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Key Features of Cash-Basis Accounting Versus Accrual Accounting
by Maine in Business
Recognition in accounting means to record an economic transaction on the accounts in order to acknowledge its existence. It is an important concept in accounting, because depending on the rules that regulate its practice, recognition can produce wildly different incomes and/or losses for businesses on their financial statements. Cash-basis accounting and accrual-basis accounting differ mainly in t

Why Is the Storage of Accounting Data Important to an Accounting Information System?
by Topher Cyll in Home & Garden
An accounting information system is a reporting method companies will use to record and report financial information. Most of these systems include the use of computers and other technology. The electronic storage of accounting information is critical to many companies. Government RequirementsMost companies have specific federal or state requirements for maintaining certain accounting records.

Can Financial Accounting Decisons Be Made Without Management Accounting?
by acheron in Business
Financial and management accounting coexist well in many firms. Both types of accounting can be integrated with the advent of the enterprise resource planning software (ERP), which connects both systems seamlessly. While management accounting, also known as cost accounting, concerns with internal matters, financial accounting focuses on external users and is guided by generally accepted accountin

The Role of Financial Accounting in the Major Branches of Accounting
by Italy in Business
Financial information is essential in the making of economic decisions. Companies have a financial accounting department that is concerned with providing information to stockholders, creditors, and other external users. This information enables the users to make informed economic decisions concerning the company. The information is also used by managers to carry out the planning, controlling, orga

Difference Between Managerial Accounting & Cost Accounting Courses
by crooter in Education
Accounting is the process of recording financial transactions to determine a company’s profitability and cash flow. Two important yet significantly different accounting courses are managerial and cost accounting. DefinitionManagerial accounting consists of recording financial transactions and reporting them in a company’s financial statements. Cost accounting applies production cost

How Have Computerized Accounting Systems Such As QuickBooks Changed the Way Accounting Is Done?
by Steve O. in Business
The rise of computer technology has resulted in a revolutionary impact on how accounting is done. Bulky and manual general ledgers and journal books are a thing of the past. Computerized accounting has made the entire process much simpler and more error-free. An interesting side benefit is the fact that accountants have also changed. Their reputation as bean-counting introverts has diminished as p

How to Store Accounting Data for Accounting Information Systems
by cjdavis in Business
Businesses must use a reliable data storage plan to maintain the ease of access concerning accounting information within computer systems. Records must be available for instant use for daily operations such as payroll, inventory and sales. Accounting data storage consists of the use of master filing storage, transaction filing for customer orders and record retrieval for auditing purposes. Account

The Effects of Environmental Accounting on Management Accounting Systems
by Stephen Judge in Business
Environmental accounting is a process of identifying the cost and benefit of natural environmental impact to economy. It provides data that highlights the cost as a result of pollution and the contribution of natural resources to economic well-being, as well as providing the best possible means of quantitative measurement, in terms of money value. Environmental accounting is also called "green acc

What Are the Primary Purposes of Financial Accounting & Managerial Accounting?
by tanminivan in Business
Accounting careers follow two distinct paths. One path leads the accountant toward financial accounting. The other path leads to managerial accounting. Both paths build on the base accounting knowledge learned in college. Businesses rely on both financial accountants and managerial accountants to effectively manage the business. Financial Accounting FunctionFinancial accountants record financia

Relationship Between Accounting Assumption and Accounting Information
by Brent Robinett in Business
Financial accounting is done by following accounting principles. These principles are based on several accounting assumptions. Accounting is a precise activity and involves following certain procedures based on these accounting assumptions and principles. Accounting AssumptionsBusinesses using accounting base their financial work around several assumptions, including accounting entity, going co

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