Question

Describe accounting as a source of information ​

Answer 1

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Explanation:

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Answer 2

Every step in the process of accounting generates information. however the entire purpose of accounting is not merely generation of information but rather to facilitate analysis of such information derive meaning out of it and later provide it to different interested parties. on the basis of search information various users groups are done in a better position to take appropriate decisions. there for distribution of information generated through the accounting process is in essential function of accounting.

types of accounting information :

1. information relating to profit or loss
2. information relating to financial position
3. information about cash flow

the information generate through the process of accounting has the following uses:

1. facilitates making of economic decisions
2. search the needs of interested party store reporting of financial statements
3. predicts timing of uncertainty and also evaluate amount of potential cash flow