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THE FIELD OF ACCOUNTING ((create a systematic record of the daily business…
THE FIELD OF ACCOUNTING
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purpose of accounting
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Financial information is also needed by outsiders — owners, creditors, potential investors
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Accounting
design of accounting systems, preparation of financial statements, audits, cost studies, development of forecasts, income tax work
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Bookkeeping
the recording of transactions, the record-making phase of accounting
mechanical and repetitive, the simpliest part
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process of identifying, measuring, interpreting financial activity
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