What is meant by accounting

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Meghna Thapar 5 years, 6 months ago
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. It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. Accounting provides information on the.
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