Section 1
What Is Accounting?
Book
Version 3
By Boundless
By Boundless
Boundless Accounting
Accounting
by Boundless
4 concepts
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Defining Accounting
Accountancy is the process of communicating financial information about a business entity to users such as shareholders and managers.
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Inputs to Accounting
Inputs into accounting include journal entries, the bookkeeping process, and the general ledger.
Outputs of Accounting
Accounting outputs are financial statements that detail the financial activities of a business, person, or other entity.
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Uses of Financial Reports
Financial reporting is used by owners, managers, employees, investors, institutions, government, and others to make important decisions about a business.