Dear members..............!

This thread is started to share brief but to the point definition. Because generally we follow the bookish definitions, So interviewer is not interested to listen a story about a topic. So here I request all of you to share some brief but to the point definitions.

so lets start:

Accounting:
A Process of keeping financial Accounts.

Financial Accounting:
The field of accountancy concerned with the preparation of financial statements for decision makers; that are outside the organization, such as suppliers, stockholders, bank, employees, govt: agencies, owners etc.

Management Accounting:
It is concerned with the provisions and use of accounting information to managers within organizations, to provide them with the basis to make informed business decisions that will allow them to be better equipped in their management and control functions.


Depreciation:
A reduction in the value of an asset with the passage of time, due in particular to wear and tear.

Bill of exchange:
A written order to pay a sum of money on a given date to the drawer or to a named payee.