What is Accounting: Definition and 36 Discussions

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.
Accounting can be divided into several fields including financial accounting, management accounting, external auditing, tax accounting and cost accounting. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, analysis and reporting of information 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 attributed 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 with generally accepted 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 adopt the International Financial Reporting Standards (IFRS).

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  1. C

    Solving Fluid Statics Problem: Accounting for Atmospheric Pressure

    Hi! For this fluid statics problem, One of the answers is: However, why did they assume the pressure at the top was zero? I thought the pressure at the top would be 1 atm? So tried to take atmospheric pressure into account putting 1 atm at the top, Do you please know how to get P_0A/2 so...
  2. B

    MHB Calculate Simple Interest: 22K/yr, n=44, r=0.5

    i need to make up 22,000 per year other pieces of information n=44, r=0.5 what is the formula to calculate what i need to solve this question? I think its simple interest but am having a hard time remembering all.
  3. cianfa72

    Accounting for mutual inductance in a Hartley Oscillator

    Hi, I'm watching a video about Hartley oscillator and I'm in trouble with a simple assumption: as stated at minute 5:50 if the two coils ##L_1## and ##L_2## are wound on the same core then taking into account the mutual inductance M he gets: ##L^ {'} _1 = L_1 + M## ##L^ {'} _2 = L_2 + M##...
  4. R

    Admissions I'm an Accounting / Finance Student, Can I get my Ph.D. in Physics?

    I'm going to graduate in May 2020 with an Accounting / Finance degree. Without trying to sound prideful, I am an extremely bright student and have a 3.80 GPA with very very minimal effort. However, after doing a few internships, I'm realizing more and more than I definitely do not want to be in...
  5. E

    B Distance traveled by light accounting for expansion

    Suppose light travels during a time interval of t2 - t1, where the scale factors at t1 and t2 are a(t1) and a(t2) respectively. If we consider an infinitesimally small interval of time dt during this interval, without accounting for expansion we would expect light to travel a distance cdt. How...
  6. G

    B Accounting for the constant speed of light

    I keep hearing that the relative speed of light remains constant because time and lengths change with speed, what I believe is called the Lorentz factor. At slow speeds the Lorentz factor is extremely small, so what do people believe accounts for the rest of the change? If I travel...
  7. J

    PHP What programming language is used to store Bank Acct's/money?

    is it PHP-MySQL? In websites accounts of users tend to be stored in servers, and on these servers they store the data in some syntax and use PHP, RUBY or something else to add/change the information. Is it the same in bank accounts? In what format is banking information stored?
  8. alexandria

    Regarding Financial Accounting Fundamentals

    Hello, I was told that I could post questions related to Financial Accounting Fundamentals on the Pre-calculas Math section of Physics Forum. But everytime I post questions related to this topic, I don't get any replies or help. Am I posting in the wrong category??
  9. alexandria

    Preparing "Adjusting Entries" Financial Accounting

    Homework Statement Use a journal to prepare end-of-month adjusting entries for June 30th, 20-- for the following. The accounting period is one month. a) The balance in the supplies account is $865. Inventory taken at the end of the month shows supplies on hand worth $349. b) The beginning...
  10. alexandria

    Financial Accounting Fundamentals - BAF3M-B

    I'm having trouble with a few questions from this course called Financial Accounting fundamentals gr.11. Does anyone know if physicsforum answers qts related to this subject?? I'm a homeschooler, so I don't receive any help from teachers, tutors, etc... Thanks.
  11. kyphysics

    Why Do People Say Accounting is Recession Proof? And is it?

    Very curious. Is there a supply and demand imbalance? When there is a recession and businesses are stagnant and new ones aren't starting up, how do accountants still get good work?
  12. D

    Is a Masters in HSA Necessary for an Upper Level Job in the Field?

    I am currently on the path to receive my AA in General Studies by the Spring of 2016. From there, I will transfer to University and intend to acquire a BS in Information Technology. I previously wanted to major in Psychology but realize I do not want to enroll in another 6 years to complete...
  13. Rob Haskell

    Accounting for time passed in our observation of the universe

    Greetings - We speak of astronomical objects as being x number of light years away, which is also a statement about the age of the data. So our knowledge of M83, for example, is about 15 million years old, etc, etc. I'm just wondering why there never seems to be any attempt to move this...
  14. S

    Acceleration detection accounting for rotation

    Hello everyone! I am trying to write an app that needs to be able to tell if a vehicle is accelerating or breaking. In this sense I used the accelerometer in the phone. At the moment I managed to isolate and subtract the gravitational pull of the Earth from my readings and I am using a noise...
  15. Sakura1312

    Should i take graduate or undergraduate in Accounting

    Dear everyone, I am an international student. I graduated with BS in International Business 2 years ago. After going to work, I realized I am interested in mathematics rather than competing another. I want to be an accountant in the future. But I believe it takes professional degree, to be a...
  16. M

    Accounting for momentum in a collision

    Homework Statement Consider a bar of length L, mass M, and uniform density floating in free space (ie: neglect gravity and assume that it is not contacting anything). The bar is initially stationary. Imagine a bullet of mass m traveling at a speed v hits the bar at one end. What is the...
  17. Q

    Is accounting and finance easier than Physics?

