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How Could you know that you made a profit or losing without "Accounting"
"Accounting is the language of business".
Accounting : the system or occupation that provides quantitative information about finances and setting up , maintaining, and auditing the books of a company and of analyzing its financial status and operating results.
Maintaining and calculating business records.
Accounting is a process and the backbone of any business' success, which requires logical analysis and factual evidence, to measure the success or failure monetarily and find out the areas that requires improvement.
Dear Friends I like the most effective definition of Accounting in single sentence is
"Accounting is a business LAnguage"
Recording, Analysing and Presenting of business transaction
Accounting as an "ART" in which we record financial transactions in monetary terms.
The traditional definition of
"Accounting is Recording of transactions and book keeping as per generally acceptable accounting principles and standards".
the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results
