In the context of deep financial and economic transformations taking place both nationally and globally, the need and appropriateness of ongoing and increased involvement of accounting information in the management process is increasingly obvious under the increasing credibility and relevance of such information in user perception. Although the data, information and knowledge provided by accounting are not the only ones characterizing a particular economic unit, we believe they are an essential element for analysis and assessment of the entity's statement of assets, motivation according to which accounting is seen by the management, and not only, as the core of the information system. Thus, the accounting information experiences a wide revaluation on all the decision-making stages specific to a field of activity, materialized, for this purpose, in economic and financial indicators that are obtained either directly from synthetic and analytical accounts, or through calculations b.
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Accounting: Accounting is the process of recording, classifying, summarizing, analyzing, interpreting and communicating the result of financial transactions. Features: Financial character: 1. Assets that can be evaluated in terms of money such as furniture purchased, computer purchased etc. 2. The things which cannot be evaluated in terms of money such as honesty, discipline which are non – financial character 3. Accounting keeps records of things that can be evaluated in terms of money. Continuous and dynamic process: 1. Accounting is the dynamic process and continuous process it is performed continuously. Based on principle/ assumption/ concept: 1. Accounting is based on the principles that are analyzed developed on the basis of assumption of past and conceptualized and developed. Ascertainment of profit and loss: 1. Accounting keeps record of every transaction of organization keeping record of them. Ascertainment of financial position: 1. Accounting helps in keeping record of every asset and liabilities of organization keeping record of them.
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