National Income Accounting is a government accounting system that measures a country’s economic activity and provides insight into how the economy is performing.
Such a system would include the total income of domestic corporations, paid wages, as well as data on sales tax and income tax for companies.
National income accounting systems allow countries to assess the current standard of living or income distribution among the population, as well as assess the impact of various economic policies.
However, the accuracy of the national income accounting analysis depends on the accuracy of the collected data.
Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work.
Accounting policies are the procedures a company uses to prepare financial statements. Unlike accounting principles, which are rules, accounting policies are the standard for following those rules.
Acquisition accounting is a set of formal guidelines describing how the acquirer should report the assets, liabilities, non-controlling interests and goodwill of the acquired company.
Performance Based Management (ABM) is a means of analyzing a company’s profitability by looking at every aspect of its business to determine its strengths and weaknesses.