Question's Short Description
1: Recording and classifying financial transactions 2: Preparing financial statements like P&L and Balance Sheet 3: Shows profit, loss and financial position 4: Follows GAAP and accounting principles 5: Used by management, investors and government
Question's Long Description
1: It is the process of recording, classifying and summarizing financial transactions
2: It provides information about profitability and financial position of a business
3: It follows standard accounting principles like GAAP and IFRS
4: It helps in preparing Balance Sheet, P&L and Cash Flow Statement
5: It is used by owners, investors, banks and government for decision making
