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Lesson Summary. The accounting department is responsible for recording and reporting the cash flow transactions of a company. This department has some key roles and responsibilities, including accounts receivable, accounts payable, payroll, financial reporting, and maintaining financial controls.

As we look ahead, the job outlook in accounting continues to be positive. The U.S. Bureau of Labor Statistics (BLS) projects employment of accountants and auditors to grow 4% from 2022 to 2032, with about 126,500 job openings each year, on average, over this period.