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If people ask, what is accounting anyway?

AASB Blog: If people ask, what is accounting anyway?

Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or an income statement. Sometimes referred to, as "bean counters", accountants are the people who keep their eye on profits, costs and losses. Staying on top of accounting, whether it's for a multi-billion dollar business or for a personal savings account is a necessary activity on a daily basis. Not doing so can mean anything from a bounced cheque or posting a loss to a company's shareholders. Both scenarios can be equally devastating. Every business and every individual needs to have some kind of accounting system. Without it, finances can get away from them they don't know what they've spent, or whether they can expect a profit or a loss from their business. Accounting is even part of even a kid's life. Saving an allowance, or spending it - these are accounting principles.[ . . . ]

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