Accounting serves as the backbone of business. A clear financial image of a business is formed by ethical and professional accounting forms and it allows managers to make informed decisions, the investors are kept abreast of developments in the business, and it also keeps the business profitable. It is also known as one of the oldest professions; for thousands of years businesses have been practicing accounting.

What are the jobs of a book Keeper?

There are a number of disciplines that are involved in accounting. The basic is that accounting is book keeping. A book keeper has to keep tracks of all of the funds that is handled by a business, including money that is paid to the business, money paid out, and assets that are held by the business. The goal of a book keeper is to keep the ledgers of the company balanced so that , the financial state of the company can be assessed by anyone, at a glance.

Read the full story

An audit is a name given to an accounting procedure under which the financial records of a company or individual are closely inspected in order to make sure that they are all done with maximum accuracy. Many American taxpayers are afraid of an Internal Revenue Service audit, while independent audits of business practices creates serious problems for dishonest companies as they may reveal embezzlement and other misuses of funds. By doing an audit a company is kept honest and not only that but it also reassures employees and investors to the financial status of the organization.

Primary Type of Audits

There are two primary types of audit and these are as follows:

• internal audits and
• independent audits.

It should be assumed that an audit will be performed without bias, regardless as to what type of audit is being conducted.

Read the full story