Saturday, 30 April 2011
Accounting is often referred to as the language of business. Accounting provides financial and non-financial information about a company’s operations, financial position and cash flows. Investors and other stakeholders look to financial statements and other financial reporting to make significant decisions on a daily basis.
Virtually every transaction or event that takes place in a company has an accounting impact. For example, a sales call to a potential customer. Expenses, including the salespersons time, travel expenses, meals, product samples, must be accounted for and reflected in the company’s financial statements.
Accounting is also often viewed as a “gatekeeper” over a company’s assets and resources. This is an important responsibility that cannot be taken lightly. Accountants are called upon to implement fundamental internal controls to safeguard company assets and ensure accuracy in a company’s books, records and financial reporting. This section provides an overview of the basics of accounting.
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