Subject Liabraries – Learning Post

50 Accounting Terms Every Beginner Should Know

1. Accounting Accounting is the structured process of recording, organizing, summarizing, and reporting the financial transactions of a business. It provides accurate financial information, helping stakeholders make informed decisions, assess performance, manage resources, and ensure compliance with legal and regulatory requirements. 2. Account Account is a record used in accounting to track all financial transactions […]

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ACCOUNTING CONCEPT, ACCOUNTING CONVENTIONS & GAAP

Accounting is often described as the language of business because it tells the financial story of an organization. It records every transaction that takes place—whether money is coming in, going out, or being invested—and converts this information into clear financial reports. These reports are then used by a wide range of users: business owners who

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INTRODUCTION : ACCOUNTING

What is Accounting? Accounting is the systematic process of recording, classifying, summarizing, and interpreting financial transactions of an entity such as a business, government department, or non-profit organization.In simple terms, accounting tells the financial story of an organisation, helping stakeholders understand how money is earned, spent, saved, or invested. This definition highlights four essential activities:

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