What Is Accounting?

Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or an income statement. Anyone who’s worked in an office at some point or another has had to go to accounting. They …

Basic Accounting Principles

Accounting can be defined as having one basic function: “facilitating the administration of economic activity. This function has two closely related phases: 1) measuring and arraying economic data; and 2) communicating the results of this process to interested parties.” As …

Accounting Principles

If everyone involved in the process of accounting followed their own system, or no system at all, there’s be no way to truly tell whether a company was profitable or not. Most companies follow what are called generally accepted accounting …