MBA Accounting Fundamentals

Accounting is the procedure of data entry and recording, summarising, analyzing, and then reporting. This data relates to financial transactions of businesses and corporations. Operations of a business entity over an accounting period, generally a year, are keys to prepare financial statements. A company uses accounts to measure where it stands in the economic sense. They help in decision making as well as cost planning and assessment. Above all, accounting reports are of utmost importance to outside entities as well- namely the investors, creditors, and regulatory bodies. Professionals across the world use a set of standards- GAAP- Generally Accepted Accounting Principles for preparing these reports.