Accounting or accountancy is the measurement, processing, and communication of financial and nonfinancial information about economic entities such as businesses and corporations. The modern field was established by the Benedikt Kotruljevic in 1458, (Italian: Benedetto Cotrugli; 1416–1469) merchant, economist, scientist, diplomat, and humanist from Dubrovnik (Croatia), and Italian mathematician Luca Pacioli in 1494. Accounting, which has been called the “language of business”, measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms. you can also buy accounting certificates online, buy certificates online, buy accounting exams online with us or get an accounting certificate written for you. we also provide buy fake accounting certificates online. accounting certificate without exams. write my accounting exams, get an accounting exam written for you
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting, and cost accounting. Accounting 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 the external users of the information, such as investors, regulators, 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.
Accounting is facilitated by accounting organizations such as standard-setters, accounting firms, and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, “all major economies” have plans to converge towards or adopt the International Financial Reporting Standards
The history of accounting is thousands of years old and can be traced to ancient civilizations.The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money; there is also evidence of early forms of bookkeeping in ancient Iran,[and early auditing systems by the ancient Egyptians and Babylonians.By the time of Emperor Augustus, the Roman government had access to detailed financial information.
Double-entry bookkeeping was pioneered in the Jewish community of the early-medieval Middle East and was further refined in medieval Europe. With the development of joint-stock companies, accounting split into financial accounting and management accounting.
The first work on a double-entry bookkeeping system was published in Italy, by Luca Pacioli (“Father of Accounting”). Accounting began to transition into an organized profession in the nineteenth century, with local professional bodies in England merging to form the Institute of Chartered Accountants in England and Wales in 1880
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Main article: Financial accounting
Financial accounting focuses on the reporting of an organization’s financial information to external users of the information, such as investors, potential investors, and creditors. It calculates and records business transactions and prepares financial statements for the external users in accordance with generally accepted accounting principles (GAAP).GAAP, in turn, arises from the wide agreement between accounting theory and practice, and change over time to meet the needs of decision-makers.
Financial accounting produces past-oriented reports—for example, the financial statements prepared in 2006 reports on performance in 2005—on an annual or quarterly basis, generally about the organization as a whole.
This branch of accounting is also studied as part of the board exams for qualifying as an actuary. These two types of professionals, accountants, and actuaries, have created a culture of being archrivals.
Main article: Management accounting
Management accounting focuses on the measurement, analysis, and reporting of information that can help managers in making decisions to fulfill the goals of an organization. In management accounting, internal measures and reports are based on cost-benefit analysis and are not required to follow the generally accepted accounting principle (GAAP). In 2014 CIMA created the Global Management Accounting Principles (GMAPs). The result of research from across 20 countries on five continents, the principles aim to guide best practices in the discipline.
Management accounting produces future-oriented reports—for example, the budget for 2006 is prepared in 2005—and the time span of reports varies widely. Such reports may include both financial and nonfinancial information, and may, for example, focus on specific products and departments. get an accounting exam written for you
Main articles: Financial audit and Internal audit
Auditing is the verification of assertions made by others regarding a payoff, and in the context of accounting it is the “unbiased examination and evaluation of the financial statements of an organization”.The audit is a professional service that is systematic and conventional.
An audit of financial statements aims to express or disclaim an opinion on the financial statements. The auditor expresses an opinion on the fairness with which the financial statements present the financial position, results of operations, and cash flows of an entity, in accordance with the generally acceptable accounting principle (GAAP) and “in all material respects”. An auditor is also required to identify circumstances in which the generally accepted accounting principles (GAAP) has not been consistently observed
Accounting information systems
Main article: Accounting information system
An accounting information system is a part of an organization’s information system that focuses on processing accounting data. Many corporations use artificial intelligence-based information systems. The banking and finance industry is using AI as fraud detection. The retail industry is using AI for customer services. AI is also used in the cybersecurity industry. It involves computer hardware and software systems and using statistics and modeling.
Main article: Tax accounting
Tax accounting in the United States concentrates on the preparation, analysis, and presentation of tax payments and tax returns. The U.S. tax system requires the use of specialized accounting principles for tax purposes which can differ from the generally accepted accounting principles (GAAP) for financial reporting. U.S. tax law covers four basic forms of business ownership: sole proprietorship, partnership, corporation, and limited liability company. Corporate and personal income are taxed at different rates, both varying according to income levels and including varying marginal rates (taxed on each additional dollar of income) and average rates (set as a percentage of overall income).
Main article: Forensic accounting
Forensic accounting is a specialty practice area of accounting that describes engagements that result from actual or anticipated disputes or litigation. “Forensic” means “suitable for use in a court of law,” and it is to that standard and potential outcome that forensic accountants generally have to work.
See also: Category: Accounting organizations.
Main article: Professional accounting body
Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179 members of the International Federation of Accountants (IFAC),including Institute of Chartered Accountants of Scotland (ICAS), CPA Australia, Association of Chartered Certified Accountants (ACCA) and Institute of Chartered Accountants in England and Wales (ICAEW). Professional bodies for subfields of the accounting professions also exist, for example, the Chartered Institute of Management Accountants (CIMA) in the UK and Institute of management accountants in the United States. Many of these professional bodies offer education and training including qualification and administration for various accounting designations, such as certified public accountant (AICPA) and chartered accountant.
