Category: Accounting


What is accounting?Financial Statements

What is accounting?And its role in business? How do stakeholders get information about the financing, investing, and operating activities of a business? This is the role of accounting. Accounting provides information for managers to use in operating the business. In addition, accounting provides information to other stakeholders to use in […]

Accounting|Functions of Accounting

Limitations Advantages of Accounting |ACCOUNTING

Functions of Accounting Financial Accounting performs the following nature functions: (i) Maintaining systematic records: Business transactions are properly recorded, classified under appropriate accounts and summarized into financial statements–income statement and the balance sheet. (ii) Communicating the financial results: Accounting is used to communicate financial information in respect of net profits […]