0
The nature and purpose of accounting
The basic aim of accounting in a business entity is to provide financial information for making decisions on its activities. Managers of an economic entity at various levels require analyzed financial information for planning and programming, for controlling expenditure, for ascertaining the extent of profitability or otherwise of a department - even of each production item for undertaking new jobs, etc. Financial information in tabular forms and with graphs and charts are also required by the outsiders, namely, bankers, financial institutions, creditors, investors, government agencies and even by the labour unions and the general public who have some interest in the particular business concern.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What are the characteristics of financial accounting?
Financial accounting allows business a systemic way to enter financial transactions. The following are some of the characteristics of financial accounting: transactions must be monetary, legal requirement, external use, and historical nature.
What is nature meaning and elements of accounting theory?
Accounting Theory is defined as the study of methodologies and financial accounting principles. The Accounting Theory is continuously-evolving and changing.
What is the nature and scope of financial accounting?
Financial accounting helps people and businesses manager their money. With better information about financials, managers can make better decisions about the direction of the organization.
What is Financial accounting data?
what is financial accounting?
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
What are the characteristics of financial accounting?
Financial accounting allows business a systemic way to enter financial transactions. The following are some of the characteristics of financial accounting: transactions must be monetary, legal requirement, external use, and historical nature.
What is nature meaning and elements of accounting theory?
Accounting Theory is defined as the study of methodologies and financial accounting principles. The Accounting Theory is continuously-evolving and changing.
What is the nature and purpose of accounting?
Accounting is the process of recording, summarizing, analyzing, and reporting financial transactions for decision-making. Its purpose is to provide accurate and timely financial information to internal and external users to help in making informed business decisions and assessing the financial health and performance of an organization.
What is the nature and scope of financial accounting?
Financial accounting helps people and businesses manager their money. With better information about financials, managers can make better decisions about the direction of the organization.
What is Financial accounting data?
what is financial accounting?
The output of financial accounting is?
The output of the financial accounting is preparation of financial statements.
Is Management accounting starts where financial accounting ends?
Management accounting starts where financial accounting ends
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting?
Define 'Accounting' Distinguish between Financial Accounting and Management Accounting
Compare and contrast between cost accounting and financial accounting?
compare and contrast cost accounting and financial accounting
What is the money measurement assumption in acccounting?
In accounting, only those business transactions and events which are of financial nature are recorded
What are the nature of accounting standards?
what are accounting standards nature
Differentiate cost accounting system from financial accounting system?
Q.5 Differentiate Financial Accounting and Management accounting
