Different people have defined accounting in different ways. Simply put , accounting is a science in which an individual or organization records financial transactions that are measurable in terms of money in a scientifically sound manner in accordance with recognized principles , classifying and summarizing the financial results and financial condition over a period of time. Prepares financial statements and analyzes its various aspects and provides significant funding while on the other hand it plays a helpful role in planning and decision making. In a nutshell , accounting is the process of publishing financial results by transacting , classifying , and summarizing transactions.