In your community give some examples of decisions or questions that can be supportive by accounting information .give examples where accounting is used as aid in performing the management functions
Answers
Answer:
Usage of Accounting Information
Accounting is the vehicle for reporting financial information about a business entity to many different groups of people.
LEARNING OBJECTIVES
Explain the history of accounting and how accounting information is useful
KEY TAKEAWAYS
Key Points
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.”
Accounting involves two main elements: (1) an information process summarizing financial events; and (2) a reporting system that communicates financial information to interested parties.
Double-entry bookkeeping first emerged in Northern Italy in the 14th century, where trading ventures began to require transactions that involved more than one investor.
Management (or internal) accounting and financial (or external) accounting are generally the two key branches of accounting.
Management accounting provides relevant and useful information to people inside the business, such as employees, managers, owners and auditors. It provides information for decision making and company strategy.
Financial accounting, on the other hand, also provides information to people outside the business, such as investors, regulators, analysts, economists, and government agencies.
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