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Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. ... Accounting is one of the key functions for almost any business.What are the three definition of accounting?
Accounting can be defined as a process of reporting, recording, interpreting and summarising economic data. The introduction of accounting helps the decision-makers of a company to make effective choices, by providing information on the financial status of the business.How to describe accounting?
Accounting is the process of recording financial transactions pertaining to a business . The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.What are the basic functions of accounting?
What Are The Basic Functions Of Accounting. The basic function of accounting is to provide information that will assist in decision making. Accounting has its own language and it serves as a means of communication to employees, investors, creditors and government departments who are interested in the company.