Accountancy (profession)^[1] or accounting (methodology) is the measurement, statement, or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies. The terms derive from the use of financial accounts. A profession is an occupation, vocation or career where specialized knowledge of a subject, field, or science is applied. ... Meethodology is defined as the analysis of the principles of methods, rules, and postulates employed by a discipline, the systematic study of methods that are, can be, or have been applied within a discipline or a particular procedure or set of procedures [1]. It should be noted that methodology is... he is the best in the world, some call him the junior jose, special 1 version 2 ... An investor is any party that makes an investment. ... Taxes redirects here. ... A company in the broadest sense is an aggregation of people who stay together for a common purpose. ... For other uses, see Organization (disambiguation). ... An agency is a department of a local or national government responsible for the oversight and administration of a specific function, such as a customs agency or a space agency. ... In accountancy, an account is a label used for recording and reporting a quantity of almost anything. ...

Accounting (Definition) is a service activity. Its function is to provide quantitative information primarily financial in nature, about economic entities, that is intended to be useful in making economic decisions, and in making reasoned choices among alternative courses of action. ^[2] For other uses, see Definition (disambiguation). ...

It is also the discipline of measuring, communicating and interpreting financial activity. Accounting is also widely referred to as the "language of business".^[3]

Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarised, interpreted, and communicated; for public companies, this information is generally publicly-accessible. By contrast management accounting information is used within an organisation and is usually confidential and accessible only to a small group, mostly decision-makers. Tax Accounting is the accounting needed to comply with jurisdictional tax regulations. Financial accountancy (or financial accounting) is the branch of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders. ... Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. ... This refers to accounting for local tax purposes. ...

Practitioners of accountancy are known as accountants. There are many professional bodies for accountants throughout the world. Many allow their members to use titles indicating their membership or qualification level. Examples are Chartered Certified Accountant (ACCA or FCCA), Chartered Accountant (FCA, CA or ACA), Management Accountant (ACMA, FCMA or AICWA), Certified Public Accountant (CPA) and Certified General Accountant (CGA or FCGA). Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... Chartered Certified Accountant (Designatory letters ACCA or FCCA) is a United Kingdom chartered accounting designation awarded by the Association of Chartered Certified Accountants (ACCA) The term Chartered Certified Accountant was introduced in 1996. ... The Association of Chartered Certified Accountants (ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. ... It has been suggested that this article or section be merged into Association of Chartered Certified Accountants. ... Chartered Accountant (CA) is the title used by members of certain professional accountancy associations in the British Commonwealth countries and Ireland. ... Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. ... Certified Accountant redirects here. ... Certified General Accountant (CGA) is a professional designation representing members of the Certified General Accountants Association of Canada (CGA-Canada), provincial and territorial CGA Associations as well as CGA Associations overseas. ...

Auditing is a related but separate discipline, with two sub-disciplines: internal auditing and external auditing. External auditing is the process whereby an independent auditor examines an organisation's financial statements and accounting records in order to express an opinion as to the truth and fairness of the statements and the accountant's adherence to Generally Accepted Accounting Principles (GAAP), or International Financial Reporting Standards (IFRS), in all material respects. Internal auditing aims at providing information for management usage, and is typically carried out by auditors employed by the company, and sometimes by external service providers. A financial audit, or more accurately, an audit of financial statements, is the examination by an independent third party of the financial statements of a company or any other legal entity (including governments), resulting in the publication of an independent opinion on whether or not those financial statements are relevant... Internal auditing is a management-oriented discipline that has evolved rapidly since World War II. Once a function primarily concerned with financial and accounting matters, internal auditing now addresses the entire range of operating activities and performs a correspondingly wide variety of assurance and consulting services. ... Basic definition Audit is the examination of records and reports of a company, in order to check that what is provided is relevant and accurate. ... Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting, mainly used in the U.S.A.. It includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in the preparation of financial statements. ... International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). ...

Accounting/accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping. Financial statements (or financial reports) are a record of a business financial flows and levels. ... A corporate stakeholder is a party who affects, or can be affected by, the companys actions. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... A creditor is a party (e. ... Bookkeeping (also book-keeping or book keeping) is the recording of all financial transactions undertaken by an individual or organization. ...

