Wednesday, 17 December 2014

Term of the Day accounting

The systematic recording, reporting, and analysis of financial transactions of a business.

The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles.

Accounting allows a company to analyze the financial performance of thebusiness, and look at statistics such as net profit.

See also: List of Key Accounting Terms and Definitions at
Learn more about this term
Usage Example
The accounting department at every company is extremely important since they are responsible for all incoming and outgoing money.
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