    I used to like physics, until I did a bachelors in it. In my final year now (at a Top 20 university in the world) and even though I am currently passing with a reasonably good grade, I still don't know what I am doing. I still sit clueless in lectures, even after 3 whole years. I never...
  18. G

    Accounting for DI Water during Titration

    So I've gotten close to the correct answer for this problem, but I think I'm accounting for the DI water incorrectly: In titrating a blank, 0.11 mL of sodium hydroxide solution was required to titrate 50.00 mL of DI water. It required 17.56 mL of the same sodium hydroxide solution to titrate...
  19. W

    Accounting For Error on Air Track, Conservation Lab

    This is a conservation of momentum/energy lab. We have an air track with motion sensors at both ends. Bumpers are staged to give elastic collisions. There are two gliders on the track. For this part the second glider remains stationary near the center of the track. The first glider is sent to...
  20. M

    The Benefit of Distant Accounting Servers - DIAMETER Accounting

    What exactly is the benefit of having the accounting servers in another location than the authentication/authorization servers?
  21. Darken-Sol

    Need Accounting Help for Homework?

    i am helping my girl with her accounting II homework. i just jumped in and the math seems easy enough. her textbook seems kind of vague, was just wondering if i could bounce a few questions off someone. may be get a few formulas i missed in accounting I.
  22. R

    Difference between economics, actuarial science, finance and accounting?

    Not sure if this is better suited to the careers forum but anyhow. I sort of know the difference between those 4 fields but I was just wondering if anyone could explain the differences in more detail, I've got another 3 days work experience that I haven't got anything for so I was thinking on...
  23. S

    Engineering Can't choose between actuarial science, accounting, and engineering

    I know I'm good at math and I do like science but I found out that I've never really been passionate about anything in my entire life. So here's the situation: I'm 18, freshman in college My views on the 3 jobs: actuary - excellent pay - great hours - job security - could be...
  24. I

    Accounting for wind in the drag force

    Homework Statement Here's the problem: http://www.flickr.com/photos/38401311@N05/5476715833/Homework Equations Here are the given equations: http://www.flickr.com/photos/38401311@N05/5477319510/ and http://www.flickr.com/photos/38401311@N05/5477320730/ The Attempt at a Solution I really...
  25. M

    Velocity given centripetal force, accounting for friction

    Hello, I would like to know how to calculate the velocity of an object in a circular path, accounting for friction. I know that in a frictionless environment, the equation for the velocity is v2=F*R/M.
  26. P

    Newtonian Mechanics, accounting for wind?

    hey everyone I'm in year 12 physics, and we have a project revolving around the physics of sport i selected golfing, and my initial aim is to investigate the inaccuracy associated with predicting the aerodynamic motion of a golf ball (max height, max distance). i selected this mainly...
  27. B

    Can an Accounting Major Make Coal?

    I'm new here and I'm in no way a Science person or a Eco person. The fact is that I'm an Accounting major with an idea. Would it be possible to take CO2, remove the oxygen and concentrate the Carbon into coal? I got this idea while watching part of a "green" show. They were showing how...
  28. M

    Distance Travelled Accounting for Friction

    Homework Statement A 4.5 kg box slides down a 4.3-m-high frictionless hill, starting from rest, across a 2-m-long horizontal surface, then hits a horizontal spring with spring constant 460 N/m. The other end of the spring is frictionless, but the 2.0-m-long horizontal surface is rough. The...
  29. A

    Accounting vs. Computer Science

    Assuming that you like both of them fairly equally in terms of passion (or lack of), which would you pick based on all the possible criteria?
  30. E

    Equations of motion accounting for drag

    Homework Statement I need something like the equations of motion, but accounting for drag as given by the http://en.wikipedia.org/wiki/Drag_equation" . Particularly for: Homework Equations & v && = v_0+at \qquad & s && = s_0 + v_0t + \tfrac12 at^2 \qquad The...
  31. B

    Calculating velocity of a projectile accounting for drag

    Hi, I've been toying around with a cheap slingshot and some steel balls and cannot figure out how to calculate the velocity of the projectile at a given time/distance. What I've done so far: I derived a fairly accurate formula for the potential energy of the slingshot by measuring the...
  32. J

    Will accounting remain a viable career option in the future?

    There is one thing my family is well known for.. It's maths.. My dad can do such complex equations in his head.. Does em faster than I can on the calculator.. Now my parents want me to become either an accountant, or an engineer.. Well I just turned 17, so My theories might be umm.. don't...
  33. F

    Need to program something for accounting

    I basically need to make a program that does a Bank reconciliation statement, it doesn't have to be too complicated, anyone know if there are libraries for this in C++ or Java.. or even maybe how to make this stuff in excel?
  34. V

    Aiming for the Bull's Eye: Accounting for Gravity

    an acher shatneds 40m away from his target. If the arrow is shot horizontally with a velocity of 90m/s how far above the bull's eye must he aim to compensate for gravity pulling down. No air resistance and I guess the target is level with him.
  35. A

    Accounting multiple choice Tax

    the break-even point in sales for Rice Company is $360000, and the company's contribution margin ratio is 20%. Its income tax rate is 40%. If Rice Company desires an after-tax profit of $84000, what would the total sales have to be? PLZ HELP ME! A)1050360 B)1060000 C)780000 D)Cannot be...