PRINCIPLES AND PRACTICE OF ACCOUNTING

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The book delves into the essentials of financial accounting, emphasizing the maintenance of accounting records for business transactions and the reporting of an entity's financial position and performance through financial statements. It explores the multifaceted concept of business, defining it as both an economic process and the organizations involved in it, with a focus on profit-making commercial entities. This foundational overview is crucial for understanding the principles and practices that underpin financial accounting.