Files no longer need shuffled through. They are easy to access and can be stored properly with out disclosure of information.
External users of accounting information (especially investors) use accounting information like annual and quarterly reports to base their investing decisions on, and to compare different companies.Understandability This implies the expression, with clarity, of accounting information in such a way that it will be understandable to users - who are generally assumed to have a reasonable knowledge.
accounting functions
The 5 major functions of accounting are recording, classification, analysis and Interprets, Communication and Summarizing. These functions defines the accounting profession.
Typical functional information systems are developed for accounting, finance, manufacturing, marketing, and human resource management.
discuss brifly various types of accounting packages along with their functions
Information systems are a network of computers linked to perform many different functions in business. Information systems connect the accounting, marketing and information technology departments.
Human resource accounting is process of identifying, measuring and communicating the human resources investment and contributions which the conventional accounting have not taken care of in the financial statement. It is the quantification of the cast and value of employees to an organization.
The functions of management accounting include: Budget control, ratio analysis, fund flow analysis and cash flow analysis. Management accountingâ??s main function is to collect accounting data which is useful for different managerial functions.
Production Marketing Accounting
It is used as a store of value.
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marketing, accounting (finance) and operation.