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1. In any organization other than small ones, there will be a person, or section, that handles the accounts of the organization.
2. This person or section provides the organizational accounting.
3. The finance section records and reports on the organization’s financial performance.
4. At the unit or project level, the manager needs to accumulate and report on financial activities – this accounting is referred to as management accounting – that which the manager conducts within the section or project to assist with immediate management.