Accounting function of a firm explained. Why is the function needed and what is its purpose? What data does it give?

Q: What is financial reporting and why it is important for business organisation?

A: Financial Reporting:   Financial reporting is the financial results of an organization that are…

Q: Why is GAAP Important? and how it will be used in understanding accounting

A: GAAP is a basic set of generally accepted accounting principles which work as a basic guideline in…

Q: Why we need a balance sheet for company?

A: Balance sheet is very important because it will help the investors of company to know about the…

Q: ow is accounting information used in busi

A: Accounting is the combination of various steps like recording, analyzing, summarizing, and…

Q: Accounting function definition in a firm. Whence comes the function, and why is it required? What…

A: Accounting is the systematic and detailed documentation of a company's financial transactions in a…

Q: When it comes to financial accounting, what is the most important function?

A: The most important function of financial accounting is to provide financial statements to the users…

Q: What is a Balance Sheet and why is it important in a business?

A: Balance Sheet is a financial statements prepared for assessing the financial position of a company.…

Q: Explanation of a business's accounting function. What is the function's purpose, and why is it…

A: INTRODUCTION: Accounting is the discipline of recording and reporting on a company's financial…

Q: How do companies use information from their accounting systems and statements?

A: Accounting systems and statements are often used to support management decisions. An income…

Q: What is finance?  How does it relate to accounting?   What is the objective(s) of the financial…

A: Time value of money Time value of money The main concept of finance is related to the time value of…

Q: Who are the most important consumers of accounting information and why do they need it? What kind of…

A: Here is the Answer

Q: What role does accounting play in a business?

A: Ans. Accounting has a very crucial role to     play in business. Accounting is the process of…

Q: laining the accounting role of a business. Why is the function required and what is its purpose?…

A: Accounting is very important for business because without accounting you will not b able to…

Q: What is the purpose of accounting in an organization?

A: Income Statement: The income statement helps an organisation understand the amounts of revenues…

Q: What role does accounting information systems play in contemporary accounting practice?

A: An accounting information system (AIS) constitutes of gathering, storage, and processing of…

Q: How do the business processes and lines of business of a company influence the architecture of its…

A: AIS is an acronym for... Financial data may be retrieved, stored, managed, and processed using…

Q: What are the ideas and language used in accounting?

A: Introduction: Accounting is the practice of knowing track of a company's financial activities.…

Q: purpose?

A: Answered:

Q: why is the accounting important to a business

A: Accounting: Accounting is a process of recording financial transactions of a business. The process…

Q: Who are the key users of accounting information? What type of information does each stakeholder…

A: Accounting: Accounting refers to the information system, where the economic activities of a business…

Q: What are the types of Balance Sheet analysis and how can it help a business.

A: Balance sheet: The balance sheet depicts a company's financial position by recording all of its…

Q: Discuss accounting as the language of business and the role of accounting information in…

A: Accounting is the process of recording, summarizing, analysing and communicating useful accounting…

Q: What really is accounting, and how does it apply to the business world

A: Accounting: It is the process of recording any financial transactions incurred in the financial year…

Q: How might firms use information to evaluate business operations?

A: Everything which keeps a business running and earning money is referred to as business operations.…

Q: Describe the difference between the accounting function and the finance function? What purpose do…

A: The key difference between accounting and finance is that accounting mainly focuses on the…

Q: Which of the following company kinds need financial information in order to function efficiently

A: The  Answer

Q: who are users of financial statements that applies to each different type of business analysis?

A: Business analysis is the process of evaluating the risks and prospects of the organization for…

Q: Explain the accounting function of a business. What is the purpose of this function, and why is it…

A: Accounting responsibilities: Accounting functions may be divided into two categories: managerial…