Accounting Terminology
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entity, economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and Regulatory agency, regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management account ...
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Measurement
Measurement is the quantification (science), quantification of variable and attribute (research), attributes of an object or event, which can be used to compare with other objects or events. In other words, measurement is a process of determining how large or small a physical quantity is as compared to a basic reference quantity of the same kind. The scope and application of measurement are dependent on the context and discipline. In natural sciences and engineering, measurements do not apply to Level of measurement#Nominal level, nominal properties of objects or events, which is consistent with the guidelines of the ''International vocabulary of metrology'' published by the International Bureau of Weights and Measures. However, in other fields such as statistics as well as the Social Sciences, social and behavioural sciences, measurements can have Level of measurement, multiple levels, which would include nominal, ordinal, interval and ratio scales. Measurement is a cornersto ...
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