The study of accounting pertains to the skill or technique of recording, classifying and analyzing business transactions denominated in cash as well as interpretation of the results of that process. Accounting is a service activity or the companies providing accounting information to external and internal customers used to make business decisions. In modern practice, accounting is the most important part of the information system or sub-system in the enterprise management information system which is the main result of the accounting information.
The main components of accounting are: accounting planning (focused on future business events, with the purpose of reducing the uncertainty and risk of future operations), bookkeeping (the most important part of accounting, focused on the business side of the operation), accounting control (identification of discrepancies between the planned and the realized output, especially income and expenditure) and accounting analysis (explanation of causes and consequences of identified or marked deviations). These components together make up the accounting system, and are used for the analysis of accounting information.
When the study pertains to the focus on customer service, there is a difference in management, cost and financial accounting procedures. Cost and management accounting are designed for internal customers, while financial accounting is intended for external customers.
Accounting research is applied through the presentation of the financial aspects, the basics of which most commonly include statements, balance sheets, the presentation of profit and loss in an income statement, the statement of changes in equity (capital), cash flow statement and notes to financial reports.
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