What is Accounting? Why do I need it for my business?

The American Institute of Certified Public Accountants (AICPA) defines accounting as “the art of (1) recording, (2) classifying, and (3) summarizing, in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and (4) interpreting the results thereof. ” Many businesses; especially small and medium …

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