Which one of the following statement completely and correctly describes accounting
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Financial accounting: -Providing information about the financial resources, obligations, and activities of an economic entity that is intended for use primarily by external decision makers- investors and creditors.
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Accounting:
Explanation:
- Accounting is that the tactic of recording financial transactions per a business. The budget of the utilized in an accounting are a concise of the word of summary of monetary with over an accounting period, and also summarize a company's operations, and its financial position, and also the cash flows.
- Johnson has said “Accounting would even be defined due to gathering, compilation and also the systematic record of the business transactions in terms of the cash, the preparation of always have monetary reports, and therefore the analysis interpretation of of these reports and then that the employment of those reports for the data and guidance of management”.
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