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Accounting is the balancing and restoration of algebra applied to wealth accounting. [ 20 ] In 756, the Abbasid caliph Al-Mansur sent scholars, merchants and mercenaries to support the Tang dynasty 's Dukes of Li to thwart the An Shi Rebellion .
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]
In accounting, a basis of accounting is a method used to define, recognise, and report financial transactions. [1] The two primary bases of accounting are the cash basis of accounting, or cash accounting, method and the accrual accounting method. A third method, the modified cash basis, combines elements of both accrual and cash accounting.
The following outline is provided as an overview of and topical guide to accounting: . Accounting – measurement, statement or provision of assurance about financial information primarily used by managers, investors, tax authorities and other decision makers to make resource allocation decisions within companies, organizations, and public agencies.
An accounting period, in bookkeeping, is the period with reference to which management accounts and financial statements are prepared. In management accounting the accounting period varies widely and is determined by management.
Generally Accepted Accounting Principles (GAAP) [a] is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC), [1] and is the default accounting standard used by companies based in the United States.
Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. [1]
The Financial Accounting Standards Board (FASB) is a private standard-setting body [1] ... such as differing stages of economic development and sources of funding ...