Accountancy is the art of communicating financial information about a business entity A business is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main to users such as shareholders A mutual shareholder or stockholder is an individual or company that legally owns one or more shares of stock in a joint stock company. A company's shareholders collectively own that company and are the members of the company by signing the memorandum of association . Thus, the typical goal of such companies is to enhance shareholder value and managers Management in all business and human organization activity is the act of getting people together to accomplish desired goals and objectives. Management comprises planning, organizing, staffing, leading or directing, and controlling an organization or effort for the purpose of accomplishing a goal. Resourcing encompasses the deployment and. The communication Communication is a process of transferring information from one entity to another. Communication processes are sign-mediated interactions between at least two agents which share a repertoire of signs and semiotic rules. Communication is commonly defined as "the imparting or interchange of thoughts, opinions, or information by speech, writing, is generally in the form of financial statements Financial statements are formal records of the financial activities of a business, person, or other entity. In British English, including United Kingdom company law, financial statements are often referred to as accounts, although the term financial statements is also used, particularly by accountants that show in money terms the economic resources In economics, factors of production are the resources employed to produce goods and services. They facilitate production but do not become part of the product (as with raw materials) or are significantly transformed by the production process (as with fuel used to power machinery). To 19th century economists, the factors of production were land ( under the control of management.^[1] It is the branch of mathematical science Mathematical sciences is a broad term that refers to those academic disciplines that are primarily mathematical in nature but may not be universally considered subfields of mathematics proper. Statistics, for example, is mathematical in its methods but grew out of political arithmetic which merged with inverse probability and grew through that is useful in discovering the causes of success and failure in business A business is a legally recognized organization designed to provide goods and/or services to consumers. Businesses are predominant in capitalist economies, most being privately owned and formed to earn profit that will increase the wealth of its owners and grow the business itself. The owners and operators of a business have as one of their main. The principles The scientific process generally consists of establishing a cause by analyzing the effects upon an object, in this way a description can be established to explain the brought about change. For this reason the principle of cause is considered to be a determining factor in the production of the facts of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping Bookkeeping is the recording of financial transactions. Transactions include sales, purchases, income, and payments by an individual or organization. Bookkeeping is usually performed by a bookkeeper. Bookkeeping should not be confused with accounting. The accounting process is usually performed by an accountant. The accountant creates reports from, and auditing The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person / organization/.^[2]

Accounting is defined by the AICPA The American Institute of Certified Public Accountants is the national, professional association of Certified Public Accountants in the United States, with more than 330,000 members, including accountants in business and industry, public practice, government, and education; student affiliates; and international associates. It sets ethical as "The art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof."^[3] Accounting is thousands of years old; the earliest accounting records were found in the Middle East The Middle East is a region that encompasses southwestern Asia and Egypt. In some contexts, the term has recently been expanded in usage to sometimes include Afghanistan and Pakistan, the Caucacus and Central Asia, and North Africa. It's often used as a synonym for Near East, in opposition to Far East. The corresponding adjective is Middle-Eastern which date back more than 7,000 years. The people of that time relied on primitive accounting methods to record the growth of crops and herds. Accounting evolved, improving over the years and advancing as business advanced.^[4]

Early accounts served mainly to assist the memory of the businessperson A businessperson is someone who is employed at usually a profit-oriented enterprise, or more specifically, someone who is involved in the management (at any level) of a company, or even an entrepreneur. The term businessperson almost always refers to someone with a "white collar" occupation and the audience for the account was the proprietor A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner . All assets of the business are owned by the proprietor and all debts of the or record keeper alone. Cruder forms of accounting were inadequate for the problems created by a business entity involving multiple investors The term has taken on a specific meaning in finance to describe the particular types of people and companies that regularly purchase equity or debt securities for financial gain in exchange for funding an expanding company. Less frequently, the term is applied to parties who purchase real estate, currency, commodity derivatives, personal property,, so double-entry bookkeeping The double-entry bookkeeping system was started in 13th century and refers to a set of rules to record financial information in a financial accounting system wherein every transaction or event impacts at least two different accounts. In modern accounting this is done using debits and credits, and serves as a kind of error-detection system: if, at first emerged in northern Italy Italy /ˈɪtəli/ (Italian: Italia, [iˈta:lja]), officially the Italian Republic (Italian: Repubblica Italiana), is a country located partly on the European Continent and partly on the Italian Peninsula in Southern Europe and on the two largest islands in the Mediterranean Sea, Sicily and Sardinia. Italy shares its northern, Alpine boundary with in the 14th century As a means of recording the passage of time, the 14th century was the century which lasted from 1301 to 1400, where trading ventures began to require more capital Financial capital can refer to money used by entrepreneurs and businesses to buy what they need to make their products or provide their services or to that sector of the economy based on its operation, i.e. retail, corporate, investment banking, etc than a single individual was able to invest. The development of joint stock companies A joint stock company is a type of business entity: it is a type of corporation or partnership involving two or more legal persons. Certificates of ownership (or stocks) are issued by the company in return for each financial contribution, and the shareholders are free to transfer their ownership interest at any time by selling their stockholding created wider audiences for accounts, as investors without firsthand knowledge of their operations Business operations are those ongoing recurring activities involved in the running of a business for the purpose of producing value for the stakeholders. They are contrasted with project management, and consist of business processes relied on accounts to provide the requisite information.^[5] This development resulted in a split of accounting systems for internal (i.e. management accounting Accounting compiled by Paul Kojo Asare Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions) and external (i.e. financial accounting Financial accountancy is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents') purposes, and subsequently also in accounting and disclosure regulations and a growing need for independent attestation Accounting attestation standards define the basic standards for representing attestation engagements. Attestation is defined as an engagement in which a practitioner is hired to issue written communication that expresses a conclusion about the reliability of written assertions prepared by a separate party. The American Institute of Certified of external accounts by auditors The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person / organization/.^[6]

Today, accounting is called "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accounting that concentrates on reporting to people inside the business entity is called management accounting Accounting compiled by Paul Kojo Asare Management accounting or managerial accounting is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions and is used to provide information to employees, managers, owner-managers Self-employment is working for one's self rather than for another person or company. To be self-employed, an individual is normally highly skilled in a trade or has a niche product or service for his or her local community. With the creation of the Internet the ability for an individual to become self-employed has increased dramatically and auditors The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. Audits are performed to ascertain the validity and reliability of information; also to provide an assessment of a system's internal control. The goal of an audit is to express an opinion on the person / organization/. Management accounting is concerned primarily with providing a basis for making management or operating decisions. Accounting that provides information to people outside the business entity is called financial accounting Financial accountancy is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners, and other stakeholders. The fundamental need for financial accounting is to reduce principal-agent problem by measuring and monitoring agents' and provides information to present and potential shareholders, creditors A creditor is a party that has a claim to the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property or service to the second party under the assumption (usually enforced by contract) that the second party will return an equivalent property or service. The second such as banks or vendors, financial analysts A financial analyst, securities analyst, research analyst, equity analyst, or investment analyst is a person who performs financial analysis for external or internal clients as a core part of the job, economists An economist is an expert in the social science of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic, and government agencies A government agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency[citation needed]. There is a notable variety of types of agency. Although usage differs, a government agency is normally distinct both from a. Because these users have different needs, the presentation of financial accounts is very structured and subject to many more rules than management accounting. The body of rules that governs financial accounting is called Generally Accepted Accounting Principles Generally Accepted Accounting Principles is the americanized term used to refer to the standard framework of guidelines for financial accounting used in any given jurisdiction which are generally known as Accounting Standards. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions, and in, or GAAP.^[7]

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