What is Accounting?

Accounting is a method of maintaining financial records pertaining to the business. The process involves summarizing, analyzing, and reporting these transactions to Agencies, Regulators, and Tax collection entities. The financial statements utilized in accounting are a concise summary of monetary transactions over an accounting period, summarizing a company's operations, financial position, and cash flows.



Requirements for Accounting:

In most cases, accountants use Generally Accepted Accounting Principles (GAAP) when preparing financial statements within the U.S. GAAP may be a set of standards and principles designed to enhance the comparability and consistency of monetary reporting across industries. Its standards are supported double-entry accounting, a way during which every accounting transaction is entered as both a debit and credit in two separate ledger accounts which will roll up into the record and earnings report.

In most other countries, a group of standards governed by the International Accounting Standards Board named the International Financial Reporting Standards (IFRS) is employed.

Types of Accounting

    Financial Accounting:

  • The process of generating interim and final statement of accounts which includes balance sheet, income statement, and cash flow statement maintained or kept recorded throughout the financial year.

    Managerial Accounting:

  • In managerial accounting, an accountant generates monthly or quarterly reports that a business's management team can use to form decisions about how the business operates.

    Cost Accounting:

  • Cost accounting considers all of the prices associated with producing a product. Analysts, managers, business owners, and accountants use this information to work out what their products should cost

Accounting Services at RPGS Associates

  • Full time, Part time accounting undertaken at our office on Daily, Weekly and Monthly Basis by our Professional Accountants.
  • Online Accounting Services in any Accounting software maintained from our office.
  • Back-log Accounts maintained at our office or client’s place.
  • Finalization of accounts, Trail Balance, Profit & Loss Account and Balance Sheet.

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