Accounting is best described as a process which helps communicate the financial health of the business enterprise to the concerned and interested parties. It is an effective and efficient way of assessing the overall assets, liabilities, and the future of an entity for the investors. Accounting is essential for the smooth survival of any business. There are accounting principles to record and evaluate the earnings and expenditure of the company which helps the manager or the owner of the business see for himself all losses endured and profits earned by the enterprise at the end of the financial year. There are three types of important information that the system of accounting conveys to the concerned heads, which are:
- Operating information: This information is needed on a regular basis in order for the enterprise to run its business smoothly. The salary of the employees, the tracking of the sales, the monetary payment owed to the different business organization, the amount of finance that the enterprise owns needs to be supervised and the list does not have a definite end. This information forms the base for the other two accounting information.
- Financial accounting information: The information is strictly used by the shareholders, managers, and the government. This helps the shareholders know the worth of the money they invested.
- Managerial accounting information: The managers need to have this information to make the crucial and best decisions for the benefit of the company. It is used to construct the budget.
Accounting is not a tough subject to master, once all its part are linked and read.
The subject of accounting is not confined to the theoretical knowledge and the use of mathematical skills to ascertain the correct result forms the main challenge for the students. In accounting, the student has to prepare more than one account to display the correct position of the business, as asked for in the question. It is difficult to remember all types of accounts and that leads to unfinished answers. The calculation errors and the absent-mindedness to copy the figures wrong create a huge gap between the student and the right answer. The basis of understanding the practical subject is by giving as much importance to the theoretical part, which students find unnecessary.
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