Accounting scholarship is the academic discipline which studies accounting/accountancy. Accounting scholarship is an academic discipline oriented towards the profession of accounting, usually taught at a business school. ...

Modern accounting

Accounting is the process of identifying, measuring and communicating economic information so a user of the information may make informed economic judgments and decisions based on it.

Accounting is the degree of measurement of financial transactions which are transfers of legal property rights made under contractual relationships. Non-financial transactions are specifically excluded due to conservatism and materiality principles.

At the heart of modern financial accounting is the double-entry bookkeeping system. This system involves making at least two entries for every transaction: a debit in one account, and a corresponding credit in another account. The sum of all debits should always equal the sum of all credits, providing a simple way to check for errors. This system was first used in medieval Europe, although claims have been made that the system dates back to Ancient Rome or Greece. In accountancy, the double-entry bookkeeping (or double-entry accounting) system is the basis of the standard system used by businesses and other organizations to record financial transactions. ... link title Debit is an accounting and bookkeeping term that comes from the Latin word debere which means to owe. ... Debit and Credit are formal bookkeeping and accounting terms that have opposite meanings and come from Latin. ... For other uses, see Europe (disambiguation). ... Ancient Rome was a civilization that grew from a small agricultural community founded on the Italian Peninsula circa the 9th century BC to a massive empire straddling the Mediterranean Sea. ...

According to critics of standard accounting practices, it has changed little since. Accounting reform measures of some kind have been taken in each generation to attempt to keep bookkeeping relevant to capital assets or production capacity. However, these have not changed the basic principles, which are supposed to be independent of economics as such. In recent times, the divergence of accounting from economic principles has resulted in controversial reforms to make financial reports more indicative of economic reality. Publicly-traded companies are required to follow certain accounting rules to prepare financial statements so that the readers of the statements can easily compare different companies. ... Accounting reform is an expansion to accounting rules that goes beyond the realm of financial measures for both individual economic entities and national economies. ... Face-to-face trading interactions on the New York Stock Exchange trading floor. ...

+==History of accounting==

Early history

Accountancy's infancy dates back to the earliest days of human agriculture and civilization (the Sumerians in Mesopotamia), when the need to maintain accurate records of the quantities and relative values of agricultural products first arose. This need for record keeping was the synthesis of writing.^{[citation needed]} Simple accounting is mentioned in the Christian Bible (New Testament) in the Book of Matthew, in the Parable of the Talents ^[4]. The Islamic Quran also mentions simple accounting for trade and credit arrangements ^[5]. This article is about modern humans. ... Central New York City. ... Sumer (or Shumer, Sumeria, Shinar, native ki-en-gir) formed the southern part of Mesopotamia from the time of settlement by the Sumerians until the time of Babylonia. ... Mesopotamia was a cradle of civilization geographically located between the Tigris and Euphrates rivers, largely corresponding to modern-day Iraq. ... Write redirects here. ... Topics in Christianity Movements · Denominations · Other religions Ecumenism · Preaching · Prayer Music · Liturgy · Calendar Symbols · Art · Criticism Important figures Apostle Paul · Church Fathers Constantine · Athanasius · Augustine Anselm · Aquinas · Palamas · Luther Calvin · Wesley Arius · Marcion of Sinope Archbishop of Canterbury · Catholic Pope Coptic Pope · Ecumenical Patriarch Christianity Portal This box:      The Christian... The Gospel of Matthew is one of the four Gospels of the New Testament. ... The Quran (Arabic al-qurʾān أَلْقُرآن; also transliterated as Quran, Koran, and less commonly Alcoran) is the holy book of Islam. ...

