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| 1. |
Give the meaning ofAccounting |
| Answer» Accounting\xa0is the process of recording financial transactions pertaining to a business. The\xa0accounting\xa0process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.\xa0Accounting\xa0is the process of systematically recording, measuring and communicating information about financial transactions. The\xa0three\xa0major financial statements produced by\xa0accounting\xa0are the profit and loss statement, the balance sheet and the cash flow statement.\xa0There are mainly\xa0three types of accounts\xa0in\xa0accounting: Real, Personal and Nominal\xa0accounts, personal\xa0accounts\xa0are classified into\xa0three\xa0subcategories: Artificial, Natural, and Representative. | |