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Accounting

Fundamentals of Accounting

A textbook supplement resource study guide for serious students of business and accounting.

Mastering the Accounting Cycle
Tutorial slides courtesy of Pearson Education, Inc.

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Accountancy (profession) or accounting (methodology) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements in order to express an opinion -- that conveys reasonable but not absolute assurance -- as to the fairness and adherence to generally accepted accounting principles, in all material respects.

Practitioners of accountancy are known as accountants. Officially licensed accountants are recognized by titles such as

• Chartered Accountant (UK, Canada),
• Certified Public Accountant (US),
• Certified Management Accountant (Canada),
• Certified General Accountant (Canada).

The majority of "public" accountants in Canada are Chartered Accountants; however, Certified General Accountants are also authorized by legislations to practise public accounting and auditing in all Canadian provinces, except Quebec as of 2005.

Accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.

Adapted from Wikipedia, the free encyclopedia.

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