Question

What does accounting mean? Explain its significance

Answer 1

Answer:

Accounting:-

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.

its significant:-

Proper planning is very much needed for the successful

important functions of the management organization.

Financial reward is one of the main motivating factors of work.

Controlling is essential for the completion of activities according to the plan.

Explanation:

Accounting is a continuous system that shows the financial position of a business entity by identifying the economic events and recording, analyzing and presenting them.