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What is Accounting?

ZACH DE GREGORIO, CPA www.WolvesAndFinance.com "What is Finance?" video link    • What is Finance?   "The Difference between Finance and Accounting" video link    • The Difference between Accounting and Finance   This video answers the question "What is Accounting?" A typical definition describes accounting as the language of business, or the communication of financial information. I would like to suggest a broader definition "Accounting is the study of bringing structure to chaos." The world is chaotic. Economies are formed by many different transactions, so it is often difficult to understand what is going on. Every field of accounting works to bring structure to this chaotic activity. You can see this in managerial accounting, financial auditing, and tax accounting. Within the word accountant is the word "to count." You have accountants around the world counting things. The purpose of this activity is to provide structure and understanding to the world around us. An example would be a busy factory of 100 workers. Just watching the factory would not tell you if it is profitable, but a five minute conversation with the accountant would. This understanding about business also provides insight into productivity. If you understand where the productive areas are in economies, it helps you make better business decisions. Neither Zach De Gregorio or Wolves and Finance Inc. shall be liable for any damages related to information in this video. It is recommended you contact a CPA in your area for business advice.