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accounting

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Accounting is the process of systematically recording and managing financial accounts. (noun)

Preparing a Profit and Loss Statement is an example of accounting.

See accounting in Webster's New World College Dictionary

noun

the principles or practice of systematically recording, presenting, and interpreting financial accounts
a statement of debits and credits
a settling or balancing of accounts

See accounting in American Heritage Dictionary 4

(ə-kounˈtĭng)

noun

The bookkeeping methods involved in making a financial record of business transactions and in the preparation of statements concerning the assets, liabilities, and operating results of a business.

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