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Accounting and Business

July 21, 2016
Uploaded through Accounting Professionals - Category: Business - Tags: #accounts  0 1,145 0
Accounting can be divided into several fields including financial accountingmanagement accountingauditing, and tax accountingAccounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, such as investorsregulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.