EDUCATION 101: BOOK KEEPING AND ACCOUNTS.

BOOK KEEPING AND ACCOUNTS.

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ACCOUNTS

Accounting is reffered to as business language Considered the principle information system in any organization.

ACCOUNTING CLASSIFICATION.

  1. Financial Accounting
  2. Cost accounting

FINANCIAL ACCOUNTING

CIMA (Chartered Institute of Management Accountants) defines Financial Accounting as the analysis, classification and recording of financial transactions and the ascertaintment of how such transactions affect the performance and financial position of a business.

COST ACCOUNTING.

CIMA defines cost accounting as the application of accounting and cost of principles, methods and techniques in the ascertaintment of costs and analysis of savings and or excesses as compared with the previous expenses or with standards.

HAPPY WEDNESDAY.

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