Corporate Accounting: its Meaning, Importance and Process
What is corporate accounting?
Corporate accounting refers to the process of recording, classifying, summarizing, and analyzing financial transactions of a company or corporation. The objective of corporate accounting is to provide accurate and timely financial information that helps company management make informed decisions and comply with statutory and regulatory requirements.
The key tasks involved in corporate accounting include bookkeeping, which involves recording financial transactions such as sales, purchases, receipts, and payments, and preparing financial statements such as the balance sheet, income statement, and cash flow statement. These financial statements provide information about the company’s financial performance, liquidity, and solvency.
