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Overview of Accounting
By Investors term, accounting is a structural system of recording, reporting and analyzing all the financial transactions of one company or an organization (InvestorWord, 2008). In general, accounting summarizes all the financial activities and data through “income statements, balance sheets, and the statements of cash flows” (Block & Hirt, 2005). The purpose of this paper is to provide the basic information on accounting and finance to the small businesses owners with no accounting or finance knowledge. By providing and presenting the basic concepts of accounting and finance, these small companies will be able to understand the relationships between accounting and finance as well as to apply these two concepts to their own organizations. The financial managers not should understand the relationships of economics, accounting, and finance in order to manage and control all the financial activities successfully only (Block & Hirt, 2005), but they also need......

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Approximate Word Count: 1271
Approximate Pages: 6 (250 words per double-spaced page)

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