Bank of Jamaica to launch nationwide digital currency
The Bank of Jamaica is preparing to issue a nationwide digital currency for the first time in its history following recent approval from legislators.
Jun 07, 2022
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Business
The Bank of Jamaica is preparing to issue a nationwide digital currency for the first time in its history following recent approval from legislators.
Jun 07, 2022
1
14
Business
Starting with the lofty goal of competing with traditional banks, cryptocurrency lending giants and their clients now face financial ruin due to their appetite for risk and a paucity of regulatory guardrails.
Jul 01, 2022
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Business
Elon Musk's bid for Twitter Inc., which has been upended by the billionaire's threat to walk away, attracted a bevy of big-name backers and Silicon Valley mainstays. There were some notable exceptions.
Jun 09, 2022
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Business
Twitter remains committed to closing Elon Musk's $44 billion buyout bid, the firm's board chairman said Wednesday, as doubts swirl about the billionaire's intentions for the troubled deal.
Jun 15, 2022
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Security
British military authorities are trying to find out who hacked the army's social media accounts over the weekend, flooding them with cryptocurrency videos and posts related to collectible electronic art.
Jul 04, 2022
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Business
Twitter will yield to Elon Musk's demand for internal data central to a standoff over his troubled $44 billion bid to buy the platform, US media reported on Wednesday.
Jun 08, 2022
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Business
Elon Musk is threatening to walk away from his $44 billion bid to buy Twitter, accusing the company of refusing to give him information about its spam bot and fake accounts.
Jun 06, 2022
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Business
In an unusual move for what's been an unusual takeover bid for Twitter by the world's richest man, Tesla CEO Elon Musk met virtually with the social platform's employees Thursday, even though his $44 billion offer has not ...
Jun 14, 2022
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Business
Amazon, which has been under increasing pressure to tackle counterfeit products, said in its second-annual report that it prevented 4 billion bad listings from making it onto its site and got rid of more than 3 million phony ...
Jun 08, 2022
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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