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why we need account ing Related: Basic Accounting Concepts & Conventi...
Accounting can be defined as the production of financial information. It means that accounting allows us to see things like how much money you are earning, how much you are worth, how much money you spend and where you can improve to make even more money!
Significance
Accounting, also known as accountancy, is the measurement of financial resources and account information. This information is posted in various financial accounts and disclosed to decision makers and other parties in a specific format. Accountants typically adhere to the Generally Accepted Accounting Principles (GAAP) in order to report financial statements in a consistent manner and maintain clear and objective reporting practices throughout the organization.
Function
Accounting helps companies organize their most important business transactions and obtain reports about their cash flow, balances on key accounts, and their overall financial position at any given time. These are important elements of business regardless of a company's size, and can help resolve or reduce the risk of reporting inconsistencies to financial managers, investors and tax authorities. An well-implemented accounting system also makes it easier to access financial statements such as the Balance Sheet, Income Statement, Statement of Retained Earnings and Statement of Cash Flows.
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why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage
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why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage.
why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for why we need account ing Related: Basic Accounting Concepts & Conventions - Principles of Accounting, Accountancy and Financial manage.
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