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Accounting and Auditing

Accounting and Auditing: In layman’s term, we can call accounting as book-keeping whereas auditing is inspecting how accurately the records have been maintained. Accounting not only helps in keeping track of the transactions but it also helps to analyze the profits & losses. Thus, it gives insight into the performance of an organization. Therefore, carefully auditing such accounts is very important. Let’s learn about these two procedures in greater detail.

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