ACCOUNTING

ACCOUNTING

B. MANISHA

Guide: PROF. SAIDA RAO

MBA 2ND YEAR

MallaReddy University, Maisammaguda, Kompally, Medchal-Dist, Hyderabad- 500 100.

Telangana State

ABSTRACT

Accounting is a dialect that is utilised to comprehend finance. It is made use of to bring about the monetary situation of a specific organisation or business. Bookkeeping can likewise help in interpreting the elements of the organisation in the method of some substantial reports.

Accounting: A Very Short Introduction provides a guide to understanding and using accounting information. It examines the key concepts and the main types of accounting work, from bookkeeping and financial reporting to auditing and management accounting. It traces the development of accounting over the centuries; examines the building blocks of financial reports, such as assets and liabilities; and looks at how accounting differs between countries and the importance of international standards.

The accounting equation (i.e., balance sheet or statement of financial position) is anchored in describing a business in two different but equivalent ways, by the things a business uses (assets, including cash) and by ownerships in those things, represented by liabilities (to nonowners) and equity shares (of owners). The basic equation (often referenced by left or right side in this chapter) is: Assets = Liabilities + New Assets.