Answer Happy

Accounting is the process of recording financial transactions
pertaining to a business. The accounting process includes
summarizing, analyzing, and reporting these transactions to
oversight agencies, regulators, and tax collection entities. The
financial statements used in accounting are a concise summary of
financial transactions over an accounting period, summarizing a
company's operations, financial position, and cash flows.
Required: What are the five elements in accounting and explain
how they work in the double entry system in accounting.