Accounting is the processing, measurement, and communication of the financial statements of an organization or a business. Accounting can also be referred to as “accountancy”. Accounting in schools is a branch of the business or commerce department. In accounting, several processes are used including summary; analysis and report used to oversee regulators, agencies, and tax entities. Accounting is one of the major factors of any business or organization. Every organization has or needs some or all of the three accounting streams. These streams are; Financial Accounting, Cost accounting, and management accounting. In summary, financial accounting involves the systematic record of the transactions of a business or organization in the individual books of accounts which are maintained by the business for the preparation of financial statements. The two financial statements prepared by the organization are the profit and loss account and the balance sheet.
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