What is accounting? What types of accounting are there and what is the role of accounting in the financial economy? Understanding this issue will certainly be very beneficial for those who are looking for an accounting job and still wonder what accounting in English is. Let’s learn about the detailed information about accounting to understand better

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1. What is accounting in English?

Keep Business Accounts – Keep Business Accounts.

Accounting: is used to refer to the activities of a person in charge, including: observing, measuring, calculating and recording business and economic activities in the process of social reproduction.

From there, it is possible to obtain as well as provide all the information for the reproduction process. to serve the work of directing and checking economic activities, bringing high efficiency to the social reproduction process, meeting production needs as well as social life.

Accounting has important requirements that are accuracy and timeliness in terms of both content and methodological consistency, thereby ensuring standards and comparability of accounting data.

Due to the development of productive forces as well as the relations in production. Accounting always has quite big changes in terms of technique, way of organizing and processing data and always plays the role of one of the extremely important management tools of the state.

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2. What is the accounting method in English?

Accounting form is translated into English as Accounting form. Below are the accounting forms that you need to know to best serve the job.

2.1. Economic accounting (Economic accounting)

Economic accounting is an economic category of the commodity economy in general, especially used in the socialist economy to implement the management method of all business activities of enterprises, on the basis of planning basis incorporating the use of all commodity-monetary relations and the application of commercial methods.

The basic principles of economic accounting are:

– Autonomy in production and business activities and self-responsibility for material and financial results in accordance with the market mechanism regulated by the State with plans, policies, and business levers. economic

– Self-compensation of costs and profits; implement the regime of material encouragement, stimulate production development, and improve economic efficiency.

Economic accounting is applied in enterprise units, consortium enterprises, unions of enterprises, companies and corporations. Since the economic renovation and transition to the market mechanism, economic accounting has been applied more fully in enterprises and is synonymous with socialist business accounting.

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2.2. National economic accounting

The national economic accounting includes the following parts:

– National income accounting.

– Financial accounting and capital flow

– Accounting of income and expenditure in cash of residents

– Accounting for international payments.

The “national account” accounting table of Vietnam is a part of the National Economic Accounting. This accounting table includes:

– Gross domestic product calculated at current prices and at comparative prices.

– Structure of gross product by industry, by economic sector and by economic sectors.

– The balance sheet of gross domestic product (on one side is the source of total product and import-export difference, the other side is use including use for asset accumulation and use for final consumption).

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Previously, in the world, there were two systems of national economic accounting: a system of socialist countries when the Council for Mutual Economic Assistance (SEV) existed, on the basis of a centrally planned economy. middle, often called “physical product balance system”; a system of national economic accounting of the capitalist countries according to the market economy, called the “system of national accounts”. The current first system no longer exists after the dissolution of the Council for Mutual Economic Assistance of the socialist countries.

To find a high-paying English accounting job, you need to create yourself an impressive English CV template to help you score points in the eyes of employers from the application step.

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3. What are the methods of collecting accounting information?

To be able to manage all economic activities effectively, you need to have specific information. All of this information is collected from many different sources with many different methods. In which, observation – calculation – measurement – recording are the main methods of information collection used to account for the national economy.

Observation: is the first stage in the collection of accounting information. Measures all costs and results of all economic activities. The measured results can be collected in cash, in kind, or in labor.

– Calculation: is the process by which you perform calculations, methods of synthesis and analysis in accounting to be able to determine the necessary criteria; through which the effects of economic activities can be seen.

Recording: is the process by which you collect, process and record all information, the situation and results of economic activities from time to time in a certain order. .

Thus, the methods of collecting and processing information include observing – measuring – calculating – recording economic activities.

>>> If you are an accountant, you will know what the term process is and the use cases for it in the accounting process for your business.

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4. What are the types of accounting?

Here are 3 basic types of accounting that you need to understand to make the working process more efficient and easier.

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4.1. Business accounting

Business accounting is the process by which accountants use a combination of methods of observing – tracking and reflecting each economic transaction in a very detailed and specific way so that it can be carried out. directing on a regular and timely basis for those operations.

The object of this form of professional accounting is the economic and technical accounting operations such as:

– The progress of activities to supply raw materials, production process, and product consumption

– The situation of fluctuations and the use of factors of the process of reproduction – business…

The feature of the type of business accounting is that it does not specialize in any one outcome measure, but is only based on the nature of each transaction – management requirements that use one of the three appropriate measures: cash, current, and cash. things or labor.

