MANAGEMENT

Detailed explanation-1: -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-2: -The steps in the accounting cycle are identifying transactions, recording transactions in a journal, posting the transactions, preparing the unadjusted trial balance, analyzing the worksheet, adjusting journal entry discrepancies, preparing a financial statement, and closing the books.

Detailed explanation-3: -My informal definition: Accounting is the systematic recording, reporting, and analysis of financial transactions of a business.

Detailed explanation-4: -Bookkeeping is the recording of all financial transactions, including financial records of purchases, sales, receipts and payments, as well as accruals for payables or receivables.

Detailed explanation-5: -Accounting is a systematic recording of financial transactions and the presentation of the related information to appropriate persons. Based on this definition we can derive the following basic features of accounting: Accounting is a service activity.