Administrative accounting is the process of collecting, recording, and managing financial information for an organization's administrative purposes. This includes tracking an organization's income and expenses, preparing financial statements, and managing payroll and accounts payable. Administrative accounting also encompasses budgeting and forecasting, and can be used to make decisions about where to allocate resources.
What is your definition of accounting?
I define accounting as the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. Accounting information is used in financial planning, risk management, and decision making.
The main types of accounting are financial accounting, management accounting, and tax accounting. Financial accounting focuses on the financial statements of a company, which are used to provide information to shareholders, creditors, and other stakeholders. Management accounting focuses on providing information to managers to help them make decisions about how to allocate resources and manage risks. Tax accounting focuses on the tax implications of financial transactions. Who is father of accounting? There is no one specific individual who is universally recognized as the "father of accounting." However, there are several individuals who are considered to be key figures in the development of accounting as a discipline.
Some of the most notable figures in the history of accounting include Luca Pacioli, an Italian mathematician and Franciscan friar who is credited with developing many of the basic principles of double-entry bookkeeping; William Petty, an English economist and statistician who pioneered the use of surveys and sampling techniques in the study of economic data; and Frederick Winslow Taylor, an American engineer who is considered to be the father of scientific management.
What are the accounting terminologies?
There are numerous accounting terminologies in existence, but some of the more common ones include:
* Accounts payable: This is the amount of money that a company owes to its suppliers for goods and services that have been provided, but which have not yet been paid for.
* Accounts receivable: This is the amount of money that a company is owed by its customers for goods and services that have been provided, but which have not yet been paid for.
* Accruals: This refers to the recognition of income and expenses that have been incurred, but which have not yet been paid or received.
* Depreciation: This is the allocation of the cost of a long-term asset, such as a piece of machinery, over its estimated useful life.
* Double-entry bookkeeping: This is a system of bookkeeping where every transaction is recorded in two different accounts, in order to provide a more complete picture of a company's financial position.
* Financial statements: These are reports that summarise a company's financial performance and position, typically at the end of an accounting period.
* GAAP: Generally Accepted Accounting Principles. These are the rules and guidelines that govern financial reporting in most jurisdictions.
* Income tax: This is the tax that a company must pay on its taxable income.
* Payroll: This refers to the process of paying employees for their work.
* Trial balance: This is a report that lists all of a company's accounts and their balances at a particular point in time, used to check the accuracy of the company's bookkeeping.
What is the technical definition of accounting?
The technical definition of accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The three main types of financial statements used in accounting are the balance sheet, income statement, and cash flow statement. What is 10 words that are related to accounting? 1. Balance sheet
2. Income statement
3. Cash flow statement
4. Accounts receivable
5. Accounts payable
6. Trial balance
7. Ledger
8. Depreciation
9. Amortization
10. GAAP