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What is meant by accounting |
| Answer» Accounting\xa0is the process of systematically recording, measuring and communicating information about financial transactions. The\xa0three major\xa0financial statements produced by\xa0accounting\xa0are the profit and loss statement, the balance sheet and the cash flow statement. It is a systematic 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.\xa0Accounting\xa0provides information on the. | |