Question

"Accounting is an information system". Explain this statement mentioning clearly
the information needs of various users of accounting information and how such
needs are being satisfied.​

Answer 1

DEFINITION:

ACCOUNTING is a systematic process of identifying, measuring, recording, classifying, summarising, interpretating, and communicating financial statements to the users.

OBJECTIVES:

1. Calculating profit or loss
2. Keep records of transactions
3. Helping to check financial position
4. Helping to compare with other
5. helping to run a business etc.

I hope this will help you friend.