What is The Purpose of Accounting?



Purpose of Accounting

Accounting does not exist for its own sake but for the services which it provides to society. It does not end with the recoding of business transactions and events. It also reports the result of these activities to all interested parties. Accounting, through reports enables management to organize business smoothly and efficiently in such a away that all wasteful elements are eliminated and better results are achieved. It may be said, therefore, that the primary purpose of accounting for a business enterprise is to provide. Management with the information needed for efficient operation of that enterprise.

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