BNET Business Dictionary
Business Definition for: Accounting
- a generic term for all the activities conducted by accountants, for example, bookkeeping and financial accounting. Accounting involves the classification and recording of monetary transactions; the presentation and interpretation of the results of those transactions in order to assess performance over a period and the financial position at a given date; and the monetary projection of future activities arising from alternative planned courses of action. Accounting in larger businesses is typically carried out by financial accountants, who focus on formal, corporate issues such as taxation, and management accountants, who provide management reports and guidance.
Wiktionary Definition for: Accounting
- Book keeping in business. Recording financial transactions.
- A relaying of events; justification of actions.
- Ex:''He was required to give a thorough '''accounting''' of his time.''
- Present participle of ''to account''.
Additional Resources
- Understanding Research and Development Accounting
- There's more than one way to account for Research and Development (R&D). A business using the accrual method of accounting will treat R&D costs as expenses. A business contracted to undertake R&D for another company might treat it as an operational cost. If that business retains an element of financial...
- Articles 2007-10-02
- Financial Accounting and Reporting
- The article is about the basic concept that include overall area of financial as well as managerial accounting. It explains from the core concept of accounting definition. The purpose of financial accounting and reporting by state and local governmental entities is to accumulate and provide information to facilitate decision making...
- White papers 2003-01-01
- Virginian Accounting Software Technologies Inc. (Accounting Software).(VAST Accounting Professional now integrates with Microsoft Office suite of products)(Brief Article)
- Virginian Accounting Software Technologies Inc. VAST, based in Virginia Beach, Va., a developer of accounting and business management software for small to mid-size businesses, says its accounting package, VAST Accounting Professional, now integrat Virginian Accounting Software Technologies Inc. VAST, based in Virginia Beach, Va., a...
- Research articles 2002-07-01
- FASB issues Exposure Drafts to improve accounting guidance and support convergence of Global Accounting Standards.(Financial Accounting Standards Board )
- The Financial Accounting Standards Board FASB issued four Exposure Drafts that would improve U.S. generally accepted accounting principles and converge U.S. accounting guidance with existing international accounting standards. The Financial Accounting Standards Board FASB issued four Exposure Drafts that would improve U.S. generally...
- Research articles 2004-01-01
- Manager Of Government Accounting Compliance Job Description
- The Manager of Government Accounting Compliance job description template includes the following job summary: Serves as division's expert on government accounting to assure the division's compliance with existing government accounting regulations such as Federal Acquisition Regulations and Cost Accounting Standards. Keeps division management abreast of new regulations and amendments to...
- Tools & templates 2007-09-09
- Advisory: Potential Changes in Accounting for Stock Options
- Investor concerns, a likely pronouncement by the International Accounting Standards Board IASB and the six-year-old stance of the Financial Accounting Standards Board FASB, have combined to create renewed interest in accounting for stock options and other equity incentives via the "fair value method" rather than the current "intrinsic value method"...
- White papers 2002-08-01
- The Management Accounting Simulation: An Approach to Bringing Decision Making Into an Introductory Managerial Accounting Course
- The Accounting Education Change Commission has recommended accounting courses include a focus on non-technical skills, such as written and oral communication, teamwork, problem solving, and critical thinking skills. Employers of entry-level managerial accountants have indicated these skills are necessary, but that students are also lacking in technical cost or managerial...
- White papers 2003-09-24
- Manager Government Accounting Compliance
- The Manager Government Accounting Compliance job description template includes the following job summary: Serves as division's expert on government accounting to assure the division's compliance with existing government accounting regulations such as Federal Acquisition Regulations and Cost Accounting Standards. Keeps division management abreast of new regulations and amendments to government...
- Tools & templates 2007-09-09
- FASB proposes accounting change.(Accounting for Costs and Initial Rental Operations of Real Estate Projects and Interim Financial Reporting amendments)(Financial Accounting Standards Board)(Brief Article)
- The Financial Accounting Standards Board FASB of Norwalk proposes to amend Statement No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, to exclude from its scope the accounting for acquisition, development and cons The Financial Accounting Standards Board FASB of...
