What is the main pupose of accounting?

The easiest explanation would come from two of the most important accounting documents

The income statement which accounts for the balance between revenue(income) and expenses(costs). Basically telling you how much you made for the period of time being measured

The balance sheet which accounts for the balance between your total assets/equity (stuff you own) and liabilities (stuff you owe). Telling you how much you’re worth

Pretty much everything you do in accounting had a direct inpact on one of those two documents.

The process of identifying, recording, and communicating the economic events of a business to interested users of the information is called Accounting. The main purpose of Accounting is to provide decision-makers with financial information that is useful in their decision making process. These decision-makers may be: a). Internal – company managers and officers b). External – investors, creditors, taxing authorities, and regulatory agencies.

The purpose of accounting is to assess the financial position of the organization and accordingly engage in future financial planning.

Keeping track of stuff. Accountants deal with money, with materials, with inventory and stock, with taxes – anything that can be counted has to be accounted for at some time and that’s what accountants do.

the purpose of accounting is to make financial statements that will ensure that all of the money going in and out of the business are accounted for.

Money. Managing yours and other peoples money.

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accounting

counting

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