|The systematic recording, reporting, and analysis of financial transactions of a business. The person in charge of accounting is known as an accountant, and this individual is typically required to follow a set of rules and regulations, such as the Generally Accepted Accounting Principles.
Accounting allows a company to analyze the financial performance of the business, and look at statistics such as net profit.
Accounting as a discipline has existed since the 15th Century. Since then both businesses and economies have greatly evolved. Accounting theory is a continuously-evolving subject, as it must adapt to new ways of doing business, new technological standards and gaps that are discovered in reporting mechanisms. Organizations such as the International Accounting Standards Board help create practical applications of accounting theory, and professionals such as CPAs help companies navigate accounting standards.
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