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Answer Posted / santosh dhakal
Hi,
Accounting in simple term is the art(in hindi means kala)of identifying(identify whether the said thing is a transaction or an event,whether monetay or not),Recording(Journal),Classifying(same nature of item at a place in ledger),summaarizing(through B/s,P&l A/c),interpreating,and finally analysing the impact,so that the user of it may get the required information easily which may be a milestone for taking the decision for them.
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