Twelfth-century A.D. Arab writer Ibn Taymiyyah mentioned in his book Hisba (literally, "verification" or "calculation") detailed accounting systems used by Muslims as early as in the mid-seventh century A.D. These accounting practices were influenced by the Roman and the Persian civilisations that Muslims interacted with. The most detailed example Ibn Taymiyyah provides of a complex governmental accounting system is the Divan of Umar, the second Caliph of Islam, in which all revenues and disbursements were recorded. The Divan of Umar has been described in detail by various Islamic historians and was used by Muslim rulers in the Middle East with modifications and enhancements until the fall of the Ottoman Empire. (11th century - 12th century - 13th century - other centuries) As a means of recording the passage of time, the 12th century was that century which lasted from 1101 to 1200. ... Taqi al-Din Ahmad Ibn Taymiyyah (Arabic: )(January 22, 1263 - 1328), was a Sunni Islamic scholar born in Harran, located in what is now Turkey, close to the Syrian border. ... A Muslim is a believer in or follower of Islam. ... ( 6th century - 7th century - 8th century - other centuries) Events Islam starts in Arabia, the Quran is written, and Arabs subjugate Syria, Iraq, Persia, Egypt, North Africa and Central Asia to Islam. ... Persia redirects here. ... For other uses, see Umar (disambiguation). ... For main article see: Caliphate The Caliph (pronounced khaleef in Arabic) is the head of state in a Caliphate, and the title for the leader of the Islamic Ummah, an Islamic community ruled by the Sharia. ... For people named Islam, see Islam (name). ... There is also a collection of Hadith called Sahih Muslim A Muslim (Arabic: مسلم, Persian: Mosalman or Mosalmon Urdu: مسلمان, Turkish: Müslüman, Albanian: Mysliman, Bosnian: Musliman) is an adherent of the religion of Islam. ... Motto دولت ابد مدت Devlet-i Ebed-müddet (The Eternal State) Anthem Ottoman imperial anthem Borders in 1683, see: list of territories Capital Söğüt (1299–1326) Bursa (1326–1365) Edirne (1365–1453) Ä°stanbul (1453–1922) Government Monarchy Sultans  - 1281–1326 (first) Osman I  - 1918–22 (last) Mehmed VI Grand Viziers  - 1320...

Luca Pacioli and the birth of modern accountancy

Painting of Luca Pacioli, attributed to Jacopo de' Barbari

Luca Pacioli (1445 - 1517), also known as Friar Luca dal Borgo, is credited for the "birth" of accounting. His Summa de arithmetica, geometrica, proportioni et proportionalita (Summa on arithmetic, geometry, proportions and proportionality, Venice 1494), was a textbook for use in the abbaco schools of northern Italy, where the sons of merchants and craftsmen were educated. It was a compendium of the mathematical knowledge of his time, and includes the first printed description of the method of keeping accounts that Venetian merchants used at that time, known as the double-entry accounting system. Although Pacioli codified rather than invented this system, he is widely regarded as the "Father of Accounting". The system he published included most of the accounting cycle as we know it today. He described the use of journals and ledgers, and warned that a person should not go to sleep at night until the debits equalled the credits! His ledger had accounts for assets (including receivables and inventories), liabilities, capital, income, and expenses — the account categories that are reported on an organisation's balance sheet and income statement, respectively. He demonstrated year-end closing entries and proposed that a trial balance be used to prove a balanced ledger. His treatise also touches on a wide range of related topics from accounting ethics to cost accounting. Image File history File links Pacioli. ... Image File history File links Pacioli. ... Jacopo de Barbari, sometimes known or referred to as: deBarbari, de Barberi, de Barbari, Barbaro, Barberino, Barbarigo or Barberigo etc. ... Painting of Luca Pacioli, attributed to Jacopo de Barbari, 1495 (attribution controversial[1]). Table is filled with geometrical tools: slate, chalk, compass, a dodecahedron model. ... The term summa is the Latin word for sum. ... For other uses, see Venice (disambiguation). ... 1494 was a common year starting on Monday (see link for calendar) of the Gregorian calendar. ... Double-entry accounting system is the standard practice for recording financial transactions. ... In financial accounting, a balance sheet or statement of financial position is a summary of a persons or organizations assets, liabilities and ownership equity on a specific date, such as the end of its financial year. ... An Income Statement, also called a Profit and Loss Statement (P&L), is a financial statement for companies that indicates how Revenue (money received from the sale of products and services before expenses are taken out, also known as the top line) is transformed into net income (the result after...

