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Accounting refers to the systematic recording, reporting, and analysis of financial transactions of a business. It involves the preparation of financial statements that depict the financial position, performance, and changes in financial position of a business. The primary focus of accounting is on accurate record-keeping and compliance with financial regulations. Accounting encompasses various sub-disciplines such as financial accounting, management accounting, tax accounting, and auditing, among others. Financial management and financial planning are closely related to accounting as they involve the use of financial information for decision-making and strategic planning purposes.