July 2, 2010, Newsletter Issue #136: Accounting Field Defined

Tip of the Week

The accounting field is described as recording, maintaining, and summarizing company transactions. Information is put into report form known as financial statements. The accounting field can found in private enterprise and in government entities. When found in government entities, it is known as governmental accounting. When found in privately-owned entities, it is known as either financial accounting, cost accounting, or tax accounting. All accounting in private industry follow guidelines in compliance with GAAP-Generally Accepted Accounting Principles.

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