Answer should be in detail please.

Financial accounting 2nd semester

10 marks

Q2: 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. Discuss the importance of accounting for Engineering and IT based organizations and also give details about advantages of accounting system for the organizations. 10