What is accounting?

Accounting refers to the process of keeping records of financial transactions, summarizing them and analyzing them to produce financial statements for various stakeholders. It involves the preparation of financial reports that reflect the financial position, performance, and cash flows of a business. These reports are crucial in making informed business decisions and assessing the financial health of an organization. Accounting also involves compliance with various accounting standards, regulations and tax laws to ensure accurate representation of financial data.

This mind map was published on 18 April 2023 and has been viewed 146 times.