Accounting
Accounting is the systematic process of recording, classifying, and reporting financial information of a business or organization, providing stakeholders with a clear picture of its financial position and performance. It involves the use of various Financial Statements, such as the Balance Sheet and Income Statement, to track Assets, Liabilities, and Equity. Accounting is a crucial function in any organization, as it enables informed decision-making and helps to ensure Compliance with regulatory requirements. The field of accounting is closely related to Finance, Economics, and Business Administration. Key concepts in accounting include Generally Accepted Accounting Principles (GAAP), International Financial Reporting Standards (IFRS), and Financial Analysis. Accounting professionals, such as Certified Public Accountants (CPAs), play a vital role in preparing and reviewing financial statements.