The measurement, processing, and communication which included to deliver an information of the financial status of any organization or business are known as accounting or accountancy. In the year 1494, an Italian mathematician Luca Pacioli first introduced the system of accounting. It is the system which manages and delivers the information of financial activities or economic activities which further delivers the information to creditors, investors, and regulators along with the management team of company or organization. You can further avail accounting essay help from our experts to get in-depth knowledge in relation to accounting.
The specialized personnel who deals with managing all the financial reports or maintaining the financial activity is called an accountant. It is the duty of accountant to maintain ledgers, financial books, and debt along with credit book. The accountant is also responsible for maintaining the data related to a bank account and further match it with the manual data.
There are various types of accounting and they include financial accounting, management accounting, external auditing and tax accounting.
Financial Accounting- The financial accounting is a concept of keeping financial records related to an organization or a company. It is generally considered to be the source of keeping financial information related to all the expenditures and investment made in accordance to increase the financial status of a company.The profit or loss of a company is recorded with the help of financial accounting. It also holds the old reports of previous year to compare the P&F or the financial status of business. The reports generated through financial accounting are also further studied by externals such as an investor, creditor, supplier or management.
Management Accounting- Management accounting involves the measurement, analysis or reporting of information. It helps the managers to further initiate or help in decision making which can eventually relate to the financial growth of an organization.
External Auditing – External auditing is a process of auditing by an external firm who is extensively involved in accounting and financial planning. External auditors audit the report of the internal accountant of an organization and find and fix flaws. It is the system which verifies the financial data made by internal accountant or internal auditors of the company and evaluates the financial statements of an organization. External auditor expresses an opinion in connection with financial reports, authentic and the cash flow described on papers.
Tax Accounting – It is involved in the analysis of all sort of tax payments and returns. The role of tax accounting is to verify the payment of tax and return. Tax accounting involves income tax, sales tax, services tax and any other tax which is applicable as per the government rules. Tax accounting involves organization based on proprietorship, private limited, public limited. It is directly responsible for the management of tax related to any organization, company or private along with the personal tax.
The information of account is maintained to support financial information and the activities related to finance. The preparation of financial statements of an organization is also included in the branch of accounting.Financial statements which are created or maintained by an accountant are further studied by externals such as investors, regulators, and suppliers along with the management of an organization.
Tracking of financial information which is used to keep the records of financial activities in relation to buying, selling, credit and debit, along with the management expenditure is known as bookkeeping. Due to the recent evolution of technologies, there are computer-based accounting systems which are maintained by a software using algorithms. The practice of accounting software is widely used across the globe for its features and easy to access. It also caters the capability of keeping old records along with new records within its own memory.
There are certain organizations who are involved in facilitating the accounting firm by setting few standards. The financial statements of a company require auditing which is performed by accounting firm where a Chartered Accountant is involved.
There are numerous accounting firms mostly headed by CA or CFA or by any individual who is specialized of accounting. Accounting is a process of identifying the flaws related to financial term of the organization. Financial term relates to all the financial activities which are directly linked to financial investment, transaction including all the financial activity which may also include the payroll of employees.
Accounting relates to managing all the financial activities in a precise theoretical manner. An accounting theory is not limited to the accounting of an organization. It is rather involved in the management of all the transaction or financial activities of personal or private firm too. The accounting is a comprehensive system of managing finance and creating a report which is directly linked to the growth of an organization.
The general form of accountancy is preferred almost everywhere. Accountancy can be broader as well as a short form of maintaining daily expenditure. The human resource department of any organization of government body takes the benefit of accountancy to maintain salary sheet or payroll of their employees. Accountancy is not limited to tax, it is involved in maintaining stock report or the report of goods which are damaged. The profit and loss calculation of any business is an output of an accounting which is generally maintained by an in-house auditor or accountant.
