What is Accounting? Importance, Purpose & Need - Shikshaglobe

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The purpose of accounting is to provide financial information that is useful in making business decisions. Accounting provides information about a company's assets, liabilities, and equity. It also provides information about a company's income and expenses.

The need for accounting arises from the fact that businesses need accurate financial information to make informed decisions about where to allocate their resources. Without accurate financial information, businesses would be unable to make sound decisions about how to grow and operate their businesses effectively. The purpose of accounting is to provide financial information that is useful in making business decisions. Accounting information can be used in financial planning, analysis, and decision-making.

There are three main types of accounting: financial accounting, managerial accounting, and tax accounting. Financial accounting focuses on the reporting of an organization's financial information to external users of the information, such as investors, potential investors, and creditors. Managerial accounting focuses on the provision of information to managers within organizations to make decisions regarding the allocation of resources. Tax accounting focuses on the preparation, filing, and payment of taxes.

The need for accounting arises from the fact that businesses and other organizations are engaged in a wide variety of transactions. These transactions have economic consequences that need to be recorded and reported for a variety of purposes.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The purpose of accounting is to provide financial information that can be used in making business decisions. Accounting information is used in financial planning, risk management, and decision-making.

The need for accounting arises from the fact that businesses are run by people who are interested in making a profit. To make a profit, businesses need to know how much money they have, how much money they owe, and how much money they are owed. Accounting provides this information.

Accounting is the process of recording, classifying, and summarizing financial transactions to provide information that is useful in making business decisions. The purpose of accounting is to provide financial information that can be used in making decisions about how to allocate resources. The need for accounting arises from the fact that businesses are run by people who cannot be everywhere at once and who must delegate authority to others.

Accounting is important because it provides information that can be used to make decisions about how to allocate resources. The information provided by accounting can be used to make decisions about pricing, investment, and other strategic decisions. Accounting is also important because it provides a system of checks and balances that helps ensure the accuracy of financial information.

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