Basic Things About Accounting

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What is Accounting?

Accounting is often referred to as the “Language of Business”.

This is because it has to do with communicating and interpreting financial records and information in an accessible format that anyone in the business world can understand.

Accounting involves recording financial transactions, storing, organizing, retrieving, summarizing and presenting information in various reports and analyzes. These skills are very practical, and can be used in many areas of your life, such as managing your expenses!

How many types of Accounting?

Here are the four main types of Accounting:

  • Financial Accounting

Keep tabs on financial transactions. Using uniform guidelines and procedures, transactions are recorded, summarized and presented in the financial statements or financial statements.

  • Audit & Assurance Services

Involves concepts and technical aspects of auditing which is the review or examination of a company’s financial accounts.

  • Management Accounting

Information required by company management. These include cost behavior, cost savings for manufacturers, budgets, the magnitude of decision-making required, and transfer pricing.

  • Tax Accounting

Focuses on taxation, and is governed by the Inland Revenue Code which sets forth the specific rules that companies & individuals must follow when preparing tax returns.

For more information about Accounting Course Kuala Lumpur, please visit https://college.erican.edu.my/

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