Accounting is basically information, and this information is published periodically in business as a profit and loss statement, or an income statement. Sometimes referred to, as "bean counters", accountants are the people who keep their eye on profits, costs and losses.
Staying on top of accounting, whether it is for a multi-billion dollar business or for a personal savings account is a necessary activity on a daily basis. Not doing so can mean anything from a bounced cheque or posting a loss to a company shareholders. Both enarios can be equally devastating.
Every business and every individual needs to have some kind of accounting system. Without it, finances can get away from them they do not know what they have spent, or whether they can expect a profit or a loss from their business.
Accounting is even part of the life of a child. Saving an allowance, or spending it - these are accounting principles