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Accounting involves recording financial transactions, summarizing them, and presenting the results in financial statements. This includes debiting assets that increase, like a bank account, and crediting incomes that increase, like dividend or rental income. Journal entries record increases and decreases to accounts, with debits and credits. Accounting thus provides a summarized view of financial transactions over a period through recording, sorting, and presenting the data in reports.

Author

Kirat Bansal

Language

EN