The term “data” refers to primary details or numerical facts relating to an event or transaction. Data is stored and maintained on a computer or network. Computer Software like HiTech Financial Accounting process this electronic data. Data is also maintained as hardcopy or paper print. Since accounting limits itself only to those transactions and events
Accounting is usually seen as having two distinct strands, Management and Financial accounting. Management accounting, which seeks to meet the needs of managers and Financial accounting, which seeks to meet the accounting needs of all of the other users. The differences between the two types of accounting reflect the different user groups that they address.
A motor car manufacturer, for instance, buys steel, rubber, aluminium, plastic, etc, that is used to manufacture motor vehicles that are sold to dealers (the trading concern). These dealers, in turn, sell vehicles to the customer. From an accounting point of view the activities of manufacturing and trading enterprises are very similar, especially their administration,