Question

explain the meaning of accounting? ​

Answer 1

Explanation:

Accounting is the systematic and comprehensive recording of financial transactions pertaining to a business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities.

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Answer 2

$\red{ \huge {\underline{ \overline{ \mid{ \bold{ \purple{ \: \: ANSWER \: \: \red{ \mid}}}}}}}}$

$\huge{\blue{\underline{ \underline{ \pink{ \sf{ \: \: Meaning \: \: of \: \: Accounting \: \: }}}}}}$

$\bf{\rm{Accounting \: \: is \: \: a \: \: systematic \: \: way \: \: of \: \: measuring}} \\ \bf{\rm{and \: \: reporting \: \: the \: \: result \: \:of \: \: economic \: \: activities \: \: \: }} \\ \bf{\rm{of \: \: an \: \: entity \: .}}$

$\bf{A \: \: business \: \: engages \: \: itself \: \: in \: \: a \: \: number \: \: of} \\ \bf{activities \: . \:Accounting \: \: helps \: \: a \: \: business \: \: in } \\ \bf{having \: \: a \: \: complete \: \: and \: \: systematic \: \: record \: \: } \\ \bf{of \: \: its \: \: business \: \: transactions \: \: reporting \: \: the} \\ \bf{results \: \: of \: \: its \: \: operation \: \: and \: \: interpreting} \\ \bf{such \: \: results \: \: for \: \: the \: \: purpose \: \: of \: \: effecting } \\ \bf{control \: \: of \: \: future \: \:operations \: \: or \: \: activities.}$

$\bf{\rm{Hence ,\: \: accounting \: \: is \: \: a \: \: man - made \: \: activity \: \: which}} \\ \bf{\rm{has \: \: evolved \: \: over \: \:a \: \: period \: \: of \: \: time. \: it \: \: is \: \: a \: \: systematic }}\\ \bf{\rm{ exercise \: \: carried \: \: on \: \: for \: \: the \: \: purpose \: \: of \: \: recording,}} \\ \bf{\rm{summarising \: \: and \: \: interpreting \: \: the \: \: results \: \: for \: \: the \: }} \\ \bf{\rm{users \: \: of \: \: the \: \: information.}}$

$\sf{Accounting \: \: is \: \: the \: \: means \: \: through \: \: which \: \: a \: \: business} \\ \sf{unit \: \: expresses \: \: itself. \: It \: \: serves \: \: as \: \: the \: \: communucation} \\ \sf{medium \: \: for \: \: a \: \: business \: \: entity. \: It \: \: is \: \: the \: \: method \: \: } \\ \sf{employeed \: \: by \: \: a \: \: business \: \: entity \: \: to \: \: express \: \: its \: \: activities.}$

$\huge{\blue{\underline{ \underline{ \pink{ \sf{ \: \:Characteristics \: \: of \: \: Accounting \: \: }}}}}}$

$\rm{1. \: \: Accounting \: \: is \: \: an \: \: art.} \\ \\ \rm{2. \: \: Accounting \: \: helps \: \: in\: \: identification \: \: of \: \: financial \: \: events \: .} \\ \\ \rm{3. \: \: Accounting \: \: records \: \: business \: \: transactions \: .} \\ \\ \rm{4. \: \: Accounting \: \: helps \: \: in \: \: summarizing \: \: the \: \: information \: .} \\ \\ \rm{5. \: \: Accounting \: \: records \: \: the \: \: business \: \: transactions \: \: in \: \: terms \: \: of \: \: money.}$