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.
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