Overview on Public Accounting and Auditing
Public Accounting:- Certified public accountants are independent professional person comparable to attorneys or physicians, who offer accounting services to clients for a fee. The CPA certificate is a license to practice granted by the state on the basis of a rigorous examination and evidence of practical experience. All states require that [...]
Difference between Accounting and Bookkeeping
Persons with little knowledge of accounting may also fail to understand the difference between accounting and bookkeeping. Bookkeeping means the recording of transactions, the record-making phase of accounting . The recording of transactions tends to be mechanical and repetitive, it is only a small part of the field of accounting and probably the [...]
Purpose and Nature of Accounting
The underlying purpose of accounting is to provide financial information about an economic entity.The financial information provided by an accounting system is needed by managerial decision makers to help them plan and control the activities of the economic entity. Financial information is also needed by outsiders-owners, creditors, investors, the [...]
