What is accounting?

Accounting is the recording and tabulation of inputs and processes that represent economic events according to a given system. Financial information is used primarily by managers, investors, tax authorities and other decision makers, with the aim of distributing resources within institutions, companies, organizations or government. The name of the account is derived from the use of the financial statement.

Accounting is the science that studies measurement, receipt and interpretation of financial activities by recording, tabulating and summarizing financial transactions and presenting and disclosing financial information through financial statements that are prepared for specific periods of time (often quarterly). Accounting is also known as the “business language”.
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