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3. What is Accounting? Accounting refers to the systematic collection, recording and classifications of transaction. It is a professional body of knowledge that is concerned with interpretation and communication of financial statements. Accounting is concerned with preparation of profit and loss statement and also undertakes to prepare the statement of affairs of business. Accounting is the process in which, the information relating to different resources required by an organization. It also deals with information about finances needed to acquire the resources. Experts describe accounting at solve my accounting paper. Recording, Classifying, Summarizing and Interpretation are the important feature of accounting. The process of recording, classifying and summarizing ultimately lead to interpretation of the accounting statement.

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