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The terms of accounting define various economic activities, and all these are based on market conditions. Or one can state that it is a science-based approach that records and organizes business issues and transactions. It handles and distributes the financial aspects and techniques to make the statements, subject, and describe the transactions and events. Besides this, it can provide consequences to individuals who are capable of taking business decisions or administering an evaluation.
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Accounting plays an important role as it keeps a record of the company’s finances. This record has the details of whether a company is getting adequate profit or not. The company's finance is useful to maintain the productivity and availability of all the resources. Therefore, it can be stated that business cannot run without proper accounting.
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