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Accounting FAQs
1. What is accounting?
Accountants
practice accounting which is the
art and science of:
Identifying, processing, and analyzing an
organization's data and information
then
Helping decision makers use it to make their
decisions.
Traditionally, accountants have worked with
financial data and information generated by the economic transactions that
organizations engage in. Accountants use that information to produce and work
with:
Financial Statements-
used by investors and creditors to make decisions about investing and lending;
Tax Returns and
Regulatory Reports- used by governments to verify compliance with
various international, national, and local laws and regulations; and
Managerial Reports-
used by managers and employees to make decisions about the organization's
operations.
Accountants (known as auditors) also use their
skills and knowledge to verify that an organization's financial information has
been prepared in a manner that complies with certain national and international
standards.
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