Accounting or accountancy is basically the measurement, interpretation, processing and reporting of financial and other non material financial data about individual economic entities including corporations and businesses. Its streamlining and analysis are often used for purposes such as setting up goals and objectives of a certain company or organization. Accounting is now considered as a primary source of information to be used by managers, investors, tax authorities, and other professionals in decision-making. This is because accounting provides relevant facts and figures that can help make sound decision-making. It also helps business owners and managers interpret the direction of their companies. The need for accounting has become more acute as the world’s economy and lifestyle changes.

In general, there are two major types of accounting; fundamental and managerial accounting. Fundamental accounting deals with the day-to-day activity of business activities. It includes financial records such as sales reports, purchases, receipts, cash payments, mortgages, and business disbursements. Managerial accounting, on the other hand, is focused on internal processes of the organization and based on management’s perception. It may include tax accounting, performance management, financial reporting, and counseling related to mergers and acquisitions.

Generally, accounting is classified into four major categories based on its scope. There are management accounting, information systems accounting, information accounting, and economic or financial accounting. All these different types of accounting have their own unique feature but they basically deal with the same transactions and documentations. For example, a manager will use information systems accounting in order to record financial transactions as they occur in order to record all necessary financial data that will be needed in analyzing the business. Meanwhile, information accounting deals with preparing financial statements of a company that contain information about transactions and items for which there is evidence or supporting documents.

A company must ensure proper recording and documentation of all their financial transactions and these must be correctly recorded to comply with applicable laws and regulations. The process of recording transactions is known as recording or accounting. The purpose of accounting is to facilitate communication between managers and staffs, provide information, and make reports of accounting transactions to decision makers. In general, there are three basic phases in the accounting process: preparation of the audited financial statements, preparation of the financial statement, and the review of the financial statements for any errors.

Basically, an accountant is someone who makes decisions and provides advice and recommendations for how to make decisions. To become an accountant, you have to at least have a degree in accounting and a four year certification course. Generally, there are no special qualifications required to be an accountant. However, most companies and firms prefer to hire individuals that have at least a bachelor’s degree in business, marketing, or accounting. Those who hold senior positions in the company usually hold senior accountant positions or managerial accounting positions.

One of the important requirements for being an accountant is having sufficient knowledge about accounting principles, practice, and the transactions included in the accounting process. Most accountants are required to complete either a Masters or Bachelors degree in accountancy, depending on the level of experience. To prepare financial statements in a timely and accurate manner, accountants must also have good interpersonal skills. Accountants are needed all over the world to help make decisions related to cash flow, balance sheet, financial statements, and budget planning. In order to become an accountant, you should have a four-year degree in accounting or a related field such as business, economics, computer science, or math. The main requirements are being an American citizen, holding a high school diploma, having passed the examinations for the U.S. admittance into the law school, having passed the examinations for the CPA exam, having significant account records to compare with your financial statements, having cleared the state licensing exam, and having a CPA or Certified Public Accountant certification.