basic accounting definition
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In simple terms accounting can be stated as the process of maintaining financial books. It is the systematic and comprehensive recording of financial transactions related to a particular business and firm.
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Accounting is a very wide topic which goes by the definition "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."
It has 3 major things included Balance Sheet , Income Statement and a cash flow statement.
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