Definition: The process of identifying, recording, measuring, and communicating financial information. Purpose: To provide a clear and accurate picture of an organization’s financial health. Key Activities: Journalizing transactions Posting to ledgers Preparing financial statements Analyzing financial data Types of Accounting: Financial accounting Management accounting Cost accounting Importance: For decision-making, tax purposes, and compliance with regulations.

Definition: The recording of financial transactions. Purpose: To maintain a detailed record of all financial activities. Key Activities: Recording transactions in journals Posting transactions to ledgers Maintaining subsidiary ledgers Relationship to Accounting: Bookkeeping is a subset of accounting.

Definition: The process of recording, summarizing, and reporting the financial transactions of a business. Purpose: To provide information to external users such as investors, creditors, and regulatory agencies. Key Financial Statements: Balance sheet Income statement Cash flow statement Accounting Standards: GAAP, IFRS

Definition: Providing expert advice on financial matters. Purpose: To help clients make informed financial decisions. Services: Mergers and acquisitions Business valuation Financial restructuring Risk management Key Skills: Financial analysis Strategic thinking Problem-solving

Definition: The system by which a government levies charges on individuals and corporations. Purpose: To generate revenue for government spending. Types of Taxes: Income tax Sales tax Property tax Tax Services: Tax preparation Tax planning Tax compliance

Definition: The process of creating a comprehensive plan to meet your long-term financial goals. Purpose: To achieve financial security and independence. Key Components: Budgeting Investing Retirement planning Estate planning

Definition: The process of communicating an entity’s financial performance to stakeholders. Purpose: To provide transparency and accountability. Types of Financial Reports: Annual reports Interim reports Management reports

Definition: Providing expert advice on a wide range of financial matters. Purpose: To help clients improve their financial performance. Services: Financial analysis Strategic planning Performance measurement

Definition: The process of creating a detailed plan for income and expenses over a specific period. Purpose: To control spending, allocate resources, and achieve financial goals. Types of Budgets: Operating budget Capital budget Cash budget

Definition: An independent appraisal activity designed to add value and improve an organization’s operations. Purpose: To assess the adequacy and effectiveness of an organization’s governance, risk management, and control processes. Key Activities: Evaluating the effectiveness of internal controls Assessing compliance with laws and regulations Identifying opportunities for improvement