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Usefulness Of Accounting Information To Users General speaking, 'Accounting is concerned with the collection, analysis and communication of economic information' (Peter A & Eddie M 1999, p1). People need economic information to help them to make decision and judgement about business. Operating an accounting system is to recognise and record transaction implies that all economic events in the business, from payment of wage to the purchase of a subsidiary company, are entered into the system, which is organised to minimise the possibility of resources being misused. Accounting can be seen as an important part of the total information system within a business. User, both inside and outside the business require to ensure that resources are allocated in an efficient and effective manner and require economic information to make base decision. Accounting has been divided into two major areas: financial accounting and management accounting, 'the authority of ASB standards is the requirement...

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