- Research articles 2001-07-16
- Sage Software Launches Simply Accounting by Sage 2007
- Sage Software today announced the availability of the Simply Accounting by Sage 2007 product line, Canada's number one selling(1) small business accounting software, which includes Simply Accounting Entrepreneur, Simply Accounting Basic, Simply Accounting Pro, Simply Accounting Premium with Support and Payroll Services and Simply Accounting - Accountants' Edition. With...
- Research articles 2006-10-16
- "Mark to Market" Accounting: Amend It, Don't Suspend It
- Criticized for worsening the financial crisis, "mark to market" accounting needs to be amended but not suspended, panelists said at an SEC roundtable discussion today. "Breaking or tweaking the thermometer while the doctor is examining the patient isn't going to save him but we need to set...
- Blog posts 2008-10-29
- Manager Of Government Accounting Compliance
- The Manager of Government Accounting Compliance job description template includes the following job summary: Serves as division's expert on government accounting to assure the division's compliance with existing government accounting regulations such as Federal Acquisition Regulations and Cost Accounting Standards. Keeps division management abreast of new regulations and amendments to...
- Tools & templates 2008-11-01
- How To Find The Right Accounting Software For Your Business?
- Nowadays, business requirements demand accurate and fast accounting. Many businesses do not have the budget to hire accounting professionals to handle their account. Therefore, accounting software will be handy here. In the market, there are different accounting software available. So how can you find the right software for your business?...
- White papers 2008-09-15
- A Tale of Two Insurers: There's No Accounting for AIG and MetLife
- Is it stranger than fiction when one major insurer reports a loss that is actually a gain, while another reports a gain that is actually a loss? That's exactly what happened in the second quarter. And no one is to blame but the accountants. On Friday American International...
- Blog posts 2009-08-12
- Accounting Outsource
- For the past couple of years small businesses started using accounting outsource services like accounts payable, account receivable, and general bookkeeping services. As they started seeing business benefits beyond cost savings now they started outsourcing other higher-value accounting projects like accounting and financial process innovation, real-time accounting integration, budgeting and...
- White papers 2009-01-01
- Apple?s iPhone Subscription Accounting Leftovers
- On September 9th, I heard Gene Munster of Piper Jaffray on a Bloomberg First Word podcast mention that Apple AAPL may be making an accounting change in the next 6 months to get away from subscription accounting for the iPhone and I assume Apple TV as well. Since then there...
- External links 2009-09-15
- Inside Apple's iPhone subscription accounting changes
- By Daniel Eran DilgerPublished: 01:30 PM EST Apple's April 2007 Q2 earnings call announced that the company planned to book revenue for its new iPhone and Apple TV using the "subscription method of accounting," a decision that startled analysts and left many users confused. Here's what resulted and why the...
- News items 2009-10-21
- 'Mark to market' accounting should stay, SEC report says
- Bankers who've been seeking Congress' help to suspend "mark to market" accounting rules lost a battle today: The staff of the Securities and Exchange Commission recommended in a report that mark-to-market rules should be maintained, although "improved." The report had been ordered up by Congress in October as part of...
- News items 2009-08-07
- Financial Accounting Introduction and Foundations
- The process of identifying, recording, and communicating the economic events of a business to interested users of the information is called Accounting. The main purpose of Accounting is to provide decision-makers with financial information that is useful in their decision making process. These decision-makers may be: a). Internal – company...
- White papers 2003-01-01
- Financial Accounting
- Accounting is an essential tool for measuring the economic status of companies and analyzing their worth. There are different types of accounting procedures viz. financial and managerial accounting. The two differ from each other in their functions. Experts suggest that a managerial accounting involves dealing with internal financial condition. On...
- White papers 2003-01-01
