Accounting is the process of recording, summarizing, classifying transaction or event in chronological manner.
User of Accounting -
1. Government
2. Investor
3. Vendors/Creditor
4. Stackeholder
5. Public at large
Uses of accounting -
1. Recording of transaction - It is useful in recording day to day transaction.
2. Classification - A transaction can be easily classified into a particular group.
3. It is used in preparation of budget, financial projection etc.
Get Answers For Free
Most questions answered within 1 hours.