Two Types of Accounting

Managerial Accounting is used by firms for decision-making about the operation and non-operation transaction of firm itself.

Financial Accounting is an accounting standard that need standard procedure to implement and execute that’s inline with GAAP (Generally Accepted Accounting Principles).

Definition of Accountant

• The person whose maintaining the book of accounts;

• Auditing the Financial Flow of Transaction for an Organization;

• The Person whose doing the posting of all sales and expense report;

• A practitioner which measure and can disclose accurately the financial information to top management;

• The Person whose in charge in preparing an income statement and balance sheet quarterly, bi-annual and annually.

No Reference: Comes from a point of view of an HR Practioner...

Definition of Accounting

Brief and Conscise Definitions of accounting from all sources

• a system that provides quantitative information about finances and expenses
• In terms of accountancy, it is the occupation of maintaining and auditing records and preparing financial reports for a particular business and time frame, mostly it is quarterly, bi-annual and annually;
• a chronological list of bookkeeping transaction related to individual/business debits and credits presenting in the forms and it’s part of a ledger of accounts;
• In terms of account, it is a statement of recent transactions made with the resulting balance;
• The art of communicating all financial information of a certain business entity to shareholders/stockholders and top management. This communication is mostly generated using a form which generally called financial statements that shows money and resources;
• The Subject Accounting was first introduced on 1958 using the novel Scottish written by Bruce Marshall;
• It is a development using of a system in recording and analyzing financial transactions and status of a business/ or organization;
• A relaying or continuously of events from the start of an organization, to justify action within operation;
• A total system for recording and summarizing business transactions (in and out);

References:

agmrc. org/business_development/getting_prepared/valueadded_agriculture/glossaries_of_terms/farm_analysis_terms.cfm

wordnetweb.princeton.edu/perl/webwn

en. wikipedia. org/wiki/Accounting