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What is accounting?
Definition of accounting

Accounting is the recording of financial transactions along with the storage, collection, summary, and presentation of results in various reports and analyzes. Accounting is also an academic and professional field that strives to fulfill those tasks.
Examples of Financial Accounting

A section of accounting focuses on the presentation of financial information in the form of general-purpose financial statements (balance sheets, income statements, etc.) that are distributed to people outside the company. These external reports must be prepared in accordance with generally accepted accounting principles, often referred to as GAAP or GAAP US,
examples of management accounting.

The other part of accounting focuses on providing the company management with the information needed to keep the business finances healthy. Although some information comes from recorded transactions, many analyzes and reports include estimates and forecasts based on various assumptions. This information is generally not distributed to people outside the control of the company. Some examples of this information are standard budgets for monitoring operations and estimating sales prices when quoting prices for new work.
Other examples of accounting

Some other examples of accounting include:

Consulting on accounting system,
income tax planning, consulting and
auditing, auditing the financial statements of companies and other organizations,
general business advice,
financial planning for individuals