Accounting is a system of measurement for a business enterprise that focuses on recording business activity, providing data to make business decisions, and communicating the results to society. This includes learning the rules and principles that guide the profession and applying them to a variety of economic situations. Note carefully, as business is constantly evolving, the profession requires a significant amount of judgement. As much as you may have heard otherwise, accounting is far from a black and white operation. View this image from the American Accounting Association to see how it works.