Accounting: It refers to a financial language for all the business organizations at global level. The process of accounting starts with identification of business transactions quantitative in nature then goes further with recording of the identified transactions, classification of similar recorded transactions then summarization of these classified transactions, after summarization, all data is analyzed to calculate the profit and financial position of the company. This process ends with the communication of analyzed information to its users.

To Explain: “Accounting is ingrained in our society and it is vital to our economic system.”