What is accounting? Accounting is a financial recording and reporting system (see Figure 1). Accounting identifies and classifies financial transactions; it then summarises these financial transactions into financial reports. Financial reports communicate relevant financial information to interested persons called stakeholders. This information allows stakeholders to decide how to best use the economic resources of the […]
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What is accounting?
category: Financial Accounting Basics
tags: accounting, accounting entity, financial information, financial reports, language of business, stakeholders, The American Accounting Association
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