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Accounting is the practice of keeping track of and recording financial statements in order to assess an entity’s financial situation. Transactions are inputted, sorted, measured, and then communicated in a variety of forms to accomplish this. Bookkeeping and analysis are both a part of accounting. Recording transactions, such as a person’s or an organization’s purchases, sales, and receipts, is known as Accounting and Bookkeeping.
The next stage in accounting is to analyze these transactions to produce useful reports that will reflect the state of one’s finances once the bookkeeper has organized and recorded all of the transactions. These reports can track sales tax to keep a close watch on what is owed at tax time, as well as profit/loss statements and cash flow reports. When small business accounting is done properly, the owner
