25 accounting terms
Corporate accounting, also known as industry account, refers to all types of accounting that pertains to companies rather than individuals.
It usually comprises of a team or department of accountants that operate as an internal branch of the company..
25 accounting terms
The first among them is the basic accounting equation which written as Assets = Liabilities + Equities..
What is accounting in accounting terms?
Accounting is the process of recording financial transactions pertaining to a business.
The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities..
What is corporate accounting in B Com?
Corporate Accounting is treated as a Special field involving the Preparation of financial statements, financial statement analysis, Preparation of budgets, Corporate reporting, Compliance, Tax management, Corporate and personal tax planning, Auditing, etc..
What is included in corporate accounting?
Corporate accounting refers to the process of recording a company's financial transactions.
It is a process of documenting expenses, incomes, sales and purchases over a specific time period.
The end result of this process are financial statements like the cash flow statement, the income statement and the balance sheet..
What is the terminology of balance sheet?
Balance Sheet (also known as statement of financial condition or statement of financial position): An itemized financial statement that lists assets, liabilities, and equity.
A Balance Sheet represents your practice's overall financial position at a given point in time..
Why do we need corporate financial statements?
Financial statements are important to investors because they can provide information about a company's revenue, expenses, profitability, debt load, and ability to meet its short-term and long-term financial obligations..
