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Finance and accounting are areas of economic activity concerned with money and its transactions, with information about it, and with the methods of making use of this information. These areas have their history, their basic concepts, and their specific techniques, as well as their current uses in many branches of business, commerce, banking, and other economic activities. They also have some practical application in the legal field, and many other disciplines. In the statistics of financial affairs, several terms are used with different meanings, including income and expense, total amount, profit and loss, assets
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“Accounting is a discipline that deals with recording, interpreting, and analyzing financial transactions. Accounting is a field of mathematics that uses statistics, graphs, and tables to present information about financial transactions. In this field, data is used to analyze financial information, to compare it to historical information, and to compare it to the actual value of the transactions. According to Wikipedia, finance refers to the processes related to the management and control of resources, the allocation of resources, and the creation of wealth through investments and production. Accounting refers to the practice of
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“Financial Accounting is concerned with the valuation, preparation, and presentation of financial information for an organization, its owners, or stakeholders. It provides information about the state of the financial resources available to the company, including cash flow, assets, liabilities, and equity. Financial Accounting covers all accounting aspects for financial performance and investment analysis, such as balance sheet, statement of profit and loss, income statement, cash flow statement, statement of cash flows, etc.”. “Accounting is the process of