Accounts Coaching

• July 30, 2022
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Accounting is a process of recording, maintaining, analyzing and understanding, grouping, summarizing, and reporting financial transaction which takes place while conducting business activities. Booking keeping and accounting are often interchangeably used but there is a significant difference between both, as booking keeping is the first step. Therefore it can be said that accounting is a broad subject that covers the concept of bookkeeping viz. recording and maintaining financial transactions. There are different branches of accounting, each used for a different purpose. The various systems help in gathering data and recording them in a systematic manner which helps in the preparation of reports which aids in business understanding and decision making. It serves to various aspects of a business namely decision making, planning, risk management, performance evaluation, etc. therefore we can define management accounting as a process of collecting, analyzing, and understanding the financial accounting of a business and to making logical predictions about how the business is performing and what should be the future course of actions.

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