Accounting essentially refers to the practice of keeping track of a person's or a business's financial transactions. Accountants keep track of these transactions and examine them to create a comprehensive picture of their employer's financial situation. Revenues, costs, assets, and liabilities are all topics covered by the fundamental accounting concepts utilized in business. Balance sheets, income statements, and cash flow statements are just a few of the records that track and record these factors. Assets, liabilities, and capital are commonly mentioned as the three core ideas in the accounting introduction. An individual's or business's financial holdings are referred to as assets. Debts and incurred costs are considered liabilities. The capital of an entity is its available funds. Two of the most popular specialties in the field are certified, public accountants and management accountants. Cost accountants and management accountants are related terms. A further significant subset of the profession includes auditors and forensic accountants.
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