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Accounting tracks a company's finances, including what comes in, what goes out, and how it all balances. It helps business owners and investors track the company's performance over time, ensuring...
Accounting is the process of recording, categorizing, and analyzing company transactions to generate financial statements and inform business decisions.
Accounting information can be developed for any kind of organization, not just for privately owned, profit-seeking businesses. One branch of accounting deals with the economic operations of entire countries. The remainder of this article, however, will be devoted primarily to business 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.