Accounting is the process of acquiring, recoding, classifying, summarizing, reporting, interpreting ans presenting economic information in a manner that will facilitate informed choices by the users of the details. This definition indicates the phases includes in accounting. first the accounting/economic info would be obtained by the accountant in respect of transactions from supply documents such as payment vouchers, invoices and receipts. Next the information would be recorded. In the course of this stage the accountant would classify and summarize the transactions into meaningful groups. Then the accountant would analyze and interpret the info in a manner that would make them comprehensible for the users so that they could, in turn make appropriate choices.
This is the crux of the dilemma. The crisis, whose indicators had been visible in Could 2008 following the takeover of investment bank Bear Stearns, precipitated into a full blown crisis post September 2008. pundits blamed the M2M rules for the exaggerated loses shown by the banks since they had to mark-to-marketplace the assets which were at an all time low due to the bubble bursting and CDS liability on majority of banks.
Second of all, it was a good idea as any. Considering that I didn’t know my own mind, I decided this course was as very good as any. Never really imagined what I was receiving into and, come to feel of it, I never ever genuinely believed to ask my parents what this profession entails. Even though with them getting biased for accounting, they would have told me the good side and not considerably on the adverse side.
It makes me remember my accounting classes back when I was nevertheless in college. Almost everything sounds so basic, but there are times that when the exam questions arrive at your table, you won’t have any idea how to answer that. Man, I remember that dreaded balance sheet. Anyway, it’s a great factor I passed that subject and ended up getting a good grasp of simple accounting. I am using Peachtree Quantum 2011 as my accounting software just so that I will be positive of the outcomes.
Thank you for explaining the accounting process. Contability ia not an easy task. It is a lot of operate. I like numbers. You have to really like numbers to be an superb accountant. I like your write-up. I can see that you like counting. I like your hub. Numerous folks are going to benefit fron your writing. You did a great job. Undertanding and explaing to others is an honorable action to do.