Overview

"This book is different. The book focusses on the practical aspects, but instead of jargon and vague language we use ""step-by-step"" illustrations heading straight to the topic on hand. Of course, there are chapters that are almost all traditional paragraphs, but it plays a supporting role. Among the many accounting definitions, the AICPA defines accounting as: ""The Art of recording, classifying and summarizing in a significant manner in terms of money transactions and events which are, in part at least of financial in character and interpreting the results thereof"" Accountancy is the art of communicating financial information, usually in financial form, about the business to the shareholders' and managers showing the resources under management control. It is a branch of the mathematical sciences discovering the causes and the success and failure of business. The three primary divisions are Accounting: Bookkeeping and Auditing. Bookkeeping records the business transactions in preparing all statements concerning assets, liabilities and business operating results and sometimes extends to summarizing financial results. Technically whenever data is extracted in reports for others outside the entity, the process is ""Financial Accounting"""

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9781838486419

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