Definition of Accounting

 Accounting is the process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization. It involves the measurement and communication of financial information about economic entities to various stakeholders, including shareholders, investors, creditors, and government agencies. The goal of accounting is to provide accurate and relevant financial information that helps decision-makers make informed decisions regarding the financial health and performance of an organization. The two main branches of accounting are financial accounting and managerial accounting, each serving different purposes and audiences. Financial accounting focuses on external reporting, while managerial accounting is used for internal decision-making purposes.

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