Accounting is the systematic process of recording, analyzing, and reporting financial transactions of a business or organization. It involves maintaining financial records, preparing financial statements, and ensuring that financial information is accurate and compliant with legal standards. Accountants analyze financial data to provide insights into the financial health of an organization, helping in decision-making, budgeting, and strategic planning. The field includes various specializations such as financial accounting, managerial accounting, auditing, and tax accounting. Accounting plays a crucial role in the transparency and efficiency of financial management, making it essential for businesses, governments, and non-profit organizations.