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Accounting can be defined as the systematic process of recording, classifying, summarizing, and interpreting financial transactions of a business or organization. It is a process that provides crucial financial information to various stakeholders, including owners, managers, investors, creditors, and government authorities, to help them make informed decisions. Accounting is often described as the “language of business” because it communicates the financial performance and position of an entity in a structured manner. Through accounting, one can ascertain the results of operations, financial health, and cash flow position of a business, ensuring transparency and accountability in financial management. The primary need for accounting arises from the necessity to maintain a record of all financial transactions in an organized way. Businesses engage in numerous transactions daily, _____ ____ __________ _________ _________ _______ _____.
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