Course Description
Accounting is the process of recording, classifying, and summarizing financial transactions to provide accurate financial information for decision-making. It involves preparing financial statements such as balance sheets, income statements, and cash flow statements. Accounting is crucial for tracking a business’s financial performance, ensuring compliance with laws and regulations, and helping management make informed decisions.
Business, on the other hand, refers to the activities involved in producing goods or providing services to satisfy customer needs and generate profit. It encompasses various functions such as marketing, sales, operations, human resources, finance, and management. A business’s primary goal is to create value for customers while achieving financial success, which requires strategic planning, resource management, and effective decision-making.
In essence, accounting is a key component of business, as it helps businesses understand their financial position and performance, which guides growth strategies and operational decisions.
