subject: Accounting Homework Help [print this page] Get the Best Homework Help in Accounting Get the Best Homework Help in Accounting
Accounting is the systematic recording, reporting and scrutiny of financial transactions of a business. It is a procedure of communication of financial information about the business entity for users, such as managers and shareholders. There is a set of regulations and rules, which the accountant has to pursue. The accountant is the person, who is in charge of accounting. Accounting assists the company to evaluate the financial performance of the business along with looking at statistics such as net profit.
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Accounting can be defined as systematic process of recording, reporting, and analysis of financial statements and business transactions. Accounting can also be defined as the process, which includes the recording, summarizing and analysis of the financial transactions related to the business operations, which are in monetary terms. Accounting is the term, which can be described as the record and summary of financial and business information. Accounting is like the life blood of any business. It records all the transactions related to business, which are in monetary terms. It helps in recording all the business activities in a systematic manner and provides historical business transactions, which help to calculate all the profits and business related expenses.
Accounting is the process, which includes the identification of the economic activities, and the measurement of the monetary transactions related to business. It is also a communication process of the activities relating business to outsiders. Using the financial information, the investors and the external public analyze the growth and progress of business activities.
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