Accounting means the process of recording, summarizing, and analyzing financial transactions as well as providing financial information to management. Financial transactions include purchases, sales, receipts, and payments. There are several standard methods of accounting, such as the cash basis and accrual basis. Accounting provides information about the economic resources under the control of management; it is often referred to as 'the language of business since it is the vehicle for reporting financial information about a business entity to many groups of people.