The Purpose of Accounting

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 The Purpose of Accounting Essay

Period 1 Specific Project

ACC310-1301B-03 Instructor: Lataunia Green

Phase 1 Individual Project

ACC310-1301B-03 Instructor: Lataunia Green

Feb 25, 2013

Authored by: Tim Smith

February twenty-five, 2013

Written by: Bernard Jones

Stand of Material

The purpose of accounting3

The objective of accounting3

Important to the company4

Accountant's integrity5

Technology impact on the accounting profession5

Conclusion6

Bibliography7

Accounting intended for Non-Accounting Dominant

The purpose of accounting

Is to collect and report financial proof about the money flow, performance, and budget of that business. " When this information has become entered into the accounting records, it is then made into economic statement, including the following ■Income statement: the outcomes of the procedure during a great accounting period. It displays the revenue and bills, and the earnings or damage for that accounting period. ■Balance sheet: presents information about an individual's assets, liabilities, and shareholders' equity, method used to get effects: Total resources = Total liabilities & Equity ■Statement of money flows: the product range of actions that generate and work with cash. ■Statement of retained earnings: settles changes during the accounting reporting period. The general computation structure from the statement can be: Beginning stored earnings + Net income -- Dividends sama dengan Ending stored earnings” (CPE, 2013) The purpose of accounting

To keep systematic records: a great organized record of financial deals. To protect business properties: helps to protect a business real estate from unwarranted use.

To find out the functional profit or perhaps loss: determines the net income that is attained or damage suffered in business accounts. To ascertain the financial position of business: The net income and reduction account gives the amount of profit or perhaps loss of the business throughout a particular period. To help rational decision...

Bibliography: Small, G. (2009). Retrieved 2013, from http://www.unglobalcompact.org/docs/issues_doc/Corporate_Governance/Corporate_Governance_IFC_UNGC.pdf

CPE, A. (2013). Accounting Tools. Recovered from http://www.accountingtools.com/questions-and-answers/what-is-the-purpose-of-accounting.html

Education, M. -H. H. (2008). Honesty of Accounting Information. Retrieved 2013, coming from http://highered.mcgraw-hill.com/sites/0072996501/student_view0/ebook/chapter1/chbody3/integrity_of_accounting_information.html

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