BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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accounting
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ethics
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transaction
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revenue
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Detailed explanation-1: -What is Accounting? Planning, recording, analyzing, and interpreting financial information is called Accounting.
Detailed explanation-2: -Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities.
Detailed explanation-3: -In essence, bookkeeping is the process of journalizing, or recording, all of a company’s myriad transactions into their appropriate accounts.
Detailed explanation-4: -An accounting system is a planned process for providing financial information that will be useful to management. Organized summaries of a business financial activity are called accounting records.