What is accounting?

-the process of measuring, processing, and sharing financial and other information
about businesses and corporations.

Why is accounting is important?

-it keeps a systematic record of the organization's financial information.

What are the basic things to Know about Accounting?

- Track Your Income & Expenses (Income Statement) ...
- Track Your Assets, Liabilities, and Equity (Balance Sheet) ...
- Have Separate Bank/Credit Card Accounts under the Company Name. ...
- Save for Taxes. ...
- Think about Sales Taxes, File if Necessary. ...
- File Your Income Taxes.

What accounting students should know?

you will need to understand many of the accounting terms. Without this knowledge, you
are very likely to get lost. So, start revising the basic concepts and key terms, including;
revenues, cash flows, income statement, balance sheet, liabilities, assets, general
ledger and the many others.

What are the benefits of accounting?

1 .You'll Be Able to Manage Your Own Finances More Effectively. ...
2. You'll Gain An Understanding of Current Events. ...
3 .You'll Be Able to Make More Meaningful Contributions at Work. ...
4. You'll Be Primed for Entrepreneurial Success. ...
5. You'll Have Career Advancement Opportunities.
6. You’ll Improve Your Decision-Making Capabilities