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The financial positions and the operations’ results are recorded and then summarised into reports. The transactions that take place are recorded with the aid of standardised rules and guidelines. This is what makes up a financial statement and hence is of the highest possible value. These statements come from external auditing sources as they are outsourced to third party agencies.

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Accounting is termed as the systematic record of recording financial transactions, maintaining financial records and communicating financial information of a business firm. The presentation concentrates mainly on the functions of accounting, fields in accounting, career paths in accounting, labor statistics, accounting ethics, etc.

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