Evaluate the statement "Accounting is all about numbers.". Using the definition of accounting to justify your answer. (10 marks, maximum 250 words)
Answers
Answered by
1
Answer:
Accounting
Explanation:
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.
Therefore we must say that accounting is all about numbers because here we only record,classify and summarise the financial transactions.We analyse the business transactions and make various financial stat to determine the profit and loss of an accounting year.
Similar questions