Accounting Resources

DEFINITION OF ACCOUNTING:

The systematic recording, reporting, and analysis of financial transactions of a business. A system that provides quantitative information about finances.

The overall process of identifying, measuring, recording, interpreting, and communicating the results of economic activity; tracking business income and expenses and using these numbers to answer specific questions about the financial and tax status of the business.

A service activity designed to accumulate, measure, and communicate financial information about economic entities for decision-making purposes.

A bookkeeper's chronological list of related debits and credits of a business; forms part of a ledger of accounts.

The act of collecting information on resource usage for the purpose of capacity and trend analysis, cost allocation, auditing and billing. Accounting management requires that resource consumption be measured, rated, assigned, and communicated between appropriate parties. Typical information that is gathered in accounting is the identity of the user, the nature of the service delivered, when the service began, and when it ended.

ACCOUNT: a statement of recent transactions and the resulting balance; "they send me an accounting every month" .

ACCOUNTANCY (British English) or accounting (American English) is the process by which financial information about a business is recorded, classified, summarised, interpreted, and communicated. The occupation of maintaining and auditing records and preparing financial reports for a business

AUDITING: a related but separate discipline, is the process of an independent review of financial statements in order to express an opinion as to the fairness and adherence to generally accepted accounting principles.

IN INFORMATION TECHNOLOGY, accounting is the process of keeping track of a user's activity while accessing a network's resources, including the amount of time spent in the network, the services accessed while there and the amount of data transferred during the session. Accounting data is used for trend analysis, capacity planning, billing, auditing and cost allocation.

IN PROBATE, the process of providing a report on the collection and distribution of the estate.

IN PARTNERSHIPS, an equitable proceeding in which the use and distribution of partnership funds are examined to determine whether each partner has received his or her appropriate share.

ACCOUNTING PERIOD : An accounting period is a period with reference to which United Kingdom corporation tax is charged. It helps dictate when tax is paid on income and gains. An accounting period begins whenever a company comes within the corporation tax charge, and whenever an accounting period ends without the company ceasing to be within the charge. There are a number of rules about when an accounting period ends.

The period between successive closings of the books of a business. An accounting period typically is a month, three months (a quarter), or a year (a fiscal year or a calendar year) corresponding to the tax year used by the business.

A FISCAL YEARr: The 12-month period during which business transactions are recorded.

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