From the course: Finance for Non-Financial Managers (2015)
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What is accounting?
From the course: Finance for Non-Financial Managers (2015)
What is accounting?
- Now, let's turn our attention to accounting. What is accounting? First, accounting is quantitative, you knew that. It's numbers. Second, accounting is financial in nature. That means money, numbers about money. Third, accounting is meant to be useful. It's a very practical field of study. Well, useful for what? That's the fourth aspect of accounting. Useful in making decisions. Accounting helps you use the past right now, in the present, to change the future. Accounting is quantitative, numbers about money, to help people, you and me, make better decisions, that's accounting. Now there are four different types of accounting. First, the most fundamental type of accounting is bookkeeping, just the routine gathering of the information, making sure that everything gets recorded. Because if it doesn't get recorded, we'll never know about it. So bookkeeping is the systematic gathering of financial information. The…
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