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Basics of Accounting
Dubbed the 'language of business,' accounting refers to all the activities involved in the recording, measurement, procession, classification, and communication of both financial and non-financial data of a business. On the other hand, accountancy refers to the career of accounting.
The role of accountants is to keep all the stakeholders, including the investors, management, creditors, and regulators, in the loop.
The History of Accounting
Accounting is not new. Its history can be traced back to ancient Mesopotamia, where it was closely attached to the advancements in writing and counting money. There are also traces of bookkeeping in ancient Iran and audit systems in ancient Egypt and Babylon.
Types of Accounting
There are several types of accounting today. The list includes financial accounting, governmental accounting, public accounting, cost accounting, forensic accounting, management accounting, tax accounting, auditing, political campaign accounting, etc.
Accounting Information Systems
The technological advancements have made accounting an easy task courtesy of accounting information systems that guarantee high accuracy levels. Enterprise Resource Planning (ERP) systems are the most commonly used in large corporations. Besides making accounting easy and accurate, these systems cut down the costs of accumulating, reporting, and storing accounting data.
Careers in Accounting
There are so many career paths in accounting. Anyone interested in a career in accounting can choose to be a tax accountant, compliance officer, forensic accountant, financial planner, internal auditor, tax attorney, accounting clerk, tax consultant, or bookkeeper.
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