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What Purposes Are Served By Financial Accounting?
Member rating: No Rating | Words: | Submitted: Mon Dec 22 2003
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QUESTION : WHAT PURPOSES ARE SERVED BY FINANCIAL ACCOUNTING? Accounting is a very ancient art and has also been described as the `language of business'. The essential purpose of accounting is to communicate to interested users the economic measurements and quantitative information of a business enterprise which will act as a basis for performance assessment, decision making and control. This is done through the process of identifying, summarizing, analyzing, measuring, recording, reporting and interpreting business transactions. So, who are the suppliers of the accounting information? In the private sector of the economy, they are the sole traders, partnerships, clubs and societies, and the limited companies. In the public sector of the economy, they include local authorities, nationalized industries, state colleges and the health service. These ones will provide information in the form of accounting statements or final accounts which consist of a Profit and Loss account, and a Balance Sheet....
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