Accounting is the practice of recording, classifying and summarizing financial data. It is used to provide an accurate report of a company’s financial position and performance. It involves the analysis and interpretation of financial records to determine their accuracy, reliability and validity. Accounting professionals use various methods to record and analyze information, including double-entry bookkeeping, accrual accounting and asset management. By accurately tracking financial data and providing transparent reports, accounting professionals help businesses make informed decisions about their future.
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