Question

assertion accounting is a routine job.Reason accounting consists of summarising interpreting and communicating the financial data in addition to bookkeeping​

Answer 1

Answer:

Internal & External Users

Users of accounting information are separated into two groups, internal and external. Internal users are the people within a business organization who use accounting information.  External users are people outside the business entity that use accounting information.  Accounting information is valuable because decision makers both internally and externally can use it to evaluate the financial consequences of various alternatives. Accountants reduce uncertainty by using professional judgment to quantify the future financial impact of taking action or delaying action.  Although accounting information plays a significant role in reducing uncertainty within an organization, it also provides financial data for persons outside the company.

Bookkeeping vs. Accounting

Accounting is often confused with bookkeeping. Bookkeeping is a mechanical process that records the routine economic activities of a business. Accounting includes bookkeeping but goes well beyond it in scope. Accountants analyze and interpret financial information, prepare financial statements, conduct audits, design accounting systems, prepare special business and financial studies, prepare forecasts and budgets, and provide tax services.