define accounting as a source of information ?
Answers
Answer:
The American Accounting Association defines accounting as “the process of identifying, measuring and communicating economic information to permit informed judgements and decisions by users of the information.” In other words, it is the process of communicating financial information about a business entity to ...
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Answer:
Accounting is the management information system of any organization and is concerned with providing necessary information to the management, i.e it is a source of information. In the account, every step involves either generation or processing accounting information. It serves as a means as well as an end of providing information to all stakeholders who need information to make a proper decision.Accounting serves following purposes relating to generating and processing information:-
The accounting records business transaction which is the source of generating information.
Proper accounting system makes information more reliable.
Accounting ensures it is a reliable source of information.
Accounting works as a management information system to the organization. It helps the management to manage the organization in a proper way.
Accounting system generator various information in the form of different accounts. These documents have to be to true and fair.