What do you mean by bookkeeping, Accounting Basics

Assignment Help:

Q. What do you mean by bookkeeping?

Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a business. Accounting consists of bookkeeping however goes well beyond it in scope. Accountants interpret and analyze financial information, conduct audits, prepare financial statements, design accounting systems, prepare special business as well as prepare forecasts, financial studiess and budgets and provide tax services.

Exclusively the accounting process consists of the following groups of functions

  • Accountants observe several activities and identify and measure in financial terms (dollars) those events considered evidence of economic activity. Frequently these three functions are collectively referred to as analyze. The sale and purchase of goods and services are economic events.
  • Next the economic events are classified into meaningful groups, recorded and summarized.
  • Accountants report on economic events otherwise business activity by preparing financial statements and special reports. Habitually accountants interpret these statements and reports for various groups such as investors, management, and creditors. Interpretation may perhaps involve determining how the business is performing compared to prior years and other similar businesses.

Related Discussions:- What do you mean by bookkeeping

Introduction to Accounting, Hi Team, I want to get an accounting assignmen...

Hi Team, I want to get an accounting assignment to be done according to NZ university standards. It''s from basic accounting (introduction to accounting). Need to be done by 10th

What is cost-benefit, Q. What is Cost-benefit? Cost-benefit The cost-be...

Q. What is Cost-benefit? Cost-benefit The cost-benefit consideration engrosses deciding whether the benefits of including optional information in financial statements exceed th

The total revenue of the month of june amounted, The total revenue of the m...

The total revenue of the month of June amounted to $6,500; total expenses amounted to $3,500; and withdrawals amounted to $600. The net income for the month amounted to $6,000. $

Genentech, Genentech, Inc. is a California-based biotech pioneer recently a...

Genentech, Inc. is a California-based biotech pioneer recently acquired by Swiss pharmaceutical giant Roche Holding AG. Roche paid $46.8 billion in cash for the 44 percent of Gen

Employees, Employees : The view of business organizations exist to maximize...

Employees : The view of business organizations exist to maximize the go back to shareholders has been undergoing modify as an outcome of social changes. A broader view is consider

AL MASA a sole trader, AL MASA a sole trader,decided to install a new machi...

AL MASA a sole trader,decided to install a new machine to use

What is articulate, Q. What is Articulate? The fundamental accounting c...

Q. What is Articulate? The fundamental accounting concept of the double-entry method of recording transactions. Under the double-entry approach each transaction has a two-sided

Illustrate about accounting cycle, Q. Illustrate about accounting cycle? ...

Q. Illustrate about accounting cycle? The accounting cycle is a series of points performed during the accounting period some throughout the period and some at the end to reco

Illustrate a simple accounting system, Q. Illustrate a simple accounting sy...

Q. Illustrate a simple accounting system? James Stevens was captivating an accounting course at State University. as well he was helping companies find accounting systems that

Traditional tax accounting job, The career paths outlined above don't nearl...

The career paths outlined above don't nearly cover all of the many professional options available to tax specialists. For instance are you concerned that a traditional tax accounti

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd