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Download FileAccounting is also known by the name of accountancy. Accounting is basically done for corporations and businesses, for the economic entities its financial information is measured, processed and communicated by the accounting methods and some specific techniques. Accounting is the language of business. The nature of accounting is historical.

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Every transaction produces both debit entries and credit entries for each party involved, where each party's total debits and total credits for the same transaction are equal.

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