What is accounting?Financial Statements

What is accounting?Financial Statements

What is accounting?And its role in business? How do stakeholders get information about the financing, investing, and operating activities of a business? This is the role of accounting. Accounting provides information for managers to use in operating the business. In addition, accounting provides information to other stakeholders to use in assessing the economic performance and […]

Business| Stakeholders|Penny Stocks

Business|Stakeholders|Penny|Stocks

Business Stakeholders A company’s business emphasis, often termed a strategy, directly affects its economic performance. For example, Kmart was unsuccessful in implementing a business emphasis that would allow it to compete effectively against Wal-Mart. The result was that Kmart filed for bankruptcy protection in early 2002, and Kmart stakeholders, including employees, creditors, and stockholders, suffered. […]

Nature OF Business| Forms of Business | Business

Nature Of Business|Forms of Business

Nature OF Business You are familiar with many large companies, such as General Motors, Barnes & Noble, and AT&T. You are also familiar with many local businesses, such as gas stations, grocery stores, and restaurants. You may work for one of these businesses. But what do they have in common that identifies them as businesses? […]

Limitations Advantages of Accounting |ACCOUNTING

Accounting|Functions of Accounting

Functions of Accounting Financial Accounting performs the following nature functions: (i) Maintaining systematic records: Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statements–income statement and the balance sheet. (ii) Communicating the financial results: Accounting is used to communicate financial information in respect of net profits (or loss), assets, liabilities etc., […]

Accounting | Definition of Accounting

Accounting | Definition of Accounting

Before attempting to define accounting, it may be added that there is no unanimity among accountants as to its precise definition. However, some of the definitions are as given below. According to L.C.Copper, “Book-keeping may be described as the science of recording transactions in money or money’s worth in such a manner that, at any […]

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