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About Accounting

Accountancy, or accounting, is the production of information about an enterprise and the transmission of that information from those who have it to those who need it.

The communication is generally in the form of financial statements that show in money terms the economic resources under the control of management; the art lies in selecting the information that is relevant to the user and is representationally faithful. The principles of accountancy are applied to business entities in three divisions of practical art, named accounting, bookkeeping, and auditing.