1. Define accounting?

Accounting is a method or system used to keep track of and determine the financial status of a person or company's income/assets and outlay of money/possessions. (An Accountant engages in Accounting: "The occupation of maintaining and auditing records and preparing financial reports for a business"

2. List the different branches of accounting?

Following are different branches of accounting:
1) Cost Accounting
2) Financial Accounting
3) Management Accounting

3. List the 4 phases of Hospitality Accounting?

1) Recording
2) Classifying
3) Summarizing
4) Interpreting

4. Define computerized accounting?

Accounting is the method in which financial information is gathered, processed, and summarized into financial statements and reports.
The purpose of accounting is to provide information used in decision-making. Accounting may be viewed as a system (a process) that converts data into useful information.

Information processes include:
★ Recording
★ Maintaining
★ Reporting

Every business has numerous processes. Some are simple, others complex and cumbersome. However, as the business grows, acquires new customers, enters new markets, and keeps pace with constant changes in statutory regulations... the company will need to maintain highly accurate and up-to-date accounting, inventory, and statutory records.

This is where a computerized accounting helps simplify, integrate, and streamline all the business processes, cost-effectively and easily.

5. Define normative accounting?

Normative Theory is a theory that prescribes how a process of accounting should be done. This theory is not based on observation and may suggest radical changes to current practices in accounting.

6. Define accounting normalization?

It is removing items from the income statement or balance sheet that do not normally occur during the course of business to better estimate the value of a company.

7. What abbreviation "dr" mean in accounting?

'Dr' means Debere in Latin stands for 'what comes in' or in simple words whatever assets the business owns or the expenses it has to pay comes under debit.

While 'cr' means credere in Latin means 'what goes out', in simple words whatever liabilities business owns, or the income it earned during the year comes under credit.

8. Described accounting transaction?

An accounting transaction is the exchange of request/response messages to perform accounting. Accounting can be performed in the form of accounting transactions that report on resource usage by a session. Accounting transaction can occur during a session if accounting or charging indications are needed [p&l based acct] or only at the start and the end of the session.

9. Described accounting ethics?

Accounting ethics is primarily a field of applied ethics, the study of moral values and judgments as they apply to accountancy. It is an example of professional ethics.

10. Define fiduciary accounting?

Proper accounting for property that is entrusted to the fiduciary acting under the conditions set forth in a deed.

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