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Accounting
Practice and body of knowledge concerned primarily with
(1) methods for recording transactions, (2) keeping financial records,
(3) performing internal audits, (4) reporting and analyzing financial
information to the management, and (5) 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 (1) resources available to a firm, (2) the means employed
to finance those resources, and (3) the results achieved through their
use.
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