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There are many aspects of the accounting profession. Such as the first principles, a company director is a custodian that abides by different rules and regulations related to their administrative tasks. They have duties that must be met on a regular basis, such as maintaining financial statements under standards set by generally accepted accounting principles (GAAP). Along with these responsibilities, they have some privileges that may be given to them to protect their interests. The seven main principles for managerial duties are organization, authority, delegation of authority, performance evaluation/evaluation standards/accountants' responsibility to society etc., selection of subordinates, monitoring performance (follow up), and general welfare (solidarity). In addition to the seven principles, a company director/administrator has a duty to a number of special relations. These special relations may be expected from the government and other institutions that have an agreement with an organization. The following are some of these relationships:According to the Supreme Audit Institution Guidelines, every audit must have at least three considerations. In order for the audit to be considered as optimal, there should be at least three considerations because it has been proven that if one consideration is not present it will greatly decrease the effectiveness of the audit process. This also holds true for accounting principles. An administrator should have the following three principles in mind while practicing his/her profession: Economics is a study of how people interact to get the things they need. In other words, economics is a study of how people conduct business with one another. If someone wants to understand the concepts of economics he/she must first understand what economics is all about. There are many terms used in accounting, but one of biggest challenge in accounting is the classification system used to report a transaction on a Master Chart of Accounts (MCOA). The challenge with this system is that it makes it difficult for an organization to differentiate between different transactions when they are not clear about what they want to do. There should be a clear understanding of what a transaction is, and a distinction should be made from other transactions. In order to keep this system from being misunderstood or misinterpreted, the classification system was not used. Accounting provides a translator for an organization to understand its own business. It enables an organization to report accurately by providing the basis for the translation of the company's business One of the first concepts that an accountant must learn is that there are different types of journals mainly cash journal and general journal. The cash journal is used to record all the transactions that involve money. The general journal records all transactions that do not involve money. A trial balance is a list of all accounts and their balances at a certain point in time. This is one of the most vital steps in the preparation of an account. This is a record of transactions which have occurred since the journal entries were made, such as checks written, cash received, goods sold and goods purchased. The trial balance is used to prepare financial statements such as balance sheets and income statements. The main purpose of a business organization is to earn profit for your stakeholders by providing products/services that they need or want. eccc085e13
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