Post-Pacioli

The first known book in the English language on accounting was published in London, England by John Gouge (or Gough) in 1543. It is described as A Profitable Treatyce called the Instrument or Boke to learn to know the good order of the kepyng of the famouse reconynge, called in Latin, Dare and Habere, and, in English, debtor and Creditor.^{[citation needed]} The English language is a West Germanic language that originates in England. ... This article is about the capital of England and the United Kingdom. ... For other uses, see England (disambiguation). ... // Events February 21 - Battle of Wayna Daga - A combined army of Ethiopian and Portuguese troops defeat the armies of Adal led by Ahmed Gragn. ...

A short book of instructions was also published in 1588 by John Mellis of Southwark, England, in which he says, "I am but the renuer and reviver of an ancient old copies printed here in London the 14 of August 1543: collected, published, made, and set forth by one Hugh Oldcastle, Schoolmaster, who, as reappeared by his treatise, then taught Arithmetics, and this booke in Saint Ollaves parish in Marko Lane." Mellis refers to the fact that the principle of accounts he explains (which is a simple system of double entry) is "after the former of Venice". For other places with the same name, see Southwark (disambiguation). ... For other uses, see England (disambiguation). ...

A book described as The Merchants Mirrour, or directions for the perfect ordering and keeping of his accounts formed by way of Debitor and Creditor, after the (so termed) Italian manner, by Richard Dafforne, accountant, published in 1635, contains many references to early books on the science of accountancy. In a chapter in this book, headed "Opinion of Book-keeping's Antiquity," the author states, on the authority of another writer, that the form of book-keeping referred to had then been in use in Italy about two hundred years, "but that the same, or one in many parts very like this, was used in the time of Julius Caesar, and in Rome long before." He gives quotations of Latin book-keeping terms in use in ancient times, and refers to "ex Oratione Ciceronis pro Roscio Comaedo"; and he adds: Events February 10 - The Académie française in Paris is expanded to become a national academy for the artistic elite. ...

"That the one side of their booke was used for Debitor, the other for Creditor, is manifest in a certain place, Naturalis Historiae Plinii, lib. 2, cap. 7, where hee, speaking of Fortune, saith thus:

Huic Omnia Expensa.

Huic Omnia Feruntur accepta et in tota Ratione mortalium sola.

Utramque Paginam facit."

An early Dutch writer appears to have suggested that double-entry book-keeping was even in existence among the Greeks, pointing to scientific accountancy having been invented in remote times.

There were several editions of Richard Dafforne's book - the second edition in 1636, the third in 1656, and another in 1684. The book is a very complete treatise on scientific accountancy, beautifully prepared and containing elaborate explanations. The numerous editions tend to prove that the science was highly appreciated in the 17th century. From this time on, there has been a continuous supply of literature on the subject, many of the authors styling themselves accountants and teachers of the art, and thus proving that the professional accountant was then known and employed.

Accountancy qualifications and regulation

Main article: Accountant

See also: List of accountancy bodies

The expectations for qualification in the profession of accounting vary between different jurisdictions and countries. Accountant, or Qualified Accountant, or Professional Accountant, is a certified accountancy and financial expert in the jurisdiction of many countries. ...

