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ACCOUNTS ACCOUNTS

Higher Account Accuracy Earns Higher Profit

What is an account?

The systematic recording, reporting and analysis related to financial transaction of a business.

Purpose of Accounting

Providing information that is required for sound economic decision making.

Accounting

Different Types of Accounting

•Financial Accounting•Management Accounting•Governmental Accounting•Tax Accounting•Forensic Accounting•Project Accounting•Social Accounting

Financial Accounting

Financial Accounting is used to prepare financial report that provide information about performance of a firm to external parties (creditors, investors and tax authorities)

Financial Accounting

Management Accounting

The process of making management reports and account that provides accurate and timely statistical and financial informers required by managers to make decisions.

Management Accounting

Management Accounting showing

the available amount of cash sales revenue generated amount of orders in hand accounts payable accounts receivable raw material and inventory outstanding debts etc.

Government Accounting

Government Accounting

It is also known as public accounting or federal accounting. It refers to the type of accounting information system used in the public sector. Governmental accounting ensures the performance and financial of the public sector institutions are set in-budgetary context since financial constraints are often a major concern of a government.

Forensic Accounting

Forensic accounting uses auditing, accounting and investigative skills to conduct an examination into a company’s financial statements. Thus providing an analysis of account that is suitable for court.

Tax Accounting

Tax Accounting

It refers to accounting for the tax related matters and governed by the tax rules prescribed by the tax laws of a jurisdiction. Usually Tax Accountants adjust the financial statements prepared under the financial accounting principles to account for the differences with rules prescribed by the laws related to tax.

Project Accounting

Project Accounting is an important componet of project management. It refers to the use of accounting system to track the financial progress of a project through frequent financial reports

Social Accounting

Social Accounting

Social accounting is an important tool to calculate the performance of any company in view of social responsibility . This is a type of accounting that puts a value on the effect of company’s business on environment and society.

Accounting Heads can be classified into 3 groups

ACCOUNT HEADS

PERSONAL ACCOUNTS

REAL ACCOUNTSNOMINAL ACCOUNTS

Personal accounts – Accounts which represent persons and organizations

Real Accounts – Accounts which represent tangible aspects

Nominal Accounts – Accounts which represent income, loss, gain, expense etc.

Accounting is important why?

Main goal of a Company is its success. In order to achieve hope of success, a company has to know where their money is coming from and where it is going out. That is the importance of perfect accounting.

The Balance Sheet Inc.(Accountants In West Palm Beach)

801 Northpoint Parkway,Suite 6

West Palm Beach,FL 33407

Tel: (561) 501-3080 Fax: (855) 460-1629