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Accounting is the systematic recording, reporting, and analysis of financial transactions of a business. It involves summarizing, analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements produced by accounting serve as the foundation for the financial planning and decision-making processes within an organization, and they are also used by external stakeholders to assess the organization's past performance and current financial position. Accounting can be divided into several fields including financial accounting, management accounting, internal auditing, and external auditing. In the context of Business, Financial Management, Portfolio Management, it plays a crucial role in tracking income, expenses, assets, liabilities, and equity. It helps managers to make informed decisions about how to allocate resources, evaluate performance, and plan for future growth.