Wednesday, July 14, 2010

ACCOUNTING: A BUSINESS LANGUAGE

ACCOUNTING: A BUSINESS LANGUAGE

Accounting is a language, a system that •communicates information. It is often referred to as d language of the business, although it is just as important in the operation of government agencies, cmtt colleges and other kinds of organisations.

You probably have some idea already of what the term accounting means. It is frequently used i every day conversation to mean "answering for responsibility," Managers of business concerns a answerable to owners, creditors, labour unions and Government agencies etc. Managers of govenune units are answerable to chief executives, boards, taxpayers and others. In fact, accounting was developed \ people, who were seeking better ways to gather and report useful information about organisations.

Some type of orderly system is needed to account for an organisation of any size and complex!! An accounting system is used to collect, process and report needed data about a business, government am or other type of association. Information* is usually .collected, processed and reported in financial ten which simply means that 'money' is the basis of measurement.

Many authors have defined the term "Accounting" in different ways. There is difference of open among the authors as to its precise definition as'the term 'accounting is so broad that it is difficult to give precise definition. However, several possible definitions are given below:

"The act of collecting, processing, reporting, analyzing, interpreting and projecting financi

information".

-"The system of providing quantified information about an organisation to people who need information."

"The process of identifying, measuring, and communicating economic.

accounting

BRS

Final Accounts

bank statement

Currency

money

ACCA Notes

PHD Notes

ACCA Books

payroll accounting

accounting firm

accounting software

accounting service

investment accounting



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