What is accounting?

[maria]

can someone explain me in simple words meaning of accounting

 

[alenaghose]

Accounting is the process of recording, classifying, and summarizing financial transactions to provide useful information for decision-making. It involves tracking assets, liabilities, income, expenses, and other financial data to ensure accurate reporting, compliance with regulations, and to help businesses manage finances effectively.

 

[niyati]

Accounting is the language of business that shows where money comes from, where it goes, and how much is earned or owed.

 

[ankita]

Accounting is the process of recording, grouping, analyzing, and decoding financial transactions for a business or individual. It tracks income, expenses, assets, and liabilities to demonstrate financial performance and position. Accounting helps businesses make decisions, comply with regulations, and report to stakeholders such as investors, regulators, and management.