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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the primary purpose of an accounting system?

To determine

Explain the primary purpose of an accounting system.

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.

Primary purpose of an accounting system:

  • To record, organize and summarize the financial transactions.
  • To report the useful information to the external users and the stakeholders.
  • It helps the company’s managers in operating, financing and investing decisions using the financial statements.

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