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Definition of Accounting

Aoussedj Ali
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Accounting language and terminology

Accounting can be defined linguistically as the source of a computer act, and means the monitoring and auditing of accounts, and the concept of accounting can be interpreted in the process of recording transactions and financial procedures carried out by the company, and includes a summary and analysis of financial data resulting from commercial transactions and the preparation of their reports in a way that allows institutions to access them accurately and  The financial statements used in accounting summarize all the financial operations that took place in a specific period of time and show the financial position of the facility and its cash flows.

Accounting bodies have provided technical definitions of accounting, for example, the American Institute of Chartered Accountants (AICPA) definition that accounting is the art of recording and summarizing financial transactions or transactions that contain at least a financial portion and recording the results of this. expressive operations.

types of accounting

  • Financial Accounting: Includes recording and classifying financial and business transactions and preparing financial statements for use within and outside the facility. In preparing these statements, emphasis is placed on compliance with Generally Accepted Accounting Principles (GAAP), and this type of accounting is also concerned with the dates of the statements.
  • Management Accounting – Focuses on providing information for internal use at the facility, specifically for use by decision makers, and therefore focuses on their information needs rather than compliance with generally accepted accounting principles.   Management accounting includes financial analysis, budget planning cost analysis, evaluation of business decisions and the like
  • Tax Accounting: aims to help clients comply with applicable tax laws, and includes tax planning, advisory services for the reduction of taxes by legal means, evaluation of the results of tax decisions and related matters.
  • Cost Accounting: Cost Accounting is one of the departments of Management Accounting and is concerned with recording, displaying, and analyzing facility costs, and this type is very important in industrial work that includes complex entries to costs. costs. 
  • Fiduciary Accounting: It is based on trust in a party for the management of financial accounts, so that this party adheres to the accounting procedures related to real estate, trusts, investments and others on behalf of its clients, and also provides information financial.  to customers annually; Including a summary of all accounts and schedules of accounts receivable, profits and losses, and assets they own and can dispose of.
  • Forensic accounting: reconfigures the financial information of the entity in case any information required for the audit is missing; In order to compile all documents and accurately record them for all credit and cash transactions in financial statements, this type of accounting often gets into legal trouble related to fraud, claims, and disputes.
  • General Accounting: Provides accounting advice to its clients based on their needs, such as: auditing, tax procedures, procedures for the use of computer technology or specific software and legal advice.    
  •  Government Accounting: that is, financial planning, allocation of resources to various departments of the local or federal government, control of the government budget and operation on the basis of the Government Accounting Standards (GASB).    
  •  Accounting Information Systems: This type of accounting helps improve accounting procedures, where workers can monitor the productivity of these procedures over and in conjunction with the information technology department, decisions can be made for the installation and continuity of these technological processes 
  •    It consists of an external audit to examine the financial statements by an independent external party to express an opinion on the reasonableness of the statements and their conformity with generally accepted accounting principles, and an internal audit to evaluate the adequacy and efficiency of the organization.

Accounting principles

Accounting principles are defined as a set of general rules to be followed when preparing financial statements for distribution to users outside the facility, and include the following basic and guiding principles and accounting assumptions:

  • Cost principles.
  •      Principle of consistency.
  • Revenue recognition principle.
  •      The principles of physicality, conservatism, consistency and others.
  •      Sector regulations.

Accounting uses

  • Pay taxes: accounting data is used to complete the tax calculation and submit it on time.
  • Loan Insurance: Accounting data helps lenders determine eligibility and ability to repay loan facilities.
  •  Compliance with the conditions of the regulatory authorities: Some establishments must submit detailed reports on their financial status to the regulatory authorities, and accounting data provides the basis for these reports. 
  •  Provide shareholders with financial reports: An entity's shareholders request detailed financial information based on accounting records to assess the entity's solvency and thus its investment potential. 
  • Provision of financial reports to the capital markets: The capital markets require accurate accounting and financial data for companies participating in the financial market, which are affected by the share prices of these facilities. 
  • Communication with managers: Organizations need to communicate their financial status to managers through detailed financial and accounting reports and statements to estimate budget and costs.  This is to assist them in the decision-making process, cost planning, and measuring the economic performance of the facility.

Importance of Accounting for Small Business

Small businesses are advised to pay close attention to bookkeeping due to its importance in proper planning and preventing financial malpractice. Among the most important contributions of accounting to the development of small businesses are the following:

  • Growth Planning: Financial statements help small businesses assess the rate at which a business is growing and developing, and without it, these businesses tend to fall back on easy measures of business valuation, such as sales growth, that they don't They provide a complete picture of your financial position.  The state of the business and its readiness for growth.
  •   Loan Insurance: Accounting helps provide and present financial and up-to-date data on the facility; Which helps her get loans and grants.
  •   Revenue collection: The presence of an accounting balance of payments facilitates the process of monitoring revenue collection effectively, since the facility can determine the methods and dates of collection and follow-up with clients, thus ensuring the presence cash when needed. 
  • Waiver of Fines and Penalties – Proper bookkeeping provides complete and accurate accounting records which, in turn, reduces the risk of violating tax laws and ensures that tax accounts are completed accurately and on time.

Accounting and its types can be briefly defined as the process of recording the actions and financial transactions carried out by the company, by recording in the records, tracking transactions and preparing reports, whether for administrative, financial , fiscal, penal or others. . Accounting.  Accounting is based on important principles. ; As a principle of cost, matching, full disclosure and revenue recognition, the importance of accounting is highlighted in small and large businesses as it is used to pay taxes, guarantee loans, meet the requirements of regulatory authorities and other uses. .







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