Introduction to the Accounting
ACCOUNTING Accounting is a process of identifying ,recording, summarizing, and reporting economic information to decision makers in the form of financial statements. Features :- Accounting helps in decision making by showing where and when money has been spent , by evaluating performance, and by showing the implications of choosing one plan instead of another. Who Uses the Accounting information ? (i) Individuals (ii) Businesses (iii) Investors and creditors (iv) Government regulatory agencies (v) Non- Profit Organizations (vi) Taxing authorities How and where they use accounting information? . Investors, Creditors, Regulators, customer and competitors are the external users. . Owners, managers and employees are the internal users. Accounting Period An accounting period is a span of time covered by a set of financial statements. This period defines the time range over which business tr...