Accounting Information Systems
An accounting information system is one of the widely accepted systems of collecting, auditing, and processing financial data modules. An accounting information system involves the process by which a business manages, stores, retrieves, processes, and reports its financial data to be used by business analysts, consultants, accountants, auditors, chief financial officers, tax agencies, and regulators.
Financial auditing is the process of analyzing and individual’s or organization’s financial records to determine if they are factual and by the standards of accounting rules, laws, and regulations. It can also be defined as the on-site verification process, such as examination or inspection, of a quality system to ascertain due to compliance with standard requirements.
Bookkeeping refers to the daily recording of financial transactions and is considered the basis of accounting in business. Bookkeeping involves recording sales, payments, purchases, and receipts executed by an individual or corporation. Recording and classifying of accounting transactions for a business firm and the techniques involved in this action are known as bookkeeping.
Business accounting is the systematic analyzing, interpreting, recording, and presenting financial information as a way to keep track of a business’s operation. It involves the analysis of the business finances to help the owner make informed and beneficial decisions. Business accounting can be conducted by an individual or a team, depending on the size of the organization. Business accounting is aimed at depicting the financial health of a business.
Cost analysis is the art of determining the costs of implementing a program or the cost-output relationship where the economics focuses on analyzing an comparing the costs incurred in hiring and the corresponding increase in productivity of the company. Cost analysis is carried out without regard for the outcome.
Environmental accounting is a crucial tool that supplements environmental management. It is a useful tool for determining the influence of our natural environment in the society or economy. Environmental accounting data serves both public and private organizations through disclosure in reports. The data provided highlights the advantage of natural resources to the economic growth and the costs incurred by resource degradation or pollution.
Financial Accounting, sometimes known as financial accountancy is a field of accounting that is concerned with the analysis, reporting, and summary of financial transactions related to a particular business. Financial Accounting can also be defined as the process of preparing financial statements available for public consumption. Example of people interested in such information includes business owners and stakeholders for decision-making purposes.
Financial Statements and Reporting
Financial statements is also known as a financial report of a type of formal record of the position and financial activities of a person, business, or other entity. Financial information is presented in a manner that is structured and easy to understand. Financial statements typically include a normal financial statement followed by a management analysis and discussion. It also includes sales and expenditures during the stated period.
Forensic accounting employs auditing, accounting, and investigative skills to analyze a company’s financials. Forensic accounting delivers an accounting analysis that is admissible in court. Forensic accountants are specially trained to investigate numbers and are frequently used in fraud cases. Alternatively, forensic accounting can be defined as the specialty branch of accounting that focuses on litigation and anticipated disputes.
General Accounting is a discipline of accounting unit that mostly deals with maintaining and ensuring the integrity and accuracy of the institution’s financial records. The responsibility of general accounting ensures that all transactions are recorded to the institution’s accounting system according to the principles of the Generally Accepted Accounting Principles (GAAP). The field lends itself to various basic objectives and principles.
The global economy can be defined as the world-wide economic activity between two or more countries that are considered looped and therefore can affect the economy of other countries positively or negatively. The global economy can also be referred to like the way the economies of the world comes together as one economic system to work harmoniously as one.
International accounting is a specialty within the discipline of accounting focused on the specific accounting standards which are relevant in a country and the way they are when you are balancing the books of the different company overseas. In this modern world, a standard financial accountant working in a global business accounting environment in the 21st century will fit in the shoes of an international accountant.
Laws and Ethics
Laws and Ethics can be defined as the rules and regulations of right conducts that concerns matters of greater importance. Violations of the laws and ethics can bring disturbance to social sanctions and individual conscience. Violations may also bring a reduction or loss in possessions and freedom. The law is equipped with sanctions that help to discourage people from harming others in society.
Management accounting is a type of accounting whereby managers use the tools of accounting information seeking to help inform themselves before they make decisions on important matters within their organizations, which in turn helps their performance and management of control functions. Management accounting is sometimes referred to as managerial accounting.
Personal Financial Planning
Personal Financial planning is a long-term process that helps to manage individuals finances and help them achieve their goals and also help to negotiate some financial barriers that will inevitably rise in different stages of life. This requires individuals to plan the use of the financial resources they have carefully. Individuals that take time to learn about money matter will be rewarded in the future.
Public accounting is the process of providing services to varieties of clients that include government agencies, educational institutions, government agencies, and individual taxpayers. Public accounting can also be explained as firms of accounting that provides services to clients such as service companies, manufacturers, retailers, governments, nonprofits, and individuals. It can also be defined as a business service that offers services like auditing, tax services, and expertise.
Sports Accounting is the act being an accountant for individual athletes or a major sports team. The profession has become one of the most paying jobs in accounting simply because athletics and sports have a lot of money on it. The role of a sports accountant is to take responsibility for controlling and recording the club?s expenditure and income and are also involved with activities like negotiating terms with player?s agents or sponsors.
Tax accounting is an aggregation of different accounting words focused on tax and not financial statements. The Internal Revenue Code itself governs it, and it dictates all the specific rules that must be followed by individuals and companies when preparing their tax returns. It is the means of accounting for the sole purpose of the tax. It applies to every party including businesses, individuals, and cooperation.
Taxation is a means by which a taxing authority (the government) imposes a tax to finance their expenditure by declaring charges on citizens and corporate bodies. The government uses these involuntary levies that are gotten from estate taxes, capital gain, and workers income.