Main article: Accounting networks and associations
Depending on its size, a company may be legally required to have their financial statements audited by a qualified auditor, and audits are usually carried out by accounting firms
Accounting firms grew in the United States and Europe in the late nineteenth and early twentieth century, and through several mergers, there were large international accounting firms by the mid-twentieth century. Further large mergers in the late twentieth century led to the dominance of the auditing market by the “Big Five” accounting firms: Arthur Andersen, Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers. The demise of Arthur Andersen following the Enron scandal reduced the Big Five to the Big Four.
See also: Accounting standards and Convergence of accounting standards
Generally accepted accounting principles (GAAP) are accounting standards issued by national regulatory bodies. In addition, the International Accounting Standards Board (IASB) issues the International Financial Reporting Standards (IFRS) implemented by 147 countries. While standards for international audit and assurance, ethics, education, and public sector accounting are all set by independent standard settings boards supported by IFAC. The International Auditing and Assurance Standards Board sets international standards for auditing, assurance, and quality control; the International Ethics Standards Board for Accountants (IESBA) sets the internationally appropriate principles-based Code of Ethics for Professional Accounts the International Accounting Education Standards Board (IAESB) sets professional accounting education standards; International Public Sector Accounting Standards Board (IPSASB) sets accrual-based international public sector accounting standards
Organizations in individual countries may issue accounting standards unique to the countries. For example, in the United States, the Financial Accounting Standards Board (FASB) issues the Statements of Financial Accounting Standards, which form the basis of US GAAP, and in the United Kingdom, the Financial Reporting Council (FRC) sets accounting standards. However, as of 2012 “all major economies” have plans to converge towards or adopt the IFRS.
Education and qualifications
At least a bachelor’s degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master’s degree. A degree in accounting may also be required for or may be used to fulfill the requirements for, membership to professional accounting bodies. For example, the education during an accounting degree can be used to fulfill the American Institute of CPA’s (AICPA) 150 semester hour requirement, and associate membership with the Certified Public Accountants Association of the UK is available after gaining a degree in finance or accounting.
A doctorate is required in order to pursue a career in accounting academia, for example to work as a university professor in accounting. The Doctor of Philosophy (Ph.D.) and the Doctor of Business Administration (DBA) are the most popular degrees. The Ph.D. is the most common degree for those wishing to pursue a career in academia, while DBA programs generally focus on equipping business executives for business or public careers requiring research skills and qualifications.
See also: Chartered Accountant and Certified Public Accountant
Professional accounting qualifications include the Chartered Accountant designations and other qualifications including certificates and diplomas. In Scotland, chartered accountants of ICAS undergo Continuous Professional Development and abide by the ICAS Code of ethics. In England and Wales, chartered accountants of the ICAEW undergo annual training and are bound by the ICAEW’s code of ethics and subject to its disciplinary procedures. In the United States, the requirements for joining the AICPA as a Certified Public Accountant are set by the Board of Accountancy of each state, and members agree to abide by the AICPA’s Code of Professional Conduct and Bylaws. In India, the Apex Accounting body constituted by parliament of India is “Institute of Chartered Accountants of India” (ICAI) was known for its rigorous training and study methodology for granting Qualification. The ACCA is the largest global accountancy body with over 320,000 members and the organization provides an ‘IFRS stream’ and a ‘UK stream’. Students must pass a total of 14 exams, which are arranged across three papers.
Main article: Accounting research
Accounting research is research on the effects of economic events on the process of accounting, the effects of reported information on economic events, and the roles of accounting in organizations and society. It encompasses a broad range of research areas including financial accounting, management accounting, auditing, and taxation.
Accounting research is carried out both by academic researchers and practicing accountants. Methodologies in academic accounting research include archival research, which examines “objective data collected from repositories“; experimental research, which examines data “the researcher gathered by administering treatments to subjects“; analytical research, which is “based on the act of formally modeling theories or substantiating ideas in mathematical terms”; interpretive research, which emphasizes the role of language, interpretation and understanding in accounting practice, “highlighting the symbolic structures and taken-for-granted themes which pattern the world in distinct ways”; critical research, which emphasizes the role of power and conflict in accounting practice; case studies; computer simulation; and field research.
Empirical studies document that leading accounting journals publish in total fewer research articles than comparable journals in economics and other business disciplines, and consequently, accounting scholars are relatively less successful in academic publishing than their business school peers. Due to different publication rates between accounting and other business disciplines, a recent study based on academic author rankings concludes that the competitive value of a single publication in a top-ranked journal is highest in accounting and lowest in marketing.
Accounting information system
Main article: Accounting information system
Many accounting practices have been simplified with the help of accounting computer-based software. An Enterprise resource planning (ERP) system is commonly used for a large organization and it provides a comprehensive, centralized, integrated source of information that companies can use to manage all major business processes, from purchasing to manufacturing to human resources.
Accounting information systems have reduced the cost of accumulating, storing, and reporting managerial accounting information and have made it possible to produce a more detailed account of all data that is entered into any given system.
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