Final answer:
Accounting involves recording, classifying, and summarizing economic events to prepare financial statements, which aid in decision-making by providing insights into an organization's financial position and performance.
Explanation:
Accounting involves recording, classifying, and summarizing economic events to prepare financial statements. These statements are crucial for decision-making by providing insights into an organization's financial position and performance. Activities associated with accounting include analyzing past earnings records, preparing financial statements, and using financial data to inform strategic decisions.
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