Final answer:
Accounting is the process of preparing financial statements based on GAAP principles to assess an organization's financial status and aid decision-making.
Explanation:
Accounting is the process of recording, classifying, and summarizing economic events to prepare financial statements based on generally accepted accounting principles (GAAP). These statements provide a snapshot of an organization's financial health and performance, helping stakeholders make informed decisions. Financial statements include the income statement, balance sheet, and cash flow statement.
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