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ACCOUNTING - Coggle Diagram
ACCOUNTING
DEFINITION
reveals the value and nature of a firm's assets,
liabilities and owners' equity
identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial info
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information gives business owners the chance to analyze the overall efficiency and effectiveness of their business operations
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NATURE
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"information system"
storehouse of information as it it collects processes and communicates financial information of any entity
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"process"
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performs the specific task of collecting, processing and communicating financial information
follows some definite steps like the collection, recording,
classification, summarization, finalization, and reporting of financial data
USERS
"internal"
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individuals inside a company who plan, organize, and run the business
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