Definition of accounting Essay Example | Topics and Well Written Essays - 500 words

Definition of accountancy - Essay ExampleBusiness boodle and financial position. These are known as financial statements or profit and loss account and symmetry sheet.With the help of analysis, useful information is obtained form financial statements. The users of the information then interpret the information derived. such interpretation helps interested parties in taking prompt decisions. The whole process of recording, classifying, summarizing and interpreting is known as accounting. The art of recording, classifying, summarizing, analysing and interpreting the business transactions systematically and communicating business results to the interested users. These interested users may be owner himself of herself, creditors government, etc. accounting is in any case viewed as discipline. It has its own principles, rules and concepts, which guide accountants in their accounting practices.The meaning of the word consistency is continuity in methods or practices. In accounting con text, consistency content followers using the same accounting methods or practice year after year. You can also say that the methods followed for making accounting information is not altered generally during its life. A businessman fro example, follows the spare-time activity practices or methods generally year after yearMachines and other fixed assets used in a business slowly decline in value over time.