Department of Accounting

 

 


 

 

 Definition of accounting
1 : the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results also : the principles and procedures of this system studied accounting as a freshman
2a : work done in accounting or by accountants.

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.

5 MAIN PURPOSES OF ACCOUNTING1)Record transactions2)Monitor activity3) Control4)Management of the business5)Measurement of financial performance.
Introduction•Business accounting is the most important subject in business. ...
Record TransactionsBusiness cannot run without the records of accounting.

 

1 : the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results also : the principles and procedures of this system studied accounting as a freshman
2a : work done in accounting or by accountants.