Every business must keep proper records to make the appropriate decisions. Accounting summarizes financial records for management to use. Various individuals analyze this information for different purposes, including prospective investors and bank officials. Accounting is a measurement and communication process used to provide financial data to business stakeholders. In addition to providing financial information to management, accounting provides information to stakeholders such as investors, who examine company financial statements and provide funds to the business. This article will provide an overview of the basic concepts and steps of Accounting. Financial statements are a collection of accounts a business uses to report its financial information to outside parties. These statemen...
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