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Chapter 29. Accounting

Accounting is a critical business function. An accounting department is usually responsible for paying the firm's bills and for billing its customers. Accounting employees check customers' credit and collect the money owed to the company. Employees' pay and pay records are managed by accounting. Additionally, the accounting department is responsible for budgeting, tax preparation, reporting on the finances of the firm, and financial planning. Businesses, even small ones, generally have an accounting department, and the terms used in accounting are, therefore, very useful to know. You will encounter finance and accounting terms in sending out invoices or paying bills, in keeping records of expenses or sales or cash, and in checking budgets or financial documents.


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