Accounting--meaning

The exchange of information with regards to finance of a business or firm with its managers and shareholders is known as accountancy. There are three divisions of accountancy’s principles that are; accounting, auditing and book keeping. Accounting has been around for over 7000 years and was first seen in Mesopotamia. It was used to maintain records of the grain, cattle and crops. Accounting is a vital part of a business now and without it a business cannot function. It helps the company keep a close and in depth eye on the working of the firm and prevents any misuse of the money of the business.