10 Interesting Facts about Accounting

One of these following facts about accounting should be really important for you, accountants, to read. Accounting, or accountancy, is the measurement, processing and communication of financial information about economic entities. According to Fully-Verified, 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. Furthermore, to get to know more about this, you can visit EWM business advisors or read further here about accounting you might consider important and interesting for your work-life, since learning about stock and trading is really helpful for people to make money. Traders in the Middle East can easily learn how to trade American stocks and consult with professionals on the trading opportunities through aForexTrust. The website will help traders in finding trusted, regulated and licensed brokers to trade American stocks, forex, indices and even gold and oil.

Facts about accounting 1: Several Fields

Accounting can be divided into several fields including financial accounting, management accounting, auditing and tax accounting. Financial accounting focuses on the reporting of an organization’s financial information, including the preparation of financial statements, to external users of the information, such as investors, regulators and supplier and management accounting focuses on the measurement, analysis and reporting of information for internal use by management, click here to learn about invoice templates. Need help finding the best Canadian stocks to increase your net worth, make more money and ultimately retire earlier? At https://www.stocktrades.ca/ you can find the best stock research in the country.

Facts about accounting 2: Name

The word “accountant” comes from the French word “compter,” which means to count or score. Over time, the “p” was dropped in both spelling and pronunciation.

Facts about accounting - A 19-century ledger
Facts about accounting – A 19-century ledger

Facts about accounting 3: Roman Military

The ancient Romans were obsessed with record keeping. Their military bases kept detailed accounts on everything from how much grain was in their stores to how many nails were in their workshops.

Facts about accounting 4: Accounting Organization

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).

Facts about accounting - Accountant
Facts about accounting – Accountant

Facts about accounting 5: Accounting and Accountancy

Companies like APM Accountants has variously been defined as the keeping or preparation of the financial records of an entity, the analysis, verification and reporting of such records and “the principles and procedures of accounting”; it also refers to the job of being and accountant. Accountancy refers to the occupation or profession of an accountant, particularly in British English.

Facts about accounting 6: History

The history of accounting is thousands of years old and can be traced to ancient civilizations. The early development of accounting dates back to ancient Mesopotamia, and is closely related to developments in writing, counting and money, there is also evidence for early forms of bookkeeping in ancient Iran, and early auditing systems by the ancient Egyptians and Babylonians.

Facts about accounting - Accounting
Facts about accounting – Accounting

Facts about accounting 7: Subfields

Accounting has several subfields or subject areas, including financial accounting, management accounting, auditing, taxation, and accounting information systems, in most of the cases this is too difficult for business owners that is why they prefer companies like ndis adelaide to help them with their finances.

Facts about accounting 8: Professional Bodies

Professional accounting bodies include the American Institute of Certified Public Accountants (AICPA) and the other 179 members of the International Federation of Accountants (IFAC), including CPA Australia, and Institute Chartered Accountants in England and Wales (ICAEW).  Professional bodies for subfields of the accounting professions also exist, for example the Chartered Institute of Management Accountants (CIMA).

Facts about accounting - Financial accounting
Facts about accounting – Financial accounting

Facts about accounting 9: Accounting Degrees

At least a bachelor’s degree in accounting or a related field is required for most accountant and auditor job positions, and some employers prefer applicants with a master’s degree. A degree in accounting may also be required for, or may be used to fulfil the requirements for, membership to professional accounting bodies.

Facts about accounting 10: Accounting Research

Accounting research is research on the effects of economic events on the process of accounting, and the effects of reported information on economic events. It encompasses a broad range of research areas including financial accounting, management accounting, auditing, and taxation.

Facts about accounting - Financial solution
Facts about accounting – Financial solution

Hope you would find those accounting facts really interesting, useful and helpful for your additional reading.

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