Definition of Accounting

What do you mean by business transactions?    

Those transactions which are entered by the two or more parties in the affairs of the business. 

Business transactions must be related to:                                                                              

(a) Business       (b) Must have evidence     (c) Must be measured in money.

What is Accounting?

Accounting is a process of identifying business transactions, recording, classifying, summarizing, analysing the accounting information and communicating it to the internal and external users.

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