Accounting girls

Authors: Thu Trang & Hoang Anh The main functions of accounting are to keep an accurate record of financial transactions, to create a journal of expenditure, and to prepare this information for statements that are often required by law. The most basic of accounting functions is to record the data. The analysis of the recorded data is noted in the ledger book, which is simply a summary of the journal. Entries of a certain nature are all grouped here. So, if you want to look at how much money has been spent or received on maintenance, for example, you are likely to find the information here.   1. Balance Sheet The balance sheet summarizes the financial balances of a community association or management company at a given point in time. This includes assets, liabilities, and ownership equity. 2. Income Statement The income statement (also known as a profit and loss statement) shows the revenues and expenses across a certain quarter, month, year or period selected. This statement sh...

  1. Scope of accounting in complex operating environments Financial accounting is a subset of business accounting. Financial accounting's scope is to reflect all forms of assets, asset formation sources, economic and financial activities, and legal economic connections that arise throughout an organisation. However, it simply represents the aims in generic form for the purpose of preparing financial accounts. When structuring accounting work in businesses, it must be based on the features of production and business operations, as well as the needs of management, in order to clearly identify the particular scope of financial accounting and to clearly delineate between financial accounting . - Financial Accounting (FA) This means the collection, processing, examination, analysis and provision of economic and financial information by means of financial statements to the subjects who need to use the information of an accounting unit. The task of financial accounting is to monitor, obs...

Accounting branches measure, process, and convey financial and non-financial information that influences the economic interests and affiliations of a firm. Accounting branches are used by the majority of firms and enterprises to measure the outcomes of their economic activities. Accounting branches employ a variety of techniques to assemble and present results to investors, creditors, management, regulators, and tax collectors.  Accounting evolved to extend its branches and acquire specialities in a specific sector of finance as global companies expanded and tax rules and regulations expanded.  Technological advancements and the exchange of foreign currencies result in the growth of accounting specializations that focus on a specific economic interest. 1. Financial accounting Financial accounting includes tracking and interpreting a company's transactions, as well as preparing and presenting financial statements. Financial accounting adheres to GAAP standards and focuses on hi...