explain basic terms of accounting are
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Accounting - Accounting keeps track of the financial records of a business. ... In addition to recording financial transactions, it involves reporting, analyzing and summarizing information. Accounts Payable - Accounts Payable are liabilities of a business and represent money owed to others.
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In accounting, many technical words are commonly used. Therefore, it is essential to know their meaning, without which knowledge of accounting subject will be incomplete. Commonly used terms such as business, purchase, purchase return, trade etc are explained here.
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