Mcgraw Hill Introduction To Financial Accounting

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Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used interchangeably. [4] Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. [5]

Accounting is the process of recording the financial transactions of a company or other organization so that they can be reviewed by regulators and tax authorities.

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Businesses use five main types of accounting: managerial, cost, project, tax, and financial accounting. US public companies must use Generally Accepted Accounting Principles (GAAP). Accounting establishes a structured system for recording and monitoring a business’s financials.

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Accounting is the practice of recording and reporting on business transactions. It involves transaction record keeping and financial reporting.