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Explain the meaning of the term accounting and give its usefulness in society.    (6marks)

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Explain the meaning of the term accounting and give its usefulness in society.    (6marks)
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Solution 1

Accounting is a term that refers to the process of recording, summarizing, analyzing, and reporting financial transactions of a business. It is often referred to as the "language of business" because it communicates the financial condition and performance of a business to interested users.

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