What is accounting? Process, Objective and Importance of Accounting. скачать в хорошем качестве

What is accounting? Process, Objective and Importance of Accounting.

In this video, you will learn: 1. What is accounting? 2. What is the Process of accounting? 3. What is the objective and importance of accounting? What is Accounting? Accounting is a systematic process of recording, classifying, and explaining all financial transactions. Accounting is also called an information system. Accounting provides the necessary information about the company’s profit and loss, the value and the nature of a firm’s assets, liabilities, and owner’s equity for a particular time period. What is the accounting process? Accounting is the process of counting the number of transactions occurring in each business daily, and identifying these transactions as soon as they occur, then writing to the accounting book, processing it, and providing this information to the interested users. Accounting Process consists of three main activities: 1. Identification: Identify the economic events or transactions 2. Recording: Record, Classify and summarize the transactions 3. Communication: Prepare accounting reports. What is the objective and importance of Accounting? The objective of accounting is infinite. The main objectives and importance of accounting are as follows: 1. Record the transactions properly into the books of accounts. 2. Know the financial condition of a firm 3. Identify the profit & loss of a firm. 4. Resist and control fraud and falsity. 5. Reduce the unnecessary cost of a firm. 6. Help to take the correct decision. 7. Provide the necessary information to stakeholders i.e. shareholders, investors, banks, Government, etc. For more please visit our website: https://everythingaboutaccounting.info/ Follow us on: Facebook:   / accountingusers   Twitter:   / everyth50765685   LinkedIn:   / everything-about-accounting   Credits: Video Footage: https://pixabay.com/