How the Accounting System Works (1381 words, 7 pages)
In the short run, accounting is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing,interpretingand communicating financialinformation. It revealsprofitor loss for a givenperiod, and thevalueand nature of a firm'sassets,liabilities, andowners' equity. Accounting is one of the key functions for almost any business it may be handled by a bookkeeper ...
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