Porpuse of Accounting and its role in Business Free Essay, Term Paper and Book Report
1) Describe the purpose of accounting and explain its role in business.
Today, individuals conduct all businesses or organisations, private or public sector need to survive in this competitive environment. Therefore, the business decision maker of a company, for example, regularly needs updated and accurate information about their business performance and the general status of the company. All this information will facilitate reaching the most effective and appropriate decisions and strategies for the benefit of the company.
As mentioned, every business needs to survive; it is commonly known that profit or loss statements in business are the main indicators for the organisations current position: this is whether it is in the path of prosperity or antonym. Thus, businesses need to control their financial resources by collecting all accounting information and recording them in various accounts, then the business can assess how well it is performing in a certain period of time. Accounting is the main measuring tool for the success or failure of any one organisation. This language......
Word Count: 1715
Page Count: 6.8 (250 words a page / double spaced)
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