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Principles of ACCOUNTING FINANCIAL
Accounting may be defined as the process of analyzing, classifying, recording,
summarizing, and interpreting business transactions. One of the key aspects of the
process is keeping “running totals” of “things.” Examples of items a business might
keep track of include the amount of cash the business currently has, what a company
has paid for utilities for the month, the amount of money it owes, its income for
the entire year, and the total cost of all the equipment it has purchased.
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