- Accounting is called the “Language of Business” because of its ability to communicate financial information about an organization.
- In order to achieve a standardized accounting system, the accounting process follows accounting principles and rules.
- Revenues are incoming money and expenditures are out going money.
- The balance sheet and the income statement are two common financial statements. They are different, the first shows the financial position of a company at one point of time, while the seconds shows the financial performances of a company over a period of time.
- The information contained in financial statements might be useful to creditors. It helps them to find out whether the company will able to repaid the credit on time or not.
- In The United States, accountants are classified as public, private, and governmental
- Public accountant provide accounting services such as auditing and tax computation to companies and individuals.
- A CPA is a Certified Public Accountant. Yes, we had formerly Faculty of Economics graduates of 5 elite universities got “Drs, ….. AK” degree.
- Accounting-public because accountant has good knowledge about accounting principles and rules.
- Some company financial decision makings might be based on accounting information. For example the management went to expend its business to build a bigger factory to introduce new variety of goods.
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