Accounting is the systematic process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It involves tracking income, expenses, assets, and liabilities to produce financial statements (e.g., balance sheets, income statements), ensuring accuracy, compliance with laws, and transparency.
Accounting helps stakeholders—such as owners, investors, and regulators—understand financial health, make informed decisions, and plan strategically. Key branches include financial, managerial, and tax accounting. By standardizing financial data, accounting supports accountability, efficiency, and legal integrity. Forming the backbone of economic systems and business operations worldwide.
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