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What is Accounting: Meaning and Objectives Class 11 about?

Accounting involves identifying, measuring, recording, and communicating financial information about economic events to interested parties to help them make decisions. It has the objectives of keeping systematic records, calculating profit/loss, ascertaining financial position, protecting assets/liabilities, and complying with legal needs. Accounting includes bookkeeping, which records transactions, and accounting, which summarizes and analyzes results. It provides information to internal users like owners

Author

Ankit Singh

Language

EN