Explain importance & scope of accounting?
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Accounting helps in the facilitation of systematic management of financial data and records of transactions. Accounting provides a particular idea about the possibility of the company experiencing profits or loss. Accounting also helps in the management process and assists in decision making.
The scope of Accounting is wide and extends in business, trade, government, financial institutions, individuals and families and every other arena. ... The functions of Accounting are to keep accounts of those financial transactions
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