Accountancy

Accountancy (British English) or accounting (American English) is the measurement, disclosure or provision of assurance about information that helps managers and other decision makers make resource allocation decisions. Financial accounting is one branch of accounting and historically has involved processes by which financial information about a business is recorded, classified, summarized, interpreted, and communicated. Auditing, a related but separate discipline, is the process whereby an independent auditor examines an organization's financial statements in order to express an opinion -- that conveys reasonable but not absolute assurance -- as to the fairness and adherence to generally accepted accounting principles, in all material respects.

Accounting concepts

• Entity concept
• Dual aspect concept
• Going concern concept
• Accounting period concept
• Money measurement concept
• Cost concept
• Periodic matching of cost and revenue concept
• Verifiable objective evidence concept
• Realization concept
• Accural concept