The bookkeeping of accountancy is one of the most important parts of accountancy. It is an important element to report financial credentials of any organization. Bookkeeping is also considered as a method to analyze an overall business prosperity of an organization. It is a key essential to understand and explore any area related to a business of an organization.
A research which is based on accounting is linked to the series of financial events occurred during the process of accounting. However, any research which is conducted on accounting subjects also includes various areas of accounting such as financial, auditing, management and taxation accounting. These research are generally conducted by an academic student or researchers along with practicing experts of accounting.
The students of an institute who indulges into research of accounting examines the objective date of resources. However, there is research which is involved in experimental research and analytical research. The experimental research indulges to examine properties of the research conducted by a researcher, while, the analytical research is based on the theory of a subject which creates formal modeling.
The base of accounting is not just narrowed to write financial aspect or financial report of any business or organization. The theory of accounting relates to the practical implementation of accountancy which also involves pertinent information of case studies, running of computer based accounting software and an extensive research.
A distinct case study of accountancy is related to an understanding of fact which is related to a financial report. However, the financial report can be of any organization or private tax or income related to any individual. The case study involves to inspect and examine a financial report or create a report of own. There are different aspects and areas to cover while conducting a case study.
A case study involves all the financial information, transaction, debits, and credits along with the details of an investment which is made for an organization. It is essential to understand the report while also verifying an overall study of a report from a previous financial year. The case studies are generally conducted for a single financial year, however, it is not mandated to do an analysis based on the current year report.
Modern day technology has changed the sphere of all the industries with its active and easy to use features. The accounting industry is also blessed with the use of technology which involves the use of computer-based algorithm programming. It is the use of accounting software which has contributed to an advancement of accounting and its usages.
There is various accounting software which has the feature of bookkeeping, stock report, sundry creditors and sundry debtors entry facility. These software’s are equipped with features to keep records of the previous year and current year simultaneously. The data from such software are easy to fetch and also facilitates the users to input data and correct previous data according to the requirement.
The field of accounting also needs extensive research to understand the facts which are involved in financial data. It is important for an accountant to keep and validate each data which may be used to compare sheets and reports related to a current financial year or previous year.
There are certain situations which are involved in creating the need of research to find the authenticity of the report. The extensive research is required in an accountancy related work due to the fact that it involves big numbers and digits which are in relation to the statistics of the government. It requires the tenacity to understand the cash flow and an expense made against the cash.
The research is performed with the help of evidence. The evidence is bills and the memos which cater information of purchase or sale including the debit and credit sheet. The research can also include the sheet of details to understand investment procedure and authenticity of the source.
The research is examined first by an organization’s internal auditor and then by an external auditor who is also appointed by the same organization. Research of the reports, facts, sheets, calculations is a method to examine the growth and implementation of growth related policies. Any organization who indulge to examine or research its own facts is inclined to maintain transparency of facts to the government.
There are many aspects of research which conclude to find better scope of improvement and eventually caters the idea to manage tax and expense to maintain overall growth remaining within the government policy. An extensive research related to accountancy can be the fact of study which is inclined to give desirous results of accounting in relating to financial activities of an organization.
An accounting essay is a form of writing which describes the individual view of an author regarding accountancy. It is generally considered to be in descriptive form with authentic content supported by pertinent evidence. An academic accounting essay is a scope to find new information related to accounting. An essay writing services related to accounting is instructed by the universities to enhance the skills of students and express their individual view after thorough research.
An accounting essay is equipped with a scope to explore new areas of accounting and provides facility to understand the case study involved in accounting. An essay related to accounting should carry the fact and information derived from the research by an author. The content of an essay must be authentic in nature which should be concluded with a purpose of advancement in accounting.
It is important for an author to consider all the resources which could be delivering information about the critical facts related to the analysis of financial reports or accounting. However, while writing an academic essay most of the universities furnish relevant resources for an exploration of the topic or subject. An author who is responsible for writing an academic essay must be aware of the importance of different applications of accounting.
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