Accounting is a systematic process of identifying, recording, classifying, summarizing, analyzing, interpreting and communicating financial information about an entity to interested parties for decision-making purposes. It involves the measurement, processing and communication of financial transactions and events of an organization in a manner that is accurate, relevant, reliable and timely. Accounting is crucial for businesses, individuals, and organizations to manage and control their financial resources, assess their financial performance, and comply with legal and regulatory requirements. It encompasses various areas such as financial accounting, management accounting, auditing, taxation, and financial reporting.