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Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions. Often called the "language of business," it provides crucial data on an organization's financial health, enabling stakeholders to make informed decisions and ensuring legal compliance
Financial Accounting: Focuses on creating external reports (like income statements and balance sheets) for investors, creditors, and regulators.
Management Accounting: Generates internal reports, budgets, and forecasts to help business leaders make day-to-day operational decisions.
Tax Accounting: Ensures compliance with government tax laws, involving tax return preparation and planning.
Foundational Principles
To ensure consistency and transparency, accounting relies on universally accepted frameworks such as GAAP (Generally Accepted Accounting Principles in the US) and IFRS (International Financial Reporting Standards) used globally. These frameworks rely on key equations, such as the fundamental balance sheet equation: [1, 2]
Assets = Liabilities + Shareholders' Equity
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