Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It involves systematically documenting all monetary transactions, including purchases, sales, payments, and receipts, to provide a clear picture of the financial health and performance of the entity. Accounting helps in assessing the profitability, liquidity, and solvency of the business, facilitating informed decision-making by stakeholders such as investors, creditors, management, and government authorities. Key principles and standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), guide the practice of accounting to ensure consistency, transparency, and accuracy in financial reporting. Overall, accounting serves as the language of business, providing vital information for planning, control, and evaluation of economic activities.

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