Hai,let me introduce my self.my name is sylvi
febrina,you can call me sylvi.i was born on 2 february 1999 in Jakarta.I have
one brother,his name’s risky and i live in citayam with my parents.
My frist education at SDN BOJONGGEDE 04.since I was
child, I rally love playing basketball. After graduated from elementary school,
I get new school at SMP AL-BASYARIAH. I have some experience in there, I was
once a part of OSIS (2013), and the next school at SMAN 1 BOJONGGEDE.
I’m really love in senior high school because I’m
always get champion in my class.now I’m studying at faculty economic
gunadarma university majoring accounting
I want to tell about accounting.
Accounting is the
language of finance.it conveys the financial position of the firm or business
to anyone who wants to know. It helps to translate the workings of a firm into
tangible reports that can be compared. So it is essential that we know the
meaning of accounting. Let us get started!
Meaning
of accounting
Accounting is all about the process that helps to record, summarize, analyze,
and report data that concerns financial transactions. Let’s understand the
components a little better to understand the true meaning of accounting.
Function
The first and foremost function that accounting looks
forward to achieving is recording of the different transactions that are made
within the firm. This can also be referred to s book-keeping which is a process
of recognizing the transactions and setting them up as record.
Book-keeping is only concerned with the recording
segment and nothing else. Accounting maintains a few books for the cause of
recording. The maintenance of the procedure happens in a systematic manner.
Practice and body of knowledge concerned
primarily with
·
performing internal
audits,
Accounting provides
information on the
·
resources available to a
firm,
·
the means employed to finance those resources, and
·
the results achieved
through their use.
Types of Accounting
·
Financial
Accounting
Financial accounting refers to the
processes used to generate interim and annual financial statements. The results
of all financial transactions that occur during an accounting period are
summarized into the balance sheet, income statement, and cash
flow statement. The financial statements of most companies are audited annually
by an external CPA firm. For some, such as publicly traded companies,
audits are a legal requirement. However, lenders also typically require the
results of an external audit annually as part of their debt covenants.
Therefore, most companies will have annual audits for one reason or another.
·
Managerial
Accounting
Managerial accounting uses much of the
same data as financial accounting, but it organizes and utilizes information in
different ways. Namely, in managerial accounting, an accountant generates
monthly or quarterly reports that a business's management team can use to make
decisions about how the business operates. Managerial accounting also
encompasses many other facets of accounting, including budgeting, forecasting,
and various financial analysis tools. Essentially, any information that may be
useful to management falls underneath this umbrella.
·
Cost
Accounting
Just
as managerial accounting helps businesses make decisions about management, cost
accounting helps businesses make decisions about costing. Essentially, cost
accounting considers all of the costs related to producing a product. Analysts,
managers, business owners and accountants use this information to determine
what their products should
cost. In cost
accounting, money is cast as an economic factor in production, whereas in
financial accounting, money is considered to be a measure of a company's
economic performance.
Basic
Fundamentals of Accounting
Accounting is all about the term ALOE. Do not confuse it with the
plant! ALOE is a term that has an important role to play in the accounting
world and the understanding of the meaning of accounting. Here is what the
acronym, “A-L-O-E” means.
·
A – Assets
·
L – Liabilities
·
O E- Owner’s
Equity
This is one of the basic concepts of accounting. The equation for the
same goes like this:
Assets = Liabilities + Owner’s Equity
Here is the meaning of every term that ALOE stands for.
·
Assets: Assets are the items that belong to you and you are the
owner of it. These items correspond to a “value” and can serve you cash in
exchange for it. Examples of Assets are Car, House, etc.
·
Liabilities: Whatever you own is a liability. Even a loan that you
take from a bank to buy any sort of asset is a liability.
·
Owner’s Equity: The total amount of cash someone (anyone) invests in an
organization is Owner’s Equity. The investment done is not necessarily money
always. It can be in the form of stocks too.
Reference
