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ACCOUNTING - Coggle Diagram
ACCOUNTING
WHO NEEDS ACCOUNTING
businesses
Credit unions
Financial institutions
Goverments
WHY IS ACCOUNTING NEEDED
gain feedback regarding how the business is financially doing
for the business to grow and flourish
to keep track of all transactions
WHEN IS ACCOUNTING NEEDED
end of the financial year
decision making on what changes to make to the company
court cases
WHAT IS ACCOUNTING
income and expenditure
accounts payable
purchases
accounting equation
fixed assets
accounting is the financial side of the business
balance sheet
liabilities
profit and loss
assets
net profit
MY UNDERSTANDING OF ACCOUNTING
my understanding of accounting is that it is an essential aspect of the business as it shows how financially stable the business is and how well it is doing in terms of sales