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Bookkeeping is the process of recording daily financial transactions, while accounting involves summarizing, analyzing, and interpreting that data to create reports and support business decisions.

The three key financial statements are the Balance Sheet, Income Statement, and Cash Flow Statement. They help evaluate a company’s financial position, performance, and cash movements.

The accounting equation (Assets = Liabilities + Equity) forms the foundation of double-entry bookkeeping. It ensures every transaction keeps the books balanced.

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