The Universe of Accounting and Finance



The Universe of Accounting and Finance

Introduction

Accounting can be best described as a Practice or a stream of knowledge which primarily focuses on recording of transactions, maintaining financial records, reporting of financial information, carrying out internal and external audits, dealing with matters of taxation and carrying out other Advisory services. The person associated with this profession is normally called an accountant who is required to comply with rules and regulations specified by regulatory bodies such as IFAC (International federation of Accountants), GAAP (Generally Accepted Accounting Principles) etc,

The underlying basics of accounting revolve around the terms we ...