What is Accounting?

In simple words we can say that, Accounting is the art of recording business transactions in a systematic manner. But accounting is a broader concept or scope. Only systematic record keeping is not sufficient in case of accounting. So, Accounting is the process by which business transactions are recorded in a systematic manner and after that classify,  summarize and analyze those transactions. For more details visit my channel @commercebyharshita and see the playlist "Accounting Basics"