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What Is Accounting Anyway?
About Accounting
- Basic Accounting Principles
Accounting has been defined as having one basic function: "facilitating the administration of economic activity.
- 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.
- Personal Accounting
If you have a checking account, of course you balance it periodically to account for any differences between what's in your statement and what you wrote down for checks and deposits.
Managing Your Finances
- Bookkeeping
So what goes on the accounting and bookkeeping departments? What do these people do on a daily basis?
- Bookkeeping Basics
Most people probably think of bookkeeping and accounting as the same thing, but bookkeeping is really one function of accounting, while accounting encompasses many functions involved in managing the financial affairs of a business.
- Profit and Loss
Profit can be called different things, for a start. It's sometimes called net income or net earnings.
- Assets and Liabilities
Making a profit in a business is derived from several different areas.
- Making a Profit
The income statement reports the profit-making activities of the business and the bottom-line profit or loss for a specified period.
- Revenue and Receivables
In most businesses, what drives the balance sheet are sales and expenses.
- Inventory and Expenses
Inventory is usually the largest current asset of a business that sells products.
- Balance Sheet
A balance sheet is a quick picture of the financial condition of a business at a specific period in time.
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