Search results
Results From The WOW.Com Content Network
Inventory ( American English) or stock ( British English) refers to the goods and materials that a business holds for the ultimate goal of resale, production or utilisation. [nb 1] Inventory management is a discipline primarily about specifying the shape and placement of stocked goods. It is required at different locations within a facility or ...
The history of accounting or accountancy can be traced to ancient civilizations. [1] [2] [3] The early development of accounting dates to ancient Mesopotamia, and is closely related to developments in writing, counting and money [1] [4] [5] and early auditing systems by the ancient Egyptians and Babylonians. [2]
e. 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 ...
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [1] It involves preparing source documents for all transactions, operations, and other events of a business. Transactions include purchases, sales, receipts and payments by an individual person or an organization ...
v. t. e. A chart of accounts ( COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are ...
Given the above, one view of the progression of the accounting and finance career path is that financial accounting is a stepping stone to management accounting. Consistent with the notion of value creation, management accountants help drive the success of the business while strict financial accounting is more of a compliance and historical ...
v. t. e. Activity-based costing ( ABC) is a costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each. Therefore, this model assigns more indirect costs ( overhead) into direct costs compared to conventional costing.
Job costing is accounting which tracks the costs and revenues by "job" and enables standardized reporting of profitability by job. For an accounting system to support job costing, it must allow job numbers to be assigned to individual items of expenses and revenues. A job can be defined to be a specific project done for one customer, or a ...