What is Accounting and taxation

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Accepted Answer

Accounting involves recording, analyzing, and reporting financial transactions, while taxation involves the process of calculating and paying taxes.

Accounting involves recording financial transactions, analyzing financial data, and preparing financial statements.
Taxation involves calculating taxes owed based on income, expenses, and deductions.
Accounting helps businesses track their financial performance and make informed decisions.
Taxation ensures individuals and businesses comply with tax laws and regulations.
Examples of accounting tasks include bookkeeping, budgeting, and financial analysis.
Examples of taxation tasks include filing tax returns, calculating tax liabilities, and claiming deductions.

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