Internet

Love it and leave it: Social media effects explored by researchers

Social media platforms now cope with a sobered-up user base. Users are aware the platforms can render them lab rats for marketeers. They are also in a sobered-up world, hearing out critics who suggest excessive use is replacing ...

Security

Feds can read all your email, and you'll never know

Fear of hackers reading private emails in cloud-based systems like Microsoft Outlook, Gmail or Yahoo has recently sent regular people and public officials scrambling to delete entire accounts full of messages dating back ...

Consumer & Gadgets

Google enables use of Android phones as a physical security key

Google has announced that it has made software updates to Chrome and Android that make it possible to use an Android phone (7+) as a physical security key. In their announcement, Google once again claimed that using physical ...

Consumer & Gadgets

iPhone FaceTime bug lets callers eavesdrop

A newly discovered FaceTime bug lets people hear and even see those they are reaching out to on iPhones even if the other person hasn't answered their phone.

Security

New app can secure all your saved emails

While an empty email inbox is something many people strive for, most of us are not successful. And that means that we probably have stored away hundreds, even thousands, of emails that contain all kinds of personal information ...

Internet

Google says partner leaked classified Dutch data

Internet giant Google acknowledged Thursday that a language expert it partnered with had leaked sensitive Dutch audio data, following a report by the Belgian media group VRT.

Software

New tools to detect digital domestic abuse

Carol is locked in a custody battle with her abusive ex-husband. She has an order of protection against him, but he's somehow able to access her private photos and post them on Facebook.

Security

Breakthrough in cybersecurity is no phish story

Corporations, small businesses and public sector entities have tried unsuccessfully for years to educate consumers and employees on how to recognize phishing emails, those authentic-looking messages that encourage users to ...

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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