Fundamentals of Accounting

Aug 10th, 2016
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The fundamental principles of Accounting including double booking and petty cash principle

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Surname1NameTutorCourseDateFundamentals of AccountingThe accounting function involves collecting, recording, and reporting financial data about anorganization (Bragg 26). Bookkeeping is just part of the accounting function. Reliableinformation is critical to the performance of the accounting function in an organization. Theaccountants observe, identify, and measure events. This involves observing and identifying theeconomic events, and measuring those economic events in financial terms. The accountants alsorecord, classify, and summarize measurements. In this function, they record measurements,classify measurements and summarize the measurements. Their third function is to reporteconomic events and interpret financial statements. This is where they report economic events infinancial statements and interpret the contents of financial statements and other reports.Gaylord and Glenda (2006) identified Career opportunities that include Auditing, whichinvolves verifying that an organizations financial statements show it true financial state. TheSarbanes-Oxley act of 2002 governs the audit practice to prevent shareholder and employeelosses. CPA graduates can also perf

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