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What is Accountancy?
Accountancy is the practice of managing the expenses and income of a business. The method of recording and clubbing business transaction is called as bookkeeping. Management can know the status and financial results from it. The main task of accountancy is as follow
Recordation: – The various transaction which happen in day to day business i.e. sales,purchase, cash payment etc. are recorded. The area are generally handled by cashier, clerk.
Classification: – The various transaction which are recorded by cashier or clerk are clubbed into accounting records. The accounting record are classified as per the nature of the transaction. There are different nature of transaction which happened in day to day business such as depreciation expense, commodity sales, purchases, accounts receivable or payable, debt etc all these are generally recorded in general ledger. There are various other transaction which are recorded in sub-ledger instead of general ledger. Financial statement are prepared from the information contained in general ledger.
Reporting:- It can be further divided into financial accounting & Management accounting. The area of financial accounting is generally covered by controller, general accountant &cfo, and there main duty is to gather all business transaction in the financial statement. All these transaction are accumulated as per the rules and regulation framed on IFRS (International Financial Reporting System)& GAAP (Generally Accepted Accounting Principle). The area of Management accounting is generally covered by financial analyst & cost accountant. Their main job is to always analyze the business and increase the profitability of the management. The analyze data from the financial statement or from their own record.As financial accounting follows rules and regulation framed by governing body but that is not in the case of management accounting.
What is Online Accountancy Quiz Help?
In business accounts may be defines as a universal or main language by the general people. But as per professional it may be defines as the reporting, analysis, recording & systematic of all commercial transactions. For running an organization smoothly, timely & accurate accounting is utmost important. Without understanding the basic of the accounts, it is impossible for the user to work efficiently and achieved heights in the said subject.
Objectives of Online Accountancy Quiz Help?
The students or users who are looking for accountancy quiz help, then this is destination where you can stop and get all your solution under one roof i.e. Online Accountancy Quiz Help. There are various topics relates to this subject which you are looking for. Some of them are as follows:- Reporting cycles, Information processing, Investment for long term, financial reporting, assets and liabilities, inventory, liquid investment etc.
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