My fearless padlet by sabin budhathoki

we got this from

3susabin — 2024-07-26 18:03:31 UTC

Accounting explained with brief history and modern job requirements. (2003, November 17). Investopedia. https://www.investopedia.com/terms/a/accounting.asp

The accounting discipline. (2013, October 24). Management Accounting Changes. https://managementaccountingchanges.wordpress.com/2013/10/24/the-accounting-discipline/

lets conclude

3susabin — 2024-07-26 18:03:31 UTC

Accounting is important for maintaining the financial activities and keep track of these activities and provides support in the decision making. Accounting is crucial for businesses, governments, and non-profits. Each type serves a different purpose.

Each type of accounting has distinct purposes and methodologies, ranging from external financial reporting to internal managerial decision-making and compliance. Understanding these types helps in effectively managing financial resources, ensuring compliance, and making informed decisions

lets discuss and answer

3susabin — 2024-07-26 18:03:31 UTC

Since we can never be sure what is going to happen in the future, the best that we can do is to make judgements on the basis of past experience. Thus information concerning flows of cash and wealth in the recent past is likely to be a useful source on which to base judgements about possible future outcomes.

financial account and audit report

3susabin — 2024-07-26 18:03:31 UTC

Financial account

It focuses on creating finance related information that are pure numbers.

These numbers are intended for external users such as investors creditors and regulatory bodies.

Annual report

Annual report is the yearly statement of the financial condition, progress and expectation of the organization.

These reports are mandatory by law for the shareholders and could be quarterly based as well for current use.

Accounting and Its Discipline

3susabin — 2024-07-26 18:03:31 UTC

Submitted by group 1

Reshma Shrestha Rajesh Khadka

Sabin Budhathoki Sadichha Neupane

financial information and its importance

3susabin — 2024-07-26 18:03:31 UTC

Financial information is the data regarding the activities of the business. It is the true reflection of the business condition.

It can be attributed as the main factor in all the decision making involved in the business.

It helps in avoiding the penalties and adhering with the regulatory body.

The financial information helps in forecasting and budgeting for the business.

This information is important for all the managers, investors, government body, suppliers and creditors.

Introduction

3susabin — 2024-07-26 18:03:31 UTC

Accounting is a systematic process of recording, analyzing and reporting financial transactions for business and organization. It shows the key information and figures of the current situation of the business.

There are various disciplines within the accounting and some of them are:

Financial accounting

Managerial accounting

Tax accounting

Auditing

Governmental and non profit accounting