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There are two different kinds of depreciations that an investor needs to know when analyzing financial statements. Depreciation and Amortization are different in terms of applicability to the kind of assets and liabilities. Tangible assets like buildings, machinery, equipment etc., are depreciated, intangible assets like copyrights, patents, goodwill, capitalized costs etc. are all amortized. On similar lines, liabilities such as premium income, subscriptions etc. are all amortized as such liabilities involve inflow of revenue or income over a period of time. It is a useful concept, which allows accountants to apply the period concept in accrual-based financial statements.

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Financial analysis (also referred to as financial statement analysis or accounting analysis) refers to an assessment of the viability, stability and profitability of a business, sub-business or project.

It is performed by professionals who prepare reports using ratios that make use of information taken from financial statements and other reports. These reports are usually presented to top management as one of their bases in making business decisions. Based on these reports, management may :

•Continue or discontinue its main operation or part of its business
• Make or purchase certain materials in the manufacture of its product
• Acquire or rent/lease certain machineries and equipment in the production of its goods
• Issue stocks or negotiate for a bank loan to increase its working capital
• Make decisions regarding investing or lending capital

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During the accounting cycle, accountants track, organize and record the financial dealings of a company. At the close of each period, accountants use the information they've gathered to prepare financial statements. Income statements, statements of capital, balance sheets and cash-flow statements are four common types of financial reports.

Today every organization requires financial reporting services. Financial reporting and analysis has become crucial for all businesses today because financial reports are necessary to assess a company’s financial performance. Organizations need to know and understand how their organization has fared during a specific financial year.

Financial reporting and analysis is a practice which is conducted by every organization or business to analyze and assess the company’s financial performance in the previous financial year. Financial reports would give the organization an analysis of how the organization performed. An organization can find out if its performance was excellent, good, satisfactory or poor with the help of effective financial reporting services.

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General Accounting is a bookkeeping method that is used to keep a record of all the financial transactions of a business or a company. Generally the double entry book keeping system is used by companies for recording all financial transactions. This service includes maintaining and keeping a record of various accounting day books including :
• Purchase book
• Cash book
• Sales book
• Supplier's ledger
• General ledger
• Customer ledger

A job of a book keeper includes writing and and maintaining various 'Daybooks'. He is also responsible for ensuring that the transactions are recorded in the correct daybook. A trial balance is made with the help of these accounting books and ledgers.

Why is it required?
General Accounting or book keeping is vital for any business. It assists in compiling all the accounting data and information on a daily basis. This information is later used to make various financial statements. It is the beginning of the financial data gathering.