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Accounting as? - Coggle Diagram
Accounting as?
mythology
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it is just plus and minus, how hard can it be
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language
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It provides all the crucial data which enabling management to guide a company in the direction of a solvent and profitable route
Process of measuring, processing and sharing financial and other information about business and corporations
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politics
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It could be manipulated to make a company seem to be performing better than it is - eg. earning management, budgetary slack
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leads to economic growth, stabilizing and politics
Helps government and policy maker to strategize, plan and make good financial decisions and set policies
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currency
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Accounting currency is known as a firm's functional currency which is the currency it primarily generates from
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show the true value of business in monetary units which does not limit on the currency of his countries
historical records
Provide information about the past events - historical costs will be the initial price paid to acquire an asset in the past
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communication
Transmitting information from one person to another person, from one organisation to another organisation
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Future event
The off-balance sheet activities should also be fully reported to avoid excessive risk taking and wrong decision.
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The adoption of smart technologies under the realm of Industry 4.0 are affecting the normal way of work performed by accountants
The biggest impact Information technology (IT) has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions.
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ideology
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sustain and legitimizing the current social, economic and political arrangements
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social commodity
Accounting information is not only useful for the company but also for people outside the organisation
It performs stewardship duty for the enterprise's owners and also upholds its social duty - paying cautious on the changing social and environmental conditions
eg. Social Responsibility Accounting, Socio-Economic Accounting, Social Reporting and Social Audit
It seeks to assess and educate the public about the social welfare initiatives carried out by the company and their consequences on society
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economic goods
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It involves record-keeping on the economic goods and services, such as the production, consumption and trade
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Professional accountants are limited and have to spend money to acquire accounting knowledge and their expertise
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