Question

The financial information provided by an accounting system is needed by

Answer 1

Answer:

Financial accounting is required to follow the accrual basis of accounting (as opposed to the "cash basis" of accounting). ... By following the accrual basis of accounting, a company's profitability, assets, liabilities and other financial information is more in line with economic reality.

Explanation: ADD AS BRAINLIST

Answer 2

Answer:

The accrual basis of accounting is essential in financial accounting.

Explanation:

• Accounting Information System (AIS) is a data collection, storage, and processing system for accounting and financial data.
• Users of accounting information systems can utilise this financial data to provide financial information.
• To owners/shareholders, managers, prospective investors, creditors, bankers, and other lending institutions, the government, and others.

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