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Contact SupplierAccounting, also known as accountancy, is the measurement, processing, and communication of financial and non-financial information about economic entities such as businesses and corporations.[1][2] Accounting, which has been called the "language of business",[3] measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators.[4] Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms.[5]
Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting.[6][7] Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers.[8] Management accounting focuses on the measurement, analysis and reporting of information for internal use by management.[1][8] The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system.[9] Accounting information systems are designed to support accounting functions and related activities.