M.S Accounting Fundamentals

Accounting is the procedure of data entry and recording, summarising, analyzing, and then reporting. This data relates to financial transactions of businesses and corporations. Operations of a business entity over an accounting period, generally a year, are keys to prepare financial statements.Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position and cash flows.