what is accounting

Question

what is accounting

Accepted Answer

Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business.

Accounting involves recording financial transactions such as sales, purchases, and expenses.
It includes summarizing the recorded transactions into financial statements like the balance sheet and income statement.
Accounting also involves analyzing the financial data to provide insights and make informed business decisions.
Lastly, accounting includes reporting the financial information to stakeholders such as investors, creditors, and government agencies.
For example, an accountant may record sales transactions, prepare financial statements, analyze profitability, and submit tax returns.

Accepted Answer

accounting is the process of recording finacial transaction to a business its include ,summarizing ,analyzing and collecting tax entity

Popular interview questions of Accountant