Accountants may be certified by a variety of organisations or bodies, such as the Association of Accounting Technicians (AAT),^[6] British qualified accountancy bodies including the Chartered Institute of Management Accountants (CIMA), Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants, and are recognised by titles such as Chartered Management Accountant (ACMA or FCMA) Chartered Certified Accountant (ACCA or FCCA) and Chartered Accountant (UK, Australia, New Zealand, Canada, India, Pakistan, South Africa, Ghana), Certified Public Accountant (Ireland, Japan, US, Singapore, Hong Kong, the Philippines), Certified Management Accountant (Canada, U.S.), Certified General Accountant (Canada), or Certified Practicing Accountant (Australia). Some Commonwealth countries (Australia and Canada) often recognise both the certified and chartered accounting bodies. The majority of "public" accountants in New Zealand and Canada are Chartered Accountants; however, Certified General Accountants are also authorised by legislation to practice public accounting and auditing in all Canadian provinces, except Ontario and Quebec, as of 2005. There is, however, no legal requirement for an accountant to be a paid-up member of one of the many Institutes. A certification, or qualification, is a designation earned by a person, product or process. ... British qualified accountants are full members of United Kingdom accountancy bodies that are CCAB-qualified. ... The Chartered Institute of Management Accountants (CIMA) is a United Kingdom professional body that offers a qualification in management accountancy, focusing on accounting for business. ... The Association of Chartered Certified Accountants (ACCA) is a British chartered accountancy body with a global presence that offers the Chartered Certified Accountant (Designatory letters ACCA or FCCA) qualification worldwide. ... The Institute of Chartered Accountants in England & Wales (ICAEW) is the main English and Welsh accountancy body for chartered accountants and auditors, having 127,158 members (as of 23 June 2005). ... The title Certified Management Accountant is a professional designation awarded by various professional bodies around the world. ... CPA Australia is one of two professional accounting societies in Australia, the other being the Institute of Chartered Accountants. ...

The "Big Four" accountancy firms

The "Big Four auditors" are the largest multinational accountancy firms. The Big 4, sometimes written as the Big Four, are the four largest international accountancy and professional services firms, which handle the vast majority of audits for publicly traded companies as well as many private companies. ... multinational corporation (or transnational corporation) (MNC/TNC) is a corporation or enterprise that manages production establishments or delivers services in at least two countries. ...

• PricewaterhouseCoopers
• Deloitte Touche Tohmatsu
• KPMG
• Ernst & Young

These firms are associations of the partnerships in each country rather than having the classical structure of holding company and subsidiaries, but each has an international 'umbrella' organization for coordination (technically known as a Swiss Verein). A former PwC office building (Southwark Towers) in London, England. ... Deloitte & Touche (also referred to as Deloitte Touche Tohmatsu, and branded as Deloitte. ... KPMG is one of the largest professional services firms in the world. ... Ernst & Young is one of the largest professional services firms in the world, and one of the Big Four auditors, along with PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu (Deloitte) and KPMG. Ernst & Young is a global organization consisting of many member firms. ... A Swiss Verein (German for association) is a business organization consisting of a number of independent offices, each of which has limited liability vis a vis the others. ...

Before the Enron and other accounting scandals in the United States, there were five large firms and were called the Big Five: Arthur Andersen, PricewaterhouseCoopers, KPMG, Deloitte Touche Tohmatsu and Ernst & Young. Enron Creditors Recovery Corporation (formerly Enron Corporation) (former NYSE ticker symbol: ENE) was an American energy company based in Houston, Texas. ... Accounting scandals, or corporate accounting scandals are political and business scandals which arise with the disclosure of misdeeds by trusted executives of large public corporations. ... For the U.S. Supreme Court case commonly known as Arthur Andersen, see Arthur Andersen LLP v. ...

On June 15, 2002, Arthur Andersen was convicted (later overturned) of obstruction of justice for shredding documents related to its audit of Enron. Nancy Temple (Andersen Legal Dept.) and David Duncan (Lead Partner for the Enron account) were cited as the responsible managers in this scandal as they had given the order to shred relevant documents. Since the U.S. Securities and Exchange Commission does not allow convicted felons to audit public companies, the firm agreed to surrender its licenses and its right to practice before the SEC on August 31, 2002. A plurality of Arthur Andersen joined KPMG in the US and Deloitte & Touche outside of the US. Historically, there had also been groupings referred to as the "Big Six" (Arthur Andersen, plus Coopers & Lybrand before its merger with Price Waterhouse) and the "Big Eight" (Ernst and Young prior to their merger were Ernst & Whinney and Arthur Young and Deloitte & Touche was formed by the merger of Deloitte, Haskins and Sells with the firm Touche Ross). is the 166th day of the year (167th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... This article or section does not cite its references or sources. ... David Duncan (born 1960), is the United States governments star witness in the Arthur Andersen trial. ... The U.S. Securities and Exchange Commission, commonly referred to as the SEC, is the United States governing body which has primary responsibility for overseeing the regulation of the securities industry. ... is the 243rd day of the year (244th in leap years) in the Gregorian calendar. ... Also see: 2002 (number). ... KPMG is one of the largest professional services firms in the world. ... Deloitte Touche Tohmatsu is one of the Big Four auditors. ...

