Practice Disciplines
Accounting
Also Known As Accountancy
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The practice discipline of recording, analyzing and reporting an organization's economic activity to stakeholders including investors, creditors, management and regulators, spanning financial, management, tax, cost and forensic accounting.
Facts
Discipline ScopeFinancial accounting, management accounting, tax accounting, cost accounting, auditing and forensic accounting, standardized under frameworks such as GAAP and IFRS. 1 Cross-Tradition Connections
Associated With
The balanced scorecard extends accounting's traditional financial measures with operational and strategic metrics, co-developed by accounting academic Robert S. Kaplan.
The 2001 collapse of Enron, enabled by off-balance-sheet accounting and audit failures, became accounting practice's defining case study in fraud and drove the Sarbanes-Oxley Act's overhaul of financial reporting requirements.
Accountancy is named among the industry's own core components (alongside investment banking, investment management and personal asset management), so the discipline that produces financial statements and audits sits inside the sector it makes possible.
Traditionally credited as the father of accounting for the first printed description of double-entry bookkeeping.
WorldCom's 2002 disclosure that it had improperly capitalized billions of dollars in operating expenses is, alongside Enron, one of the two defining accounting-fraud cases that drove the Sarbanes-Oxley Act's overhaul of financial reporting.
Sources
1. Wikipedia, Accounting
Wikipedialead section, paragraph 1Quote, lead section, paragraph 1
Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators.
1. Wikipedia, Accounting
WikipediaLead sectionQuote, Lead section
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations.
1. Wikipedia, Accounting
WikipediaTerminology sectionQuote, Terminology section
Accounting has variously been defined as the keeping or preparation of the financial records of transactions of the firm, the analysis, verification and reporting of such records.
Wikipedia, Enron Scandal
WikipediaAssociated With: Enron Scandal, lead sectionQuote, Associated With: Enron Scandal, lead section
As a consequence of the scandal, new regulations and legislation were enacted to expand the accuracy of financial reporting for public companies.
Wikipedia, Luca Pacioli
WikipediaAssociated With: Luca Pacioli, lead sectionQuote, Associated With: Luca Pacioli, lead section
He is referred to as the father of accounting and bookkeeping and he was the first person to publish a work on the double-entry system of book-keeping on the continent.
Wikipedia, WorldCom
WikipediaAssociated With: WorldCom Accounting Scandal, lead sectionQuote, Associated With: WorldCom Accounting Scandal, lead section
filed for bankruptcy in July 2002 after an accounting scandal, in which several executives were convicted of a scheme to inflate the company's assets.
Wikipedia, Balanced Scorecard
WikipediaAssociated With: Balanced Scorecard, lead sectionQuote, Associated With: Balanced Scorecard, lead section
A balanced scorecard is a strategy performance management tool, a well-structured report used to keep track of the execution of activities by staff and to monitor the consequences arising from these actions.
Wikipedia, Financial Services
WikipediaAssociated With: Financial Services Industry, lead section, accountancy componentQuote, Associated With: Financial Services Industry, lead section, accountancy component
Financial services include accountancy, investment banking, investment management, and personal asset management
Frequently Asked Questions
Is accounting the same as accountancy?
Yes, accountancy is another name for accounting.
Yes. Accounting is also known as accountancy: it is the process of recording and processing information about economic entities such as businesses and corporations.
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