Accounting: Accounting is a process of recording, summarizing, interpreting and communicating financial information in the form of financial statements and management reports. It is a broad term which encompasses many activities. Making accounting estimates, establishing methods of recording financial data, producing financial reports, analysis of financial reports and communication of financial results are all examples … Continue reading Accounting vs Book-Keeping.
Accounting is an off-shoot of counting. It dates back to ancient civilizations. With the passage of time, introduction of currency and expansion in trade, accounting developed as a stand-alone profession. Timeline of Book-Keeping and Accountancy from ancient times to 19th Century is presented below: Circa 4000 B.C. The income of temples is recorded in lower Mesopotamia. … Continue reading History of Book-Keeping and Accountancy – Timeline.
After being given the task of financial reporting of the small entity that I had recently joined, i gathered relevant data, processed it and produced a basic P&L and Balance sheet. Content with my achievement (No financial reports had been prepared prior to this), I presented the set of reports to my manager, who was … Continue reading Accountancy and Startups.!