Question

define accounting and tell 3 main fiction of accounting​

Answer 1

Answer:

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. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows.

Answer 2

Answer:

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.

Explanation:

Three main fiction of accounting:

1. The collection and storage of data concerning a business’s financial activities. The information is gathered from source documents, recorded first in journals then posted to ledgers, either manually or with accounting software.

2. To supply information that can be used for managerial reports, financial statements, strategic planning and decision-making.

3. To provide controls that effectively, efficiently and accurately record and process data.