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If we talk about accountancy or accounting, it is basically a process of creating and maintaining business financial report. Such a report is very crucial to a business entity because it systematically presents deep insights and understandings into the firm’s overall financial performance in terms of transactions, along with financial assets, liabilities, revenue, profits, expenses, and so forth. Without proper accounting and financial records, budgeting is impossible. In a nutshell, there would be a total disorder in the entire world devoid of accounting.
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