Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing,
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Accounting is 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. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows. Discuss the importance of accounting for Engineering and IT based organizations and also give details about advantages of accounting system for the organizations.
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