Guide to various types of accounting systems

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Accounts can be classified into multiple branches , depending on the criteria of splitting used. According to the type of economic unit referred accounting information generated can make the following classification:

Macro accounting – National Accounts

National accounting provides systematic numerical representation of economic activity of a country during a given period. It is made by the states, provides useful information that guides the country’s economic policy .

Micro accounting

Its objective is to provide information to be used in decision-making. Micro accounting is executed by various public and private business entities.

In business accounting, users of accounting information can be divided into internal and external users.

The internal user group includes all those persons or bodies using information from within the company for making appropriate decisions in the direction of the same.

On the other hand, it is used by external users for the management of the company.

Financial Accounting (external) provides essential information for the operation and financial condition of the company to all interested economic agents (customers, investors, suppliers, government agencies, etc) .

The laws of most countries regulate the financial accounting standards to homogenize the resulting information and provide greater reliability and comparability. Financial accounting tends to have little detail because it contains highly aggregated data.

Management accounting or managerial accounting (internal ) includes cost accounting.

Accounting is made with an internal finality or consumption in the company and is used for calculating the costs, economic and productive sections within the company.

It is used to make decisions about production, organization , marketing, etc.

It is characterized by being more flexible, since it is based on self-regulation, and is subject only to the rules of the company itself. This form of accounting is usually more detailed.

The Framework of International accounting standards bureau (International Accounting Standards Board – IASB ) defines five basic elements that make up the accounts : assets, liabilities, equity , income and expenses.

They should follow a logical route for proper accounting , the steps are : definition, recognition and measurement, which are reflected in the financial statements .

The assets of a company is the set of assets, rights and obligations relating to a company that are the economic and financial means through which it can fulfill your targets.

The property consists of a multitude of very different character elements. Asset or liability represent rights and obligations that make up the assets of the company.

For measurement purposes, the estate is comprised of a positive part (active ), consisting of assets ( tangible assets ) and rights ( intangible ) arising out of legal relationships of the company and a negative ( passive) , formed by obligations.

The algebraic sum of the positive value of the assets and rights and obligations negative value would result in the value of equity.

The fundamental equation states that heritage is satisfied if the sum of the value of the assets, property and rights – is equal to the sum of the value of the liabilities and net assets.

( 1) \ mbox { ACTIVE } = \ mbox { PASSIVE } \ + \ mbox { HERITAGE } \ \ mbox { NET } \ ,

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