ACCOUNTING

Practice and body of knowledge concerned primarily with

Methods for recording transactions,
Keeping financial records,
Performing internal audits,
Reporting and analyzing financial information to the managemet , and
Advising on taxation matters.

It i a systematic process of identifying, recording, mea!ring, claifying, "erifying,
!mmarizing, interpreting and comm!nicating financial information. It re"eal profit or lo for a gi"en period,
and the value and nat!re of a firm# assets, liabilities and owners' equity.
Acco!nting provides information on the
Resources a"aila$le to a firm,
The means employed to finance thoe reo!rce, and
The results achie"ed thro!gh their !e.
Accountancy (UK) or accounting (US) is the production of financial records about an organi!ation" Accountancy
generally produces financial statements that show in money terms the economic resources under the control of
management# selecting information that is relevant and representing it faithfully" $he principles of accountancy are applied
to accounting bookkeeping and auditing"
%A&K'TING P(I)O*OP(I'*
The Five Marketing Philosophies help determine the management of marketing. Companies approach
and conduct business in different ways in order to achieve their organizational goals. The five competing
concepts by which companies are guided in their marketing efforts are:

1. Production concept, which is based on the fact that consumers favor products that are available
and affordable. Concentration on production efficiency and effective distribution networks outweigh
the customers actual needs and wants. This is used primarily when demand eceeds supply and
the focus is on finding production methods that can bring the price down to attract more
customers.

!. Product concept, which is based on ways to improve the "uality, performance, and features to
attract buyers. This philosophy tends to spend too much time adding features to their products,
rather than thinking about what people actually need and want.

#. Selling concept, which places the focus on sales rather than what people actually need or
want. $ost of the time the product is misrepresented which results in high customer
dissatisfaction.

%. Marketing concept, which focuses on what people need and want more than the needs of the
seller. This concept is about the importance of satisfying the customers needs to achieve company
success. &roducts are developed around those needs and wants.

'. Societal marketing concept, which not only uses the same philosophy as the marketing
concept, but also focuses around the products benefit to the betterment of society as a
whole. (reater emphasis is put on environmental impacts, population growth, resource shortages,
and social services.