Accounting and its financial statements.

Auditing

Auditing is an accounting function that involves the review and evaluation of financial records of a company. It is done by auditors. These reviews are called audits.

Outside/external audits are a normal and regular part of business practice. In addition, many corporations maintain a continuous internal audit by their own accounting departments. They review operating procedures and financial records and report to management on the current procedures and financial records and report to management on the current state of the company’s fiscal affairs. The internal auditors make suggestion to management for improvements in the standard operating procedures and check the accounting records.

Independent auditing is done by accounts who are not employees of the organization whose books they examined. The independent accountant is almost always a CPA. Independent accountants review the business’s operating activities they examine financial statements and the accounting records.

Auditing consists of paperwork, inventory, (stock-taking), accounting records, evaluation, calculation, accounts, balance keeping.

Paperwork involves company’s activity information on the different data carrier which enable it legal force. Inventory is a mean of checking values according to the auditing. Accounting records mean the control of the enterprise property. Evaluation means evaluation enterprise assets into money measure. Calculation is a means of calculation real price.

Real price is the determined price of the produced product. Balance keeping is the keeping information of the enterprise assets and its formation. Accounting records is the system of the indexes which show financial activity of enterprise.

Accounting and its financial statements.

Accounting is the systematic development and analysis of information about the economic affairs of an organization. This information may be used in a number of ways: by the organization's managers to help them plan and control the organization's operations; by owners and legislative bodies to help them appraise the organization's performance and make decisions as to its future; by owners, lenders, suppliers, employees, and others to help them decide how much time or money to devote to the organization; by governmental bodies to determine how much tax the organization must pay; and by customers to determine the price to be paid. Accounting provides information for all these purposes through the maintenance of files of data, analysis and interpretation of these data, and the preparation of various kinds of reports. These reports are called financial statements. Three financial statements will be discussed; the balance sheet, the income statement, and the statement of cash flows. Accountant is a professionally qualified person who is able to record, keep, check, and prepare financial statements.

Auditing

Auditing is an accounting function that involves the review and evaluation of financial records of a company. It is done by auditors. These reviews are called audits.

Outside/external audits are a normal and regular part of business practice. In addition, many corporations maintain a continuous internal audit by their own accounting departments. They review operating procedures and financial records and report to management on the current procedures and financial records and report to management on the current state of the company’s fiscal affairs. The internal auditors make suggestion to management for improvements in the standard operating procedures and check the accounting records.

Independent auditing is done by accounts who are not employees of the organization whose books they examined. The independent accountant is almost always a CPA. Independent accountants review the business’s operating activities they examine financial statements and the accounting records.

Auditing consists of paperwork, inventory, (stock-taking), accounting records, evaluation, calculation, accounts, balance keeping.

Paperwork involves company’s activity information on the different data carrier which enable it legal force. Inventory is a mean of checking values according to the auditing. Accounting records mean the control of the enterprise property. Evaluation means evaluation enterprise assets into money measure. Calculation is a means of calculation real price.

Real price is the determined price of the produced product. Balance keeping is the keeping information of the enterprise assets and its formation. Accounting records is the system of the indexes which show financial activity of enterprise.

Accounting and its financial statements.

Accounting is the systematic development and analysis of information about the economic affairs of an organization. This information may be used in a number of ways: by the organization's managers to help them plan and control the organization's operations; by owners and legislative bodies to help them appraise the organization's performance and make decisions as to its future; by owners, lenders, suppliers, employees, and others to help them decide how much time or money to devote to the organization; by governmental bodies to determine how much tax the organization must pay; and by customers to determine the price to be paid. Accounting provides information for all these purposes through the maintenance of files of data, analysis and interpretation of these data, and the preparation of various kinds of reports. These reports are called financial statements. Three financial statements will be discussed; the balance sheet, the income statement, and the statement of cash flows. Accountant is a professionally qualified person who is able to record, keep, check, and prepare financial statements.

Date: 2015-12-24; view: 1075