What is the purpose of accounting?
Answers:
accounting
-noun
1. the view and system of setting up, maintain, and auding files of a firm; art of analyzing the financial position and operating results of a business house froma study of its sale, purchases, overhead, etc. (distinguished from Bookkeeping).
2. a detailed report of the financial state or transactions of a creature or entity: an accounting of the estate.
3. the rendering or submission of such a report.
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Accounting Defined
- The process of identify, measure, and communicating financial information to security informed judgment and decision by the users of the information.
-The accounting process includes observe events within lay down to indentify the events that are of a financial temperament.
-Accounting requires video recording, classifying, and summarizing the financial events, such as food sale.