What is accounting

      What is accounting

Practice and body of knowledge concerned primarily with

1-      methods for recording transactions,

2-      keeping financial records,

3-      performing internal audits,

4-      reporting and analyzing financial information to the management, and

5-      Advising on taxation matters.

It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity.

Accounting provides information on the

1-      resources available to a firm,

2-      the means employed to finance those resources, and

3-      The results achieved through their use.