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Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions of a business or organization. It involves the preparation of financial statements such as income statements, balance sheets, and cash flow statements. Accounting plays a crucial role in decision-making, budgeting, tax compliance, and overall financial management. Professionals in this field, known as accountants, are responsible for ensuring accuracy and compliance with regulations. They utilize software and tools to streamline processes and provide valuable insights to stakeholders. Accounting helps businesses monitor their financial health, evaluate performance, and make informed strategic decisions.
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