Best Practice » Reporting
The method of Reporting or the profession of Accountancy is the method of communicating financial information about a business organization. Generally in form of financial statements, such information aids managers, investors, tax authorities and other decision makers to make resource allocation decisions between and within companies, organizations, and public agencies.
Accounting involves the process of recording, verifying, and reporting of the value of assets, liabilities, income, and expenses in the books of account to which debit and credit entries are chronologically posted to record changes in value.
Types of accounting
Financial Accounting involves the processes by which financial information of an organization is recorded, classified, summarized, interpreted and communicated in accordance with legal, professional, and capital market requirements.
Management Accounting is a branch of accounting performed within an organization to provide information only accessible to its decision-makers.
Open-book Accounting is a principle that aims to improve accounting transparency of organizations.
Tax Accounting is the accounting needed to comply with tax regulations within a jurisdiction.
In this section we will discuss: