What is accounting?

Accounting is the systematic recording, classifying, summarizing and interpreting business or economic transactions of a business that take place within a specific period.

Accounting applies in all businesses of whatever nature, be it merchandizing, manufacturing, service provision, government utility service provision, NGOs etc. As long as an entity is carrying out business transactions.

Accounting is necessary for the purposes of accountability and transparency of business deals.

Accounting is used by all stakeholders with vested interest in an entity. Such as owners of the business, government, investors, creditors, and accounting academicians and professionals

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