Simple Breakdown of Accounting Definition
DEFINITION OF ACCOUNTING.
Accounting is the process of identifying, recording, classifying, summarizing and interpreting/analyzing financial data of an organization in order to enable the users to make decision.
for further analysis, you have to know that accounting deal with monetary transactions i.e. only those information that can have monetary characteristics.
Therefore, an accountant is responsible for identifying such transaction put them into recording and proceed by classifying them in the appropriate books of account after which they are summarized i.e. the summary of the whole transaction the accountant then interprets the information which enables the users i.e. internal and external users such as (Management, Shareholders, Government, Employees, Creditors etc.) to make some certain decisions.
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Accounting is the process of identifying, recording, classifying, summarizing and interpreting/analyzing financial data of an organization in order to enable the users to make decision.
for further analysis, you have to know that accounting deal with monetary transactions i.e. only those information that can have monetary characteristics.
Therefore, an accountant is responsible for identifying such transaction put them into recording and proceed by classifying them in the appropriate books of account after which they are summarized i.e. the summary of the whole transaction the accountant then interprets the information which enables the users i.e. internal and external users such as (Management, Shareholders, Government, Employees, Creditors etc.) to make some certain decisions.
Please don't forget to leave a comment and subscribe to my channel for more update. Also view the web version if you are using chrome for better view and options.
For further question or help on accounting contact me on;
Whatsapp- 08175761114 or on E-mail- Freshkid7b@gmail.com
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