Accounting is recording, summarising, and sorting transactions and presenting them to related stakeholders. Accounting is also a field of education that teaches us how to perform all these tasks. Accounting of a small company can be handled by bookkeepers or accountants but the larger companies need a bunch of people to prepare their reports.

1. WHAT IS ACCOUNTING?
Accounting is recording, summarising, and sorting transactions and presenting
them to related stakeholders.
Recording Classifying Reporting

2. Accounting is recording, summarising, and sorting transactions and presenting
them to related stakeholders.
Double-entry
bookkeeping
WHAT IS ACCOUNTING?

3. Financial
Accounting
Managerial
Accounting
Cost
Accounting
Tax
Accounting
Financial accounting is
related to the production of
financial statements and
reporting them to the
stakeholders.
Managerial accounting works
for managing the business. I
generate reports to take
internal decisions and
forecast the future.
Tax accountants strictly
follow the rules and
regulations that are
prescribed by the federal,
state, or local levels based on
what return is being filed.
Cost accounting helps a
business to cut costs and
increase its profit without
increasing the price.
WHAT IS ACCOUNTING?