Accounting or accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the “language of business”, measures the results of an organization’s economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms.
Enron had already collapsed and filed for bankruptcy protection by the beginning of 2002. But despite complaints from short sellers that corporations had used accounting gimmickry to inflate their profits, many investors thought the crisis at Enron was an isolated case.
I have gone to great lengths, and in some cases beyond what is required by the reporting guidelines to ensure all of my filings are beyond reproach, by hiring an independent third-party accounting firm to review and audit all of my previous annual financial disclosures.
Republicans and Democrats have used accounting gimmicks and competing government analyses to deceive the public into believing that 2 + 2 = 6. If our leaders cannot agree on the numbers, if 'facts' are fictional, how can they possibly have a substantive debate on solutions?
It was the king's army, the king's people, the king's taxes, and he who questioned the propriety of the royal prerogative of taking from his people without return or accounting, was reckoned, and felt himself to be, a criminal, guilty of the highest crime of disloyalty.
It is important that carbon storage is carefully regulated, that the process is transparent to the public, and that there is a clear accounting of what happened to the CO2. This is particularly true of underground storage, where there is always a small chance that pressurized CO2 could escape.
If the U.S. Government was a company, the deficit would be $5 trillion because they would have to account by general accepted accounting principles. But actually they encourage government spending, reckless government spending, because the government can issue Treasury bills at extremely low interest rates.
Accounting or accountancy is the measurement, processing, and communication of financial and non financial assistance about economic entities such as businesses and corporations. Accounting, which has been called the “language of business”, measures the results of an organization’s economic actions and conveys this guidance to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms “accounting” and “financial reporting” are often used as synonyms.
Accounting can be separated into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting guidance systems are intended to withhold accounting functions and partnered activities. Financial accounting focuses upon the reporting of an organization’s financial information, including the preparation of financial statements, to the outdoor users of the information, such as investors, regulators and suppliers; and government accounting focuses upon the measurement, analysis and reporting of instruction for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.
Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually endorsed to the Italian mathematician and Franciscan friar Luca Pacioli. Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance afterward generally in style accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, “all major economies” have plans to converge towards or refer the International Financial Reporting Standards (IFRS).