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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

What is the purpose of accounting?

To determine

Explain the purpose of accounting.

Explanation

Accounting: Accounting is a system, or a process of collecting and organizing economic transactions, analyzing, and summarizing the transactions into reports, and communicating the relevant information to the users.

The purpose of accounting:

The main purpose of accounting is to provide financial information relating to the company’s current operations and the financial condition of the business in the market to its agencies, individuals and organizations. Some of the users of the accounting information are owners, creditors, managers and government agencies. Other users of accounting information are clients, financial analyst and customers.

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