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With professional accounting, this form only requires employees to use very simple means to collect and transmit information such as using the telephone or by word of mouth.

Because the objects of business accounting are still very general and can only be applied by very simple methods, so far, business accounting has not been considered an independent science. .

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4.2. Accounting statistics

Unlike business accounting, accounting statistics (Accounting statistics) is recognized as a scientific discipline, this type of accounting studies all elements of “quality” in relation to other factors. about the “quantity” of all socio-economic phenomena corresponding to specific conditions of time and place.

The purpose of statistical accounting is to be able to draw out the nature and regularity in the development process of economic phenomena.

Objects of statistical accounting:

– The situation of increasing labor productivity

– Value of total output, price situation

– Labor income

Because of these reasons, the accounting information that is accounted for by statistics is only systematic but not regular and continuous. Besides, statistical accounting uses methods such as: average number, statistical disaggregation, statistical survey, relative number, index, absolute number – making statistical accounting use 3 types measure the above results.

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4.3. Accounting (Accounting)

Accounting in English is Account. Accounting is a term used to refer to an accounting major that you also need to know because when you find out this term may be mentioned in the interview process. Accounting is similar to statistical accounting, which is considered a scientific discipline with the function of recording and providing all sources of information about the use of assets.

“Accounting” often referred to as accounting for short – is considered as a science of recording, with the task of providing all information about the use of assets to be able to measure the efficiency of the use of assets. from economic and financial activities arising in the entity in which it is employed.

The characteristics of accounting accounting are as follows:

Accounting continuously, comprehensively and systematically monitors and reflects all the current situation of the entity along with the movements of all assets and financial sources. assets in organizations and units.

Thanks to this feature, accounting can continuously monitor the processes before, during and after the implementation of business activities, thereby evaluating the use of capital. of a valid enterprise fruit or not.

The measure of accounting includes 3 types, the main ones used are still currency. Currency is universal and is used a lot, manifesting itself in all economic and financial transactions and expressing the value of money.

Thanks to this measure, the economic accounting can help the general data to be provided fully, actively serving the management and implementation of economic plans, simple and fast. more quickly.

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The accounting methods applied include: vouchers, price calculation, account reciprocity, consolidation. In which, the first accounting procedure and also a mandatory procedure for all arising economic and financial transactions is the making of accounting vouchers, in order to ensure accuracy as well as create a solid legal basis.

Each of the above types of accounting has its own characteristics and implementation methods, but they are closely related to each other, complement and support each other, perform the function of reflecting as well as managing the process. social reproduction.

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5. What is the accounting rate in English?

The accounting exchange rate is specified in Clause 4, Article 2 of Decree No. 78/2010/ND-CP on the on-lending of foreign loans by the Government as follows:

“Accounting exchange rate” is the rate announced by the Ministry of Finance used for accounting and reporting of revenues and expenditures in foreign currencies of the state budget.

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6. What is accounting, is it accounting?

To answer this question, we need to understand a few basic issues as follows:

In order to manage economic activities (economic activities), the responsible person needs to have full information about the economic situation, all this information is collected from many different sources and in many different ways. . Observing, measuring, calculating and recording all economic activities is one of the primary methods of information collection.

Observation of all economic processes and phenomena: is the first stage aimed at measuring all costs in economic activities and the results of economic activities with appropriate units of measurement (the measure of economic activity). in kind, measure of labor, measure of money).

– Recording: is the process of collecting, processing and recording the situation and results of economic activities in each period and each location arising in a certain order. Through recording, it is possible to reflect and systematically examine economic activities.

Accounting is the art of obtaining, processing and providing information about all assets and the movement of assets (or all information about assets and economic and financial activities) in an enterprise. provides useful information for making socio-economic decisions and evaluating the effectiveness of business activities.

To provide really useful economic and financial information about a business, it is necessary to have some tools to track the day-to-day business activities of the enterprise, on the basis of which the results are aggregated into reports. Accounting report. The methods that a business uses to record and synthesize into periodic accounting reports form the accounting system.

So, we can conclude that accounting is not accounting, so when you work, you need to pay attention and clearly distinguish between these two categories.

Thus, the above is the basic accounting information to help you in the financial and economic sectors, accountants can easily grasp the information, the basic and in-depth knowledge to serve in the process of doing business. job. Hopefully, with the information we provide above will help you do your job well.