The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles.
Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.
See also: List of Key Accounting Terms and Definitions at InvestorGuide.com.
Use accounting in a sentence
“ At the end of the month, Sarah's supervisor showed her how to fill out an expense report and submit it to the accounting department at their company. ”
“ You should try and make sure that you have a good accounting team on hand so that you can always have good records. ”
“ The student was very interested in accounting as he loved the practice of tracking detailed transactions of each of the activities the business engaged in. ”
Mentioned in these terms
- Statements of Standard Accounting Practice
- modified accrual basis accounting
- accounting trends and techniques
- accounting convention
- budgetary accounting
- change in accounting principle
- accounting period
- standard accounting practice
- accounting information system (AIS)
- Australian Accounting Standards Board (AASB)