What is Accounting..?
Accounting is the method of recording a business-related financial transactions. The accounting process involves summarizing, reviewing, and reporting these transactions to supervisory agencies, regulators, and tax collectors.
Accounting for All Entities
Accounting is the process for recording financial transactions in the form of financial reports with both numbers and text. It is an essential tool for paying customers, monitoring assets and debts, assessing productivity, and measuring cash flow.
The system is largely self-regulated and structured for financial information consumers, who are called stakeholders: business owners, creditors, staff, administrators, clients, and others. Stakeholders use financial statements to help make decisions about sales, borrowing, and investment.