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A B C D E F G H I J K L M N O P Q R S T U V W X Y Z ALL You Have Viewed Too Many Free Essays, Term Papers, and Book Reports. Accounts Accounts INTRODUCTION Accounting systems have been used for thousands of years. As businesses grew, people to keep track of costs, profits, and losses invented accounting systems. Modern accounting measures and communicates financial information about an economic entity. This information is used to plan, control, evaluate, and make decisions about a business. The process begins with bookkeeping, which records transactions, such as checks and invoices, and summarizes these transactions in financial statements. Financial managers use the financial statements to raise and spend cash and make intelligent financial decisions. This section defines accounting and contrasts it with bookkeeping and finance functions. Points to Remember • Accounting is an information system that measures, processes, and communicates financial information about an identifiable economic entity. • Bookkeeping, primarily a mechanical and repetitive record keeping function, is a subset of accounting. • Finance is concerned with raising and using cash. • Accounting supplies information about the company to financial managers so they can make intelligent financial decisions. • Accounting enables managers to intelligently plan and control the business and make decisions based on objective information. Definition: Cash Method Accrual Method There are two basic accounting methods available to most small businesses: cash or accrual. Cash method. If you use the cash method of accounting, you record income accounting, financial, method, cash, accrual, tax, standards, income, basis, year, record, information, business, transactions, statements, fasb, board, until, reporting, public, period, , because, paid, expenses, actually, about, 2002, month, money, methods, issues, irs, under, sales, receive, picture, pay, need, must, international, different, decisions, credit, counted, concepts, businesses, books, using, sale, process Word Count: 3170 Acceptance_Essays American_History Anatomy_&_Physiology Animal_Science_&_Zoology Anthropology Architecture Art Astronomy Aviation Biographies Book_Reports Business Computers Creative_Writing Current_Events Economics Education Engineering English Environmental_Science Ethics European_History Film_&_TV Foreign_Languages Geography Government_&_Politics Health_&_Beauty History_Other Human_Sexuality Legal_Issues Marketing Mathematics Medicine Miscellaneous Music Mythology Philosophy Physics Poetry Political_Science Psychology Religion Science Shakespeare Social_Issues Sociology Speech Sports_&_Recreation Supernatural Technology Theater Theses_&_Dissertations

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