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Class : 11
Unit : Account

Explain in brief the meaning of accounting.

Ans : Accounting is a process of identifying, measuring, recording, classifying, summarizing, analyzing, interpreting the financial transactions and communicating them to interested persons or institutions. Accounting is also known as ‘Language of business’ and language is a means of communication. According to Bierman & Derbin:-“Accounting may be defined as the identifying, measuring, recording, and communicating of financial information.”
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