Brief and Concise Definitions of accounting from all sources: · a system that provides quantitative information about finances and expenses · In terms of accountancy, it is the occupation of maintaining and auditing records and preparing financial reports for a particular business and time frame, mostly it is quarterly, bi-annual and annually; · a chronological list of bookkeeping transaction related to individual/business debits and credits presenting in the forms and it’s part of a ledger of accounts; · In terms of account, it is a statement of recent transactions made with the resulting balance; · The art of communicating all financial information of a certain business entity to shareholders/stockholders and top management. This communication is mostly generated using a form which generally called financial statements that shows money and resources; · ...
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