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Monday, January 2, 2017

Accounting is The Language of Business: Also Relates Other Imaginable Actions That Man Does in His Life

According to Investor-words - Accounting is the systematic recording, reporting and analysis of financial transactions of a business. And the person in charge of accounting is known as an accountant and this individual is typically required to follow a set of rules and regulations such as the Generally Accepted Accounting Principles (GAAP) - they are the standard framework of guidelines for financial accounting used in any given jurisdiction; generally known as accounting standards or standard accounting practice. These include the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements. Accounting allows a company to analyze the financial performance of the business and look at statistic such as net profit.

Accounting, Tax, Income Tax - Photo Credits Pixabay
As for me the language of business is not all about accounting as defined above. It also relates to business, construction and services, career advice, business travel, marketing, advertising, hotel and restaurant industry, small business, entrepreneurship, architect and interior design, writing and other imaginable actions that man does in his everyday life. Below are written articles defining what exactly is the language of business which I thought can help us understand the meaning of Accounting.

Ordinary interest is calculated on the basis of a 360-day year or a 30-day month; exact interest is calculated on a 365-day year. The interest formulas for both ordinary and exact interest are actually the same, with time slightly differing when given as number of days. Read More: Interest and Exact Interest

What is needed here is your interest to learn. The elementary banking problems concern deposits and withdrawals; these require the operations of addition and subtraction. A person may arrange with the bank to have either a savings account or a checking account. Banks have different specific rules regarding the opening of accounts. Read More: You Do Not Need to Become an Accountant

The adjectives “Net” and “Gross” have to be noted. Gross means whole, total, without deductions; net means remaining, clear of extraneous items, free from all deductions. Therefore, Net Sales = Gross Sales – Refunds and allowances and Net Profit = Gross Profit – Operating expenses. Read More: Possible Reasons for Losses in Business

The problems in commission are actually percentage problems in which the elements are: Commission or brokerage is percentage, rate of commission or brokerage is rate and purchase price, sales price or amount collected, whichever is the case, is the base. Read More: Ways to Calculate Commission

In business, it is a regular practice to offer deductions or discounts on the price of merchandise for sale. Manufacturers and wholesale dealers offer trade discounts to retailers to induce purchase in large quantities, to reward steady customers, to attract new customers and to keep pace with price changes after the catalog of the goods has been printed and issued. Read More: Customers Deserve for Commercial Discounts

Aside from the social networking sites like Facebook, Twitter, Google+, and other bookmarking sites, etc. that online writers are happily using to promote their published articles online - there are other places I know where to market our articles to harvest backlinks and traffic for our blog pages. They are Wikipedia, LinkedIn and ZEEF. Read More: Best Places to Harvest Backlinks

It is normal to customers that before they purchase products or services from business firms – first they would request quotations for the prices of particular products and services they needed. Customers are normally looking for good quality and with the lowest prices of products. So, they go from one company to another company to check them out and to compare products prices. Read More: Price Quotations are Important in Business

About The Author

Paul is a Web content creator, online marketer, products and services promoter, online writer and a Filipino blogger. He has no specific areas where his writing will focus on. He writes any subject that interests him under the merciless sun. He loves Internetting and Face-booking. His favorite saying: "Dream big and don't stop without giving it a chance to come true."

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