Accounting is a generic term for all the activities conducted by accountants, for example, bookkeeping and financial accounting. Accounting involves the classification and recording of monetary transactions; the presentation and interpretation of the results of those transactions in order to assess performance over a period and the financial position at a given date; and the monetary projection of future activities arising from alternative planned courses of action. Accounting in larger businesses is typically carried out by financial accountants, who focus on formal, corporate issues such as taxation, and management accountants, who provide management reports and guidance.
Proper payment of taxes is essential to business success, an accountant helps with tax accounting.
