Apskait

Apskait is a term that may be encountered in discussions of financial record-keeping, but it is not a standard term in English-language accounting literature. In some contexts it appears as a shortened or alternative spelling of the Lithuanian word apskaita, which means accounting or bookkeeping. Because of this linguistic variability, definitions of apskait depend on context and language.

Accounting, broadly defined, is the systematic process of identifying, measuring, and communicating financial information about an entity. Its purpose is to provide stakeholders with reliable information for decision making, planning, reporting, and compliance with laws and contracts.

Core activities include recording transactions in journals, posting to ledgers, preparing trial balances, and producing financial statements such as the balance sheet, income statement, and cash flow statement. It also includes budgeting, cost measurement, internal controls, and financial analysis.

Practices vary by jurisdiction and are governed by standards such as Generally Accepted Accounting Principles (GAAP) in some countries and International Financial Reporting Standards (IFRS) elsewhere. In addition to financial accounting for external reporting, many organizations maintain managerial or cost accounting for internal decision making, and engage in tax accounting and auditing.

Careers in the field include accountants, auditors, financial analysts, and controllers. Education typically involves a degree in accounting or finance and professional certification such as CPA, ACCA, or CA, depending on the country.

Related topics include accounting, bookkeeping, auditing, IFRS, and GAAP.