what is accounting.And what is its advantages
Answer (1)
Student Expert
28th Oct, 2019
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. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, and cash flow.
Following are some advantages:
Complete and systematic record.
Valuation of the Business.
Evidence in court of law, etc
Hope this helps. Thank you.
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