The accounting scandals at Enron and other high profile companies in the USA and Europe have had, and continue to have, far-reaching consequences for the accounting industry. Application of International Accounting Standards originating in International Accounting Standards Board headquartered in London and bearing more resemblance to UK than current US practices is often advocated by those who note the relative stability of the UK accounting system (which reformed itself after scandals in the late 1980s and early 1990s). International Financial Reporting Standards (IFRS), often known by the older name of International Accounting Standards (IAS) are a set of accounting standards. ... <a href=>bad credit mortgages</a> <a href=>chase credit cards</a> <a href=>seo optimization</a> ... Generally accepted accounting principles (GAAP) are the accounting rules used to prepare financial statements for publicly traded companies and many private companies in the United States. ...

Topics in accounting

See list of accounting topics for complete listing. Following is a list of accounting topics. ...

Auditing

• Assurance services
• Audit
• Information technology audit
• Internal audit

Assurance services have been defined by the American Institute of Certified Public Accountants (AICPA) as Independent Professional Services that improve information quality or its context. Assurance services reduce the information risk; risk that the information provided is incorrect, on more than just financial data. ... For other uses, see Audit (disambiguation). ... An information technology audit, or information systems audit, is an examination of the controls within an Information technology (IT) infrastructure. ... Internal auditing is a profession and activity involved in advising organizations regarding how to better achieve their objectives. ...

Accountancy methods and fields

• Lean accounting
• Cost accounting
• Cash-basis and accrual-basis accounting
• Financial accountancy
• Fund Accounting
• Internal and external accountancy
• Management accounting
• Project accounting
• Positive accounting
• Environmental accounting
• Tax accounting

Lean accounting is accounting for the lean enterprise. ... This article does not cite any references or sources. ... Cash-Basis Cash-basis accounting is a method of bookkeeping that records financial events based on cash flows and cash position. ... Financial accountancy (or financial accounting) is the branch of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, government agencies, owners, and other stakeholders. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Management accounting is concerned with the provision and use of accounting information to managers within organizations, to facilitate the managers in their decision making and management control functions. ... Financial accountancy (or financial accounting) is the branch of accounting concerned with the preparation of financial statements for outsider use. ... Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. ... Project accounting is the practice of creating financial reports specifically designed to track the financial progress of projects, which can then be used by managers to aid project management. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Environmental accounting can be considered either a subset or superset of accounting proper, because it aims to incorporate both economic and environmental information. ... This refers to accounting for local tax purposes. ...

Accounting Principles

Accounting principles, rules of conduct and action are described by various terms such as concepts, conventions, tenets, assumptions, axioms and postulates.

Accounting concepts

• Entity concept
• Dual aspect concept
• Going concern concept
• Accounting period concept
• Money measurement concept
• Historical Cost concept
• Realization concept
• Accounting methods (includes a discussion on the concept of accruals)
• Understandability
• Relevance
• Reliability
• Comparability
• Accrual (also known as Matching principle)
• Unified Ledger Accounting

In accounting the separate entity concept treats a business as distinct and completely separate from the owners. ... Dual aspect is the very foundation of the universally applicable double entry bookkeeping system and it stems from the fact that every transaction has a double (or dual) effect on the position of a business as recorded in the accounts. ... A going concern describes a business that functions without the intention or threat of liquidation for the foreseeable future, say at least within 12 months. ... Jim Callaghan was the Chancellor of the Exchequer who introduced United Kingdom corporation tax, and with it the concept of an accounting period in 1965. ... The money measurement concept underlines the fact that in accounting, every recorded event or transaction is measured in terms of money. ... In accounting terminology, historical cost describes the original cost of an asset at the time of purchase or payment as opposed to its market value (saleable value, replacement value or value in present or alternative use). ... This article does not cite any references or sources. ... Accrual is derived from the verb accrue, which describes the gathering or clustering of things together over time, as atoms, or it describes a general increase in number, as in interest. ... Expenses have to be matched with revenues as long as it is reasonable to do so. ...

