The purpose of accounting is to record, analyze, and communicate financial information about an organization's economic activities. It helps stakeholders, such as investors, creditors, and management, make informed decisions about the allocation of resources.

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The balance sheet provides a snapshot of a company's financial position at a specific point in time, typically at the end of a reporting period, such as a quarter or a year. It presents a summary of a company's assets, liabilities, and shareholders' equity. The balance sheet is essential for stakeholders, such as investors, creditors, and management, as it helps assess the company's liquidity, solvency, and overall financial health.

Accrual accounting: Records revenue and expenses when they are earned or incurred, providing a more accurate depiction of financial performance.
Cash accounting: Records revenue and expenses only when cash is exchanged, offering a simpler but potentially less accurate view of financial activity.

Depreciation is the process of allocating the cost of a tangible asset over its useful life. This allocation reflects the gradual wear and tear, obsolescence, or decline in value of the asset as it is used in the business. Depreciation is recorded as an expense on the income statement, reducing the asset's carrying value on the balance sheet over time. It is crucial for accurately reflecting the true cost of using the asset to generate revenue and for calculating the company's taxable income.