Briefly explain the concept which form the backbone of accounting
Answers
the Backbone of Your Accounting System. Bookkeepers use “accounts” to keep track of assets, liabilities, income and expenses. Financial transactions are recorded against these accounts and then the accounts are grouped together to create financial statements.
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Answer:
Accounting is often called the language of business. The basic function of any language is to serve as a means of communication. In this context, the purpose of accounting is to communicate or report the results of business operations and its various aspects. Accounting is the process of analyzing, verifying and reporting the results of financial information to an organization, government agency or individual. It is a backbone of almost every kind of business entity and is the key to a number of high level decisions within a company, including: budgetary planning, financial aims and the deliberate, strategic and executive initiatives.