Regardless of the size of the business, accounting is a necessary function for decision making, cost planning and economic performance measurement.
An accountant can handle basic accounting needs, but a certified public accountant (CPA) should be used for larger or more complex accounting tasks.
Two important types of accounting for businesses are management accounting and cost accounting. Management accounting helps management teams make business decisions, while cost accounting helps business owners decide how much a product should cost.
Professional accountants follow a set of standards known as Generally Accepted Accounting Principles (GAAP) when preparing financial statements.
Accounting is an important function of strategic planning, external compliance, fundraising and operations management.
– Analysts can estimate the demand for a product at any point on the demand curve. – Demand charts, used in conjunction with supply charts, provide a visual representation of the dynamics of supply and demand in the market.