Accounting conventions

• Convention of disclosure
• Convention of materiality
• Convention of consistency
• Convention of conservatism

The Convention Of Disclosure means that all material facts must be disclosed in the financial statements. ... The Conservatism principle or convention is a strategy in business and financial management which aims at long-term capital appreciation with low risk. ...

Tools for accounting

• Accounting software
• Online accounting

This article does not cite any references or sources. ... Online accounting relates to accounting that can be done over the Internet. ...

Types of accountancy

The following list is intended to give some idea of the breadth and scope of the accountancy profession:

• lean accounting
• auditing
• bookkeeping
• chartered accountant
• cost accounting
• management accounting
• financial accounting
• forensic accounting
• taxation advice
• public accountancy
• internal accountancy
• external accountancy

Lean accounting is accounting for the lean enterprise. ... Basic definition Audit is the examination of records and reports of a company, in order to check that what is provided is relevant and accurate. ... Bookkeeping (also book-keeping or book keeping) is the recording of all financial transactions undertaken by an individual or organization. ... Chartered Accountant (CA) is the title used by members of certain professional accountancy associations in the British Commonwealth countries and Ireland. ... This article does not cite any references or sources. ... Management accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis in making informed business decisions that would allow them to be better equipped in their management and control functions. ... The field of accounting that serves external decision makers, such as stockholders, suppliers, banks and government agencies See also: Management accounting field of accounting concerned with external users of a companys financial information. ... Forensic Accounting is the specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. ... A tax is an involuntary fee paid by individuals or businesses to a state, or to functional equivalents of a state, including tribes, secessionist movements or revolutionary movements. ... It has been suggested that Difference b/w Mangerial accounting & Financial accounting be merged into this article or section. ... Management accounting is concerned with the provision and use of accounting information to managers within organizations, to facilitate the managers in their decision making and management control functions. ... Financial accountancy (or financial accounting) is the branch of accounting concerned with the preparation of financial statements for outsider use. ...

See also

• Accounting ethics
• Accounting software for E-accounting
• Critical accounting policy
• Financial statements and Notes to the Financial Statements
• Green eyeshade
• Standard accounting practices
• Inflation accounting

This article does not cite any references or sources. ... e-Accounting is the application of online and Internet technologies to the business accounting function. ... In public corporate finance, a critical accounting policy is a policy for a company or an industry which is considered to have a notably high subjective element, and that has a material impact on the financial statements. ... Historical financial statement Financial statements (or financial reports) are formal records of a business financial activities. ... The Notes to Financial Statements are additional notes and information added to the end of the financial statement to supplement the reader with more information. ... Eyeshades Green eyeshades are a type of visor that was worn most often from the late 1800s to the middle 1900s by accountants, telegraphers, copy editors and others engaged in vision-intensive, detail-oriented occupations. ... Publicly-traded companies are required to follow certain accounting rules to prepare financial statements so that the readers of the statements can easily compare different companies. ... Inflation accounting is a financial reporting process that considers the effects of inflation on financial statements. ...

Lists of related topics

• List of accounting topics
• List of accountancy bodies
• List of finance topics
• List of business law topics
• List of business ethics, political economy, and philosophy of business topics

Following is a list of accounting topics. ... Topics in finance include: // Finance an overview Arbitrage Capital (economics) Capital asset pricing model Cash flow Cash flow matching Debt Default Consumer debt Debt consolidation Debt settlement Credit counseling Bankruptcy Debt diet Debt-snowball method Discounted cash flow Financial capital Funding Financial modeling Entrepreneur Entrepreneurship Fixed income analysis Gap financing... This is a list of business law topics within the field of commercial law. ... See business ethics, political economy and Philosophy of business for an overview. ...

Notes and references

External links

Business and economics Portal

Look up accountancy, accounting in Wiktionary, the free dictionary.

• Accounting Terminology Guide (New York Society of CPAs, United States)
• Wikinvestopedia Accounting Wiki Glossary — Wikinvestopedia