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Explain what is accounting is. Also, Identify the users and the uses of accounting.

Explain what is accounting is. Also, Identify the users and the uses of accounting.
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Answer #1

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.

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