Accounting is the process of tracking a business’s financial transactions and turning them into valuable insights. It includes a set of processes and activities involving recording, classifying, sorting, retrieving, summarizing, interpreting, and reporting on those transactions. It also involves developing and presenting general-purpose financial statements such as a balance sheet and an income statement, which are intended for external use. Those statements are often prepared according to generally accepted accounting principles (GAAP).
Business accounting requires meticulous record-keeping and financial transaction tracking year round. Without it, companies would be unable to file accurate tax returns or report their earnings to investors. Likewise, regulators rely on accountants to perform critical functions such as auditing and ensuring compliance with Securities and Exchange Commission (SEC) reporting requirements for public companies.
Aside from its uses within profit-seeking businesses, accounting is used by any entity that wants to manage economic resources. This includes not-for-profit organizations such as governments, churches, fraternities, charities, and hospitals. It is also known as the language of business because it allows information to be recorded in terms of the cost incurred and the revenue earned from using those resources.
Writing an accounting research paper is no easy task, and a lot of careful thought is required in the preparation of the final product. The choice of topic is a very important factor. The subject matter must be of a practical nature and should also cover a current topic or issue. Moreover, the paper should be written in accordance with the prevailing scholarly and professional standards. It is also important to understand your audience and their needs and expectations. Buchhaltung