Accounting refers to the systematic way of capturing the financial transactions and presenting them in a structured manner. This is generally done so as to track the progress of the organization’s economic position as well as to provide a true and fair view to the supervising agencies as well as to the stake holders, management and the general public. Accounting can be divided into many fields such as financial accounting, management accounting, external auditing, tax accounting and cost accounting.
The core of accounting is the double entry system of book keeping. It is the procedure of recording each financial transaction twice and giving the effect of debit and credit. The system is designed to work in such a way that the total of the debit side should equal the total of the credit side. The people who maintain these books of accounts are known as book keepers or accountants. For larger companies, they hire experienced and qualified professionals designated as Chartered Accountants (CA), Certified Public Accountants (CPA), Certified General Accountant (CGA) or Certified Management Accountant (CMA) depending on the location of the organizations.
A typical financial information released by the company consists of three main statements that is Balance Sheet, Income Statement and Cash Flow. These mainly depict the actual position. However, various other important steps are required to prepare these such as bank reconciliation statement, trial balance, free cash flow statement etc. These statements follow either the Generally Accepted Accounting Principles commonly known as GAAP or International Financial Reporting Standards (IFRS).
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