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English Paragraph Writing: Why Accounting Matters? (#ssc)(#compete4exams)(#eduvictors)(#upsc)

Why Accounting Matters?

English Paragraph Writing

English Paragraph Writing: Why Accounting Matters? (#ssc)(#compete4exams)(#eduvictors)(#upsc)

Accounting can be thought as the language used to communicate financial decisions.It is a continuous process of assessing performance and reporting the findings to decision-makers. Accounting is a discipline that dates back to the dawn of human history. Modern accounting has gotten more systematic and structured as industry has progressed. The accountant is a person who keeps track of finances.

He is involved in a variety of tasks, including financial statement preparation, control process facilitation, tax planning, auditing, and information management. Individuals, managers, investors, creditors, the government, regulatory agencies, taxes authorities, trade unions, consumers, general public and employees all use the information generated by accountants. Accounting can be broadly divided into two categories based on the goal and method used: financial accounting and management accounting. The creation of financial statements, primarily for outsiders, is the primary focus of financial accounting. It is founded on a set of well-defined concepts and norms that aid in the formulation of comprehensive financial policy. It does, however, have some limitations that are addressed by the other branch of accounting, management accounting. Management accounting analyses and interprets the data supplied by financial accounting to assist with decision-making. As a result, management accounting is forward-thinking and decision-making. Management accounting systems are not very precise since they must be adjusted according to the needs of the decision. Management accounting includes cost accounting, which is a crucial component. It focuses on cost estimation, assisting in the planning and control process, and providing data for both short- and long-term decisions. Differences in users of information, time frames, and types of reports generated are the fundamental differences between financial and management accounting. Both types of accounting have various decision-making criteria as well as behavioural ramifications.

👉See Also:

English Usage MCQs-1

English: One Word Substitution-1

English Unseen Poem (Reading Comprehension)
English: One Word Substitution-1

English: One Word Substitution-2

English: Plurals with different Meanings

Numbers in Idioms
English Reading Comprehension (Set-1)
English Reading Comprehension (Set-2)
English Reading Comprehension(Set-3) 
English Reading Comprehension (Set-4)
Reading Comprehension (Set-5)
Reading Comprehension (Unseen Poem)-2
Grammar Quiz (Nouns) 
Synonyms (Quiz)
Antonyms(Quiz) or Online Quiz 

Editing Exercise-1
Editing Exercise-2 
Editing Exercise - 3

Unseen Passage -1

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