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Management assertions are the claims that the financial statement preparer makes to its users. They are relevant to auditors who evaluate them to obtain audit evidence and assess the risk of material misstatement.
Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. Learn about the origin, methods, and steps of bookkeeping, as well as the related professions and terms.
Record to report or R2R is a finance and accounting process that collects, processes and delivers information for strategic and operational feedback. It involves data extraction, validation, transformation, posting, analysis and reporting.
Internal control is a process for assuring of an organization's objectives in operational effectiveness, financial reporting, and compliance. It involves everything that controls risks to an organization and has five components: control environment, risk assessment, information and communication, control activities, and monitoring.
Management accounting is the use of accounting information in decision-making and management by managers within an organization. It differs from financial accounting in scope, focus, and approach, and involves various fields and functions such as cost accounting, performance evaluation, and risk management.
Learn about the definition, types and importance of accounting records, which are key sources of information and evidence for financial statements. Find out the rules and guidelines for accounting records in different countries and industries.
Cost accounting is a systematic set of procedures for recording and reporting measurements of the cost of manufacturing goods and performing services. It provides the detailed cost information that management needs to control current operations and plan for the future, and uses various techniques such as standard costing, variance analysis, and budgetary control.
Reconciliation is the process of ensuring that two sets of records are in agreement. It is used to avoid errors, fraud and improve financial reporting. Learn about the methods, benefits and current practice of reconciliation in accounting.