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Accounting: Financial Accounting
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Accounting is the recording, measuring and interpreting of financial information. People both inside and outside a business use accounting information to better evaluate enterprise operations. All organizations, both large and small, use accounting to make sure they are using resources efficiently, meeting objectives and making plans for increasing profits.
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Accounting is the analysis, interpretation and communication of financial information about the resources of an organization and the use of those resources. Accountants help others make business decisions, and provide auditing and tax services.
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Accounting faculty members at the Smith School of Business are actively engaged in various research projects related to economic and risk management aspects of information assurance. From the teaching perspective, information assurance is now an integral part of most accounting courses at the Smith School, including such courses as: auditing, managerial accounting, ethics and professionalism in accounting, business ethics, accounting systems, financial statement analysis, taxes, international accounting, and financial planning and control systems for managers and consultants. Several Smith School accounting faculty members are ... actively engaged in research on information assurance. For example, two faculty members have published an entire stream of research on the economic aspects of information security. Their research has been supported by the National Security Agency through a grant with the University of Maryland Institute for Advanced Computer Studies. The faculty members do research on corporate governance and business ethics.
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Accountants with an AAS degree in Accounting must be knowledgeable in the areas of payroll, taxes, general ledger accounting, cost accounting, and computerized accounting applications. The job responsibilities for those working in accounting might include managing the overall functions of accounts receivable/payable, payroll, cash management, inventory management, budget preparation, and financial reporting.
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Accounting is the language of business, encompassing all phases of business operations as well as specialized accounting knowledge. Accounting is oriented to both preparers and users of financial information. Many organizations choose their corporate executives form the ranks of the accountant because of their broad training and expertise.
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Accounting/accountancy attempts to create accurate financial reports that are useful to managers, regulators, and other stakeholders such as shareholders, creditors, or owners. The day-to-day record-keeping involved in this process is known as bookkeeping.
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Financial Accounting