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Accounting plays a vital role in the development of a business. Accounting is said to be the language of business i.e. it depicts the picture of a business in figures.
Accounting involves recording, interpreting, classifying, summarizing and presenting of monetary transactions. It exhibits the past performance in case of financial accounting and present and future performance in case of cost and management accounting.
Accounting tells whether or not the business has performed well.
It suggests which product to be launched which may probably capture the market,which branch to be closed which has been showing far less profits for several years,whether or not to do downsizing, whether or not to expand the business considering the probable high demand in entity's products etc.
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoWhat are the components of Accounting information system?
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How does the cost accounting function assist in the management of a business?
the function of cost accounting is to provide management of differents acitivities in a business
What is the need of accounting for business?
sir i have a question that.. why we need accounting in business or what is the need of accounting in business
How do you explain accounting as a language of business?
Accounting is often referred to as "the language of business."
How does business and accounting affect the society?
how does business and accounting affect in the society
Hire a Small Business Accounting Service?
form_title=Hire a Small Business Accounting Service form_header=An accounting service can take care of your accounting needs and you can focus on running the business. How many employees do you have?=_ How do you keep track of your business accounting currently?=_ What does your company do?=_
Is there lot of maths in business administration?
Yes, there is accounting and financial accounting in business administration.
What role does accounting play in business operations?
Accounting helps managers see what direction the business is headed in. With the right accounting department, a business can meet their organizational goals.
Who are the parties interested by accounting data of business?
The parties that are interested by accounting data of business are Accountants and auditors.
How you can explain accounting is an information system?
Accounting is an information system for measuring, processing and communicating information that is useful in making economic decision. Every business is conducted to make profit. Accounting knowledge is there to assist the business man to assess whether the business is making profit or loss. In accounting brings discipline on how to source money, how to spend and how much to save. Accounting ensures consistency in the treatment of various transactions. Accounting involves gathering of financial data, recording classifying, summarizing and communicate the results to the owners of the business, or to others allowed to receive this information. Accounting should not be confused with Book keeping as Book keeping is the part of accounting concerned with recording of financial data. Book keeping is the process of recording data relating to accounting transactions in the books of accounts.
What is Business management Software?
Business management software is an application or an arrangement of devices to assist organizations with supporting, improve, and computerize their cycles. Assuming that coordinated well with your business needs, business the executives programming will assist with dealing with all your center business processes in a single framework.
What is meant by accounting?
Accounting is the way that business keep up with the money that comes in and goes out of their business.
What meant by accounting?
Accounting is the way that business keep up with the money that comes in and goes out of their business.
