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Accounting Practice

oboloo Glossary

Accounting Practice

Accounting Practice can be defined as the process of analyzing and recording financial information while also preparing statements in accordance with accepted industry standards. It involves an organization’s internal systems, processes and procedures to ensure financial integrity over time. Accountants must have a thorough understanding of accounting principles and practice in order to ensure accurate books and records. In addition, good accountants must be well versed in auditing standards, taxation laws and regulations, business administration, budgeting, financial planning and investment analysis in order to provide clear and reliable advice to management. Accountants help businesses to effectively manage their finances by providing informed decisions about how to allocate resources and maximize profits.

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