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Accounting is illustrated as the systematic and comprehensive recording of financial transactions involving a business. In other words, it also refers to the process of summarising, analysing and reporting the business transaction. If you are asked to write an assignment on accounting, you can reach our accounting homework help experts who have a strong understanding of the finance fundamentals.
In simple words, “It is a systematic process of identifying, recording, classifying, verifying, summarising, interpreting and communicating financial information. It describes the full report of Profit and Loss of the related firm. It gets revealed over a given period based on the firm’s assets, liabilities and owner’s equity.
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The sole purpose or goal of accounting is to maintain the systematic record of the business.
It portrays the liquidity position.
It ascertains the results of the finance and the financial position of the business.
It facilitated the rational decision making and satisfied the requirements of laws.