What do you mean by accounting?

<p>Accounting is&nbsp;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. Luca Pacioli the 'Father of Accounting' Luca Pacioli (c. 1447 – 1517) was the first person to publish detailed material on the double-entry system of accounting. He was an Italian mathematician and Franciscan friar who also collaborated with his friend Leonardo da Vinci (who also took maths lessons from Pacioli). &nbsp;Accounting involves&nbsp;recording and managing a business's daily financial transactions.</p>

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Hello, Accounting can manage all type of spending expenses and control of it. Basically, accounting means: It is a systemic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm's assets, liabilities and owners' equity. and Accounting can be divided into several fields including finance accounting, expenses accounting, external auditing, tax accounting and cost Accounting , external auditing. Accounting information systems are designed to support accounting functions and related activities. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to external users of the information, investor, regulators and supplier and management accounting focuses and manage all the things. Accounting is a language of business. It records business transaction taking place during the account period. So, we can say in simple language it is bookkeeping for all business transaction and records and it is very necessary for run the any business.

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