In straightforward terms, accounting involves documenting financial transactions related to a company or business entity. The accounting process encompasses summarizing, evaluating, and disclosing financial transactions to supervisory bodies, regulatory agencies, and tax authorities. A common term associated with accounting is a financial statement. A financial statement provides a summary of financial transactions associated with a business over a specific period. It offers essential information about the financial status, operations, and net transactions of the business. In the Emirates, it is obligatory for a business to maintain accounting records for a period of 5 years.