Accounting is defined as the systematic reporting, recording and analysis of financial transaction of a business. Accountancy Firms Dublin is the firm that provide accountancy services to businesses in Dublin.
Accounting is the inclusive system of collecting and recording financial information of a business for the purpose of preparing reviews for tax authorizing, shareholders, managers and other who make decisions within the company.
The basic functions involved in accounting are as below:
• Recording: is simply the listing down of transactions in book of accounts known as journal. The business should take care that every transaction is recorded accordingly in a sequential order.
• Classifying: is the method of grouping of accounts entry of the same type. A ledger is a book that keeps accounting transactions in accordance to accounts.
• Summarizing: is the presentation of accounting data in a suitable and comprehensive way so that it may be useful to management and other users, including the trading, profit and loss accounts and balance sheets.
• Financial Transactions: Accounting deals with recording only the financial transactions of the business. Other parts of the business which may help in the fulfillment of the task like proficient employees are not part of the accounting transactions.
• Analysis: This is the end product of accounting that helps in the decision making by the management as it presents the current financial status of the company based on various business transactions done. It tells whether the business is earning or losing profits.
Accounting is the inclusive system of collecting and recording financial information of a business for the purpose of preparing reviews for tax authorizing, shareholders, managers and other who make decisions within the company.
The basic functions involved in accounting are as below:
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| Accountancy Firms Dublin |
• Classifying: is the method of grouping of accounts entry of the same type. A ledger is a book that keeps accounting transactions in accordance to accounts.
• Summarizing: is the presentation of accounting data in a suitable and comprehensive way so that it may be useful to management and other users, including the trading, profit and loss accounts and balance sheets.
• Financial Transactions: Accounting deals with recording only the financial transactions of the business. Other parts of the business which may help in the fulfillment of the task like proficient employees are not part of the accounting transactions.
• Analysis: This is the end product of accounting that helps in the decision making by the management as it presents the current financial status of the company based on various business transactions done. It tells whether the business is earning or losing profits.
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