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What are the different types of accounting?

Accounting encompasses a broad set of activities, from basic bookkeeping to analyzing the company’s financial health, forecasting revenue, preparing taxes and ensuring legal compliance. Businesses use five main types of accounting: managerial, cost, project, tax and financial accounting.

What is the main goal of accounting?

The main goal of accounting is to accurately record and report an organization’s financial performance. Accounting can be classified into two categories – financial accounting and managerial accounting. 1. Keeps a record of business transactions Accounting is important as it keeps a systematic record of the organization’s financial information.

What is accounting process?

What Is Accounting? 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.

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