Accounting is the discipline that provides informational reporting on all aspects of a company or organization's financial activities. This includes not just how much money came in and went out, but also the classification and summarization activity which contributed to profitability and financial health. For example: producing general ledgers for management information and analyses, developing accounting principles and systems in line with local regulatory requirements and practices for deploying them, assisting when fraud or other illegal activities are suspected or detected when reviewing transactions. Just this list is already far too long to include here.

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Accounting concepts and conventions are a list of standard practices. These develop a framework for accounting and are used by accountants and students for learning.

Accounting is ingrained in our society and it is vital

greater then economic profits,as accounting profits do not include implicit costs