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http://www.investorguide.com/article/13789/list-of-key-accounting-terms-and-definitions/
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Accounting is the process by which the profitability and solvency of the company can be measured. It also provides information needed as a basis for making decisions, that will enable management to guide the company on a profitable and solvent course. The range of those who use accounting information is not limited by businesses only. It also includes: Individuals.
People use accounting information in day-to-day affairs to manage their bank accounts, to evaluate job prospects, to make investments, and to decide whether to rent or to buy a house. Investors and Creditors. Investors provide the money that businesses need to begin operations. To decide whether to help start a new venture, potential investors evaluate what income they can reasonably expect on their investment. Government Regulatory Agencies base their regulatory activity on the accounting information they receive from firms. Taxing Authorities. Local, state, and federal governments levy taxes on individuals and businesses using the accounting information they present. Non-profit Organisations such as churches, most hospitals, government agencies, and colleges, which operate for purposes other than to earn a profit – use accounting information in much the same way that profit-oriented businesses do. The methods used by a business to keep records of its financial activities and to summarize these activities in periodic accounting reports comprise the ac- 242 counting system.
The first function of an accounting system is creating information, that is a systematic record of the daily business activity. It is carried out by means of recording, classifying and summarizing information. The second function of an accounting system is communicating the summarized information to interested parties. The third function is interpreting the accounting information as it relates to specific business decisions. In accounting, business activities are associated with transactions. A transaction occurs whenever the firm enters into a legal contract for the acquisition of means of production or the sale of goods and services. Transactions between the firm and its markets - both its supply markets and its selling markets – are defined as “external transactions”.
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Transactions within the firm, consisting of the exchanges which occur between the various departments are defined as “internal transactions”. The totality of “internal transactions” forms the subject matter of cost or managerial accounting. The main task of managerial accounting is preparing budgets and other financial reports necessary for management. Cost accounting deals with working out the unit cost of products, including materials, labour and all other expenses. Other types of accounting are tax accounting and creative accounting. Tax accounting is used for calculating an individual's or a company's liability for tax. Creative accounting uses all available accounting procedures and tricks, to disguise the true financial position of a company. Persons with little knowledge of accounting may fail to understand the difference between accounting and bookkeeping. Bookkeeping means the recording of transactions, the record-making phase of accounting. The recording of transactions tends to be mechanical and repetitive, it is only a small part of the field of accounting and probably the simplest. Accounting includes the design of accounting systems, preparation of financial statements, audits, cost studies, development of forecasts, income tax work, computer applications to accounting processes, and the analysis and interpretation of accounting information as an aid to making business decisions. A person might become a reasonable proficient bookkeeper in a few weeks or months, however, to become a professional accountant requires several years of study and experience.
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