Accounting is the process of identifying, measuring, recording, and communicating economic transactions. Typically, this is done using monetary terms and involves the preparation of financial statements such as profit and loss accounts and balance sheets.
The Association of Authorized Public Accountants (AAPA) is a UK professional body for qualified accountants who have been authorized to conduct company audits. In 1996, it became a subsidiary of the Association of Chartered Certified Accountants (ACCA).
Financial accounting is the branch of accounting concerned with classifying, measuring, and recording the transactions of a business, ultimately presenting the performance and financial position of a business through standardized financial statements.
