Give the meaning ofAccounting
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Meghna Thapar 5 years, 6 months ago
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. Accounting is the process of systematically recording, measuring and communicating information about financial transactions. The three major financial statements produced by accounting are the profit and loss statement, the balance sheet and the cash flow statement. There are mainly three types of accounts in accounting: Real, Personal and Nominal accounts, personal accounts are classified into three subcategories: Artificial, Natural, and Representative.
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