BUSINESS MANAGEMENT Lecture Notes - Lecture 3: Accounting Software, Financial Transaction, Accounting

• School: Cavite State University
• Department: Business
• Course: BUSINESS MANAGEMENT

Document Summary

Accountants keep a daily record of financial transactions in chronological order. Due to the fact that accounting software automates many processes, some accountants in smaller organizations categorize and summarize financial data into financial reports. "full-charge accountants," as they earn a higher salary than an accountant but not a lower salary. A chartered accountant examines financial statements and business reports pertaining to financial transactions in accordance with accounting principles, standards, and requirements. Accountants analyze and interpret financial data in order to report the company"s financial position and performance to executives, assisting them in making sound business decisions. Because bookkeeping and accounting are two distinct processes, it stands to reason that the end goal is also distinct. The accountant"s primary responsibility is to record all financial transactions in a logical and systematic manner. Accountants typically keep track of such financial transactions in chronological order. These make use of one of the two major recording systems.