Accounting is the process of recording, summarizing, and analyzing financial transactions of a business or organization. It helps track income, expenses, assets, and liabilities, providing a clear picture of financial health. This information is essential for decision-making, budgeting, and ensuring compliance with laws and regulations. The primary goal of accounting is to provide accurate financial information to stakeholders, such as managers, investors, and regulators. Various methods, including financial accounting and managerial accounting, serve different purposes, from preparing financial statements to aiding internal management in planning and control.