what is accounting explain with benefits
Accounting refers to the actual process of preparing andpresenting the accounts. In other words, it is the art of an accountant puttingthe academic knowledge of accountancy into practice. Accounting covers thefollowing below:
Identifying the transactions and events.
Measuring the identified transactions and events in terms ofmeasuring units.
Recording the identified and measured transactions andevents in journal.
Classifying the recorded transactions and events in ledge.
Summarizing the classified transactions and events in theform of Income statement ( Profit and Loss account, and financial positionstatement (Balance Sheet) )
Analyzing the summarized results.
Interpreting the analyzed results.
Communicating the interpreted information to the interestedparties.