What is Accounting | Zeeshan Rao | Qirat Academy

What is Accounting | Zeeshan Rao | Qirat Academy
Accounting is the systematic process of recording, summarizing, and analyzing financial transactions of businesses. It involves categorizing transactions into various accounts such as assets, liabilities, revenue, and expenses. Through financial reporting, accounting provides stakeholders with crucial insights into a company's financial health and performance. Following principles like GAAP or IFRS ensures consistency and transparency in financial statements. Ultimately, accounting serves as a vital tool for decision-making, enabling stakeholders to make informed choices based on accurate financial information.


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