Question

what is the meaning of accounting Explaim the advantages of accounting
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Answer 1

Answer:

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.

Advantages of Accounting

•Maintenance of business records.

•Preparation of financial statements.

•Comparison of results.

•Decision making.

•Evidence in legal matters.

•Provides information to related parties.

•Helps in taxation matters.

•Valuation of business.

Explanation:

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Answer 2

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ᴀᴄᴄᴏᴜɴᴛɪɴɢ ɪs ᴛʜᴇ ᴘʀᴏᴄᴇss ᴏғ ʀᴇᴄᴏʀᴅɪɴɢ ғɪɴᴀɴᴄɪᴀʟ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴘᴇʀᴛᴀɪɴɪɴɢ ᴛᴏ ᴀ ʙᴜsɪɴᴇss. ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛɪɴɢ ᴘʀᴏᴄᴇss ɪɴᴄʟᴜᴅᴇs sᴜᴍᴍᴀʀɪᴢɪɴɢ, ᴀɴᴀʟʏᴢɪɴɢ ᴀɴᴅ ʀᴇᴘᴏʀᴛɪɴɢ ᴛʜᴇsᴇ ᴛʀᴀɴsᴀᴄᴛɪᴏɴs ᴛᴏ ᴏᴠᴇʀsɪɢʜᴛ ᴀɢᴇɴᴄɪᴇs, ʀᴇɢᴜʟᴀᴛᴏʀs ᴀɴᴅ ᴛᴀx ᴄᴏʟʟᴇᴄᴛɪᴏɴ ᴇɴᴛɪᴛɪᴇs.