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False, When determining the value of a capital budgeting project, accounting profits are just as important as cash flows.
Accounting is a bookkeeping process that keeps financial records, logs transactions, and conducts audits. It is a platform that supports numerous processes, including those involving identification, logging, measuring, and providing additional financial data.
Accounting is critical to business operations because it makes it easier to track income and expenses, and the government with quantitative financial data that can be used to make decisions.The main goal of accounting is to maintain an organized record of financial transactions that aids users in understanding daily transactions systematically and learning about overall business operations.
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