accounting

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Accounting

The practice or profession of maintaining financial records, noting expenses or revenue, and determining how much one owes or is owed. Accounting seeks to assure that every individual or company pays or is paid the correct amount. There are several different types of accounting, each of which reports revenue and earnings differently from other methods. Two major accounting methods are accrual accounting and cash accounting. Accrual accounting recognizes revenue and matches it with the expenses that generated that revenue. Cash accounting, on the other hand, recognizes revenue and expenses in the order in which they are received or spent.

Accounting is important in personal finance as well. One must maintain accurate records to ensure that enough money remains to pay one's bills. Likewise, accounting is necessary to pay personal or corporate taxes in the correct amount. See also: CPA, LIFO, FIFO.
Accountingclick for a larger image
Fig. 3 Accounting. A typical data-recording sequence.

accounting

the process of recording a firm's financial transactions in appropriate book-keeping records and of summarizing this information in the form of accounting reports, using acknowledged methods and conventions. FINANCIAL ACCOUNTING is geared to the preparation of summary reports for the shareholders or owners of the business, while MANAGEMENT ACCOUNTING is geared to the preparation of more detailed reports for managers. Fig. 3 shows a typical data-recording sequence.
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CPA, professor of accounting at the University of Texas, Austin and Barbara Apostolou, PH.
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Sophomore, junior, senior and graduate-level accounting students are eligible to apply for the scholarship.
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The accounting profession continues to transform with technology and the ever-changing business environment," said Amy Vanderwall, KPMG national university relations manager-assurance.
Graduate students are encouraged to apply if they have an undergraduate degree in accounting and are in pursuit of their MBA, master's or doctorate in accounting or taxation.
The `Account for Your Future' scholarship program is a token of our appreciation of students' achievements and our way of recognizing the dedication and work of accounting students nationwide," said Derek Doke, AccountingNet president and co-founder.
com) Web site, the complete online resource for accounting students with tips, tricks and solutions to help students survive college and the working world.