Day: September 12, 2020

Accounting System

Accounting System – Why is it needed?

  Each organization has to organize its financial data as these data help in devising effective business decisions. So, there have to be set ways of recording, classifying, analyzing, and summarizing these data that can be interpreted and presented as essential financial information for management decisions. These organized set of procedures, processes, and controls is …

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Financial accounting

What is financial accounting? Why is it the base for financial decisions?

This is one of the essential areas of accounting that involves identifying financial activities of organizations, recording them on the books, and preparing the financial statements. Basically, it chronicles the journey from recording a financial transaction to the preparation of financial statements. The basic steps to creating a financial statement are; So, let’s discuss what …

What is financial accounting? Why is it the base for financial decisions? Read More »