<u>Accounting </u>is recording, classifying, summarizing, and interpreting financial events and transactions in an organization to provide interested parties with needed financial information.
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What is the need for accounting?</h3>
Accounting is essential in the company because it allows you to track income and expenses, maintain statutory compliance, and offer quantitative financial information to investors, management, and the government for use in making business choices.
Therefore, <u>Accounting </u>is recording, classifying, summarizing, and interpreting financial events and transactions in an organization to provide interested parties with needed financial information.
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