Accounting is the process of recording financial transactions pertaining to a business.
The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flows.
Types of Accounting Financial Accounting Managerial Accounting Requirements for Accounting Example of Accounting History of Accounting KEY TAKEAWAYS Regardless of the size of a business, accounting is a necessary function for decision making, cost planning, and measurement of economic performance measurement.
A bookkeeper can handle basic accounting needs, but a Certified Public Accountant (CPA) should be utilized for larger or more advanced accounting tasks.
Two important types of accounting for businesses are managerial accounting and cost accounting.
Managerial accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.
Professional accountants follow a set of standards known as the Generally Accepted Accounting Principles (GAAP) when preparing financial statements.
About CA Ravi Sonkhiya teacher of CA Inter Accounts
CA Ravi Sonkhiya, a fellow member of ICAI, is a well-known instructor for CA/CS/CMA students in Accounts, Cost Accounting, and Financial Management.
He is the Director and Senior Faculty of RAVI SONKHIYA CLASSES in Jaipur, which was previously known as “EDUCARE.”
Over the last fifteen years, the author’s institution has grown from strength to strength.
In a year, the institute trains over 50,000 CA hopefuls at various levels, including CPT, IPCC, and FINAL.
Over the years, this institute has delivered more than 200 AIR in CA/CS/CMA examinations.
He is visiting faculty at different institutes, including “INTERNATIONAL COLLEGE FOR GIRLS” and “INDIA INTERNATIONAL INSTITUTE OF MANAGEMENT AND TECHNOLOGY,” in addition to giving lectures to CA Final and IPCC/INTER students in Jaipur.
His lectures on current events are a staple of the major Management Institutes.
He has written several books for CA/CS/CMA students on the topics of COSTING FOR CA FINAL AND ACCOUNTS, ADVANCE ACCOUNTS, COST ACCOUNTING, and FINANCIAL MANAGEMENT.