borrowing money (liabilities) or getting it from shareholders (shareholders' equity). \n\nThe balance sheet is one of the most important pieces of financial information issued by a company. It is a snapshot that shows you what a company owns and owes at that point in time. The income statement, on the other hand, shows how much revenue and profit a company has generated over a period of time. Neither statement is better than the other; rather, the financial statements are built to be used together to present a complete picture of a company's finances.
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I am a public accountant who deals with small businesses.  I like to think of accounting as detective work with numbers.  When a client supplies me with information, I go through the numbers and see which ones are innocent (ie clean), and which ones are guilty.  I keep my clients on the straight and narrow by reporting ALL their income, and finding ALL the appropriate deductions.   I interview the clients to get more information, I do research on the internet to learn more about the client's vendors, and I consult with colleagues to discuss best procedures.  It can be a rewarding job.
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For an accounting degree, the number of required math courses really depends on the school you go to.\n\nWhere I went, there were only two required math courses, one was basic calculus and the other was random.\n\nWhile you don't need to know much beyond addition, subtraction, multiplication, and division (and even then we have computers and calculators to do most of the actual work), the ability to understand how the numbers in the income statement or balance sheet relate to each other is very important.\n\nIn short, math itself is not that important, but understanding the relationships between different elements is.
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accounting for dummies at your local library or book store!
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Learn the fundamentals of accounting here\n\nhttp://www.futureaccountant.com/accounting-process/
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Accrued: you put it on your books as a debt because you know you're going to have to pay it in the future.   You don't have the invoice yet, but you know you will definitely owe the money.\n\nPayable: you just got the bill\n\nI think.  Accountancy is horrible.