Featured

First blog post

This is the post excerpt.

Advertisements

This is your very first post. Click the Edit link to modify or delete it, or start a new post. If you like, use this post to tell readers why you started this blog and what you plan to do with it.

post

Accounting Concepts

Practice and body of knowledge concerned primarily with
methods for recording transactions,
keeping financial records,
performing internal audits,
reporting and analyzing financial information to the management, and
advising on taxation matters.
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.

Accounting provides information on the

resources available to a firm,
the means employed to finance those resources, and
the results achieved through their use.

Read more: http://www.businessdictionary.com/definition/accounting.html