Question

EXPLAIN THE ROLE OF ACCOUNTING IN BUSINESS... 6 MARK​

Answer 1

Answer:

The purpose of accounting is to provide financial information to the stakeholders of the business: management, investors and creditors. Accounting measures and summarizes the activities of the company and communicates the results to management and other interested parties.

Explanation:

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Answer 2

Accounting plays a vital role in running a business because it helps you track income and expenditures, ensure statutory compliance, and provide investors, management, and government with quantitative financial information which can be used in making business decisions.