Accounting
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Accounting involves a system and processes used to record, classify, analyze, and report the financial condition of a business. Accountancy encompasses a series of tasks related to the organization and management of financial data.
Among the activities in accounting are the recording of income and expenses, tracking assets and liabilities, preparing financial statements, and organizing tax declarations. These processes assist businesses in monitoring their financial statuses, making informed decisions, and reporting financial information in compliance with legal requirements.
Accounting plays a significant role in maintaining the financial health of companies, fulfilling tax obligations, and developing strategies based on management decisions. Therefore, accounting is a critical function that enables businesses to manage financial information effectively and systematically.