wk4 Journal Article I need an article/review on the subject Accounting below with a 500 word...

wk4 Journal Article

I need an article/review on the subject Accounting below with a 500 word summary of the article, How will accounting aid in the strategic management effort of an organization and with 2 references. Please

Expert Solution

Accounting

Father of accounting was Locas Pecilio. In earlier era also transaction were recorded may be on the peice of paper that was called book keeping. Since 21th century accounting has evolved drastically from paper work to computerisation. Accounting is the process of systematic recording of transaction for a specific event. Uses of accounting are indespencible they provide with financial information, data to analyse, compliance with statutory requirement, managing business in the most possible manner etc.

There are certain principle, assumption, constraints used while adopting accounting in business. These include consistency, accrual concept, measurement, Going concern assumption, prudence etc. Certain principle are also called GAAP i.e. generally accepted accounting principle. Accounting revlove around certain Golden rules.

Now-a-days from small to large business are actively working towards modern accounting. There are various packages available in the marketplace for recording of transaction like SAP, TALLY ERP etc. Accounting forms the basis of dicision making in the organisation. Decision either to purchase inventory, fixed asset, investment, merger and acquisition, loan and credit etc are taken on the base of accounting records available.

Therefore it is neddless to say that modern accounting has changed the way business operates. And accounting aids in forming strategic front for an organisation.

References -

1 Book on accounting concept for garduates

2. "Accountingcoach" website

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ekkarill92 answered 2 years ago

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