Question

what is accounting

what is accounting

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Answer #1

Accounting is the art of recording, classifying and summarizing financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, cash flows and finacial position of the business organisation.

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