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Accounting is described given that the as the art of recording, categorizing, and afterwards summarizing inside of a noteworthy fashion with regards to transactions, money and gatherings which can be of financial character, and comprehending the outcome thereof.
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Accounting is all about a sequence of actions which are for being executed thoroughly. They may be predominantly recording, then summarizing, reporting, and finally examining the economical transactions. Recording involves documenting the revenues and getting into buys and expenses.