Accounting Assignment Help
According to A. W. Johnson; “Accounting may be defined as the collection, compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management”.
Accounting can be defined as process of recording financial transaction of a business organisation.
The process includes summarizing financial transactions, its analysis and reporting of the same in appropriate manner.
Accounting gives the summarized view of all financial transactions executed by business during a particular period. Thus, it becomes important tool that assist in business decision making process.
Accounting can be done either by using single entry accounting system or double entry accounting system. Under single entry accounting system only one effect of financial transaction is recorded, whereas under double entry accounting system, both the effects of financial transaction are recorded. Because of its advantages and appropriateness, double entry accounting system is recognised and generally acceptable system all over the word. The end result of accounting is financial statement which generally includes balance sheet and profit and loss account.
As per International Accounting Standard Board, accounting is framework used for preparation and presentation of financial statement. Rule of accounting provides guidelines for preparation of financial statement.
Financial statement can considered as one of the key communicator of financial strength of business and used by many users in their decision making process. The financial statement is prepared after considering different accounting principles, concepts and rules. In order to maintain the uniformity, accounting standards have been introduced. GAAP (Generally Acceptable Accounting Principles) and IFRS (International Financial Reporting Standard) are key accounting standards used by business organizations.
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