Definition of accounting and significance of accounting
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in 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 the nature of a firms assets,liabilities and owners equity.
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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.
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