Internet

Britain pushes tough tech rules under new digital watchdog

Big tech companies like Google and Facebook parent Meta would have to comply with tough British rules under a new digital watchdog aimed at giving consumers more choice online—or face the threat of big fines.

Internet

Elon Musk's big plans for Twitter: What we know so far

Tesla CEO Elon Musk has laid out some bold, if still vague, plans for transforming Twitter into a place of "maximum fun" once he buys the social media platform for $44 billion and takes it private.

Business

Back with the banned: Do Twitter's exiles return under Musk?

QAnon loyalists, COVID deniers, neo-Nazis and a former American president: The list of people banned from Twitter is long, but their exile could soon come to an end if Elon Musk's $44 billion offer for the platform is approved.

Security

Cyber attack causes chaos in Costa Rica government systems

Nearly a week into a ransomware attack that has crippled Costa Rican government computer systems, the country refused to pay a ransom as it struggled to implement workarounds and braced itself as hackers began publishing ...

Business

Elon Musk's move to buy Twitter faces roadblocks

Even for the richest person on the planet, buying Twitter was always going to be a challenge—a highly complex financial transaction now made even trickier by a defensive "poison pill" move from the platform's board.

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Accountancy

Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers. The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is reliable. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.

Accountancy is defined by the Oxford English Dictionary (OED) as "the profession or duties of an accountant".

Accounting is defined by the American Institute of Certified Public Accountants (AICPA) as "the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."

Accounting is thousands of years old; the earliest accounting records, which date back more than 7,000 years, were found in Mesopotamia (Assyrians). The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced.

Early accounts served mainly to assist the memory of the businessperson and the audience for the account was the proprietor or record keeper alone. Cruder forms of accounting were inadequate for the problems created by a business entity involving multiple investors, so double-entry bookkeeping first emerged in northern Italy in the 14th century, where trading ventures began to require more capital than a single individual was able to invest. The development of joint stock companies created wider audiences for accounts, as investors without firsthand knowledge of their operations relied on accounts to provide the requisite information. This development resulted in a split of accounting systems for internal (i.e. management accounting) and external (i.e. financial accounting) purposes, and subsequently also in accounting and disclosure regulations and a growing need for independent attestation of external accounts by auditors.

Today, accounting is called "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accounting that concentrates on reporting to people inside the business entity is called management accounting and is used to provide information to employees, managers, owner-managers and auditors. Management accounting is concerned primarily with providing a basis for making management or operating decisions. Accounting that provides information to people outside the business entity is called financial accounting and provides information to present and potential shareholders, creditors such as banks or vendors, financial analysts, economists, and government agencies. Because these users have different needs, the presentation of financial accounts is very structured and subject to many more rules than management accounting. The body of rules that governs financial accounting in a given jurisdiction is called Generally Accepted Accounting Principles, or GAAP. Other rules include International Financial Reporting Standards, or IFRS, or US GAAP.

This text uses material from Wikipedia, licensed under CC BY-SA