What is Accounting? Significance, Purpose, and Need
INDEX of this Post [ hide ] Introduction to Accounting. | What is accounting? Accounting is a useful way of recording and summarizing financial information. Businesses use accounting to keep their financial information organized which helps them in making sense of their financial data and also keeps them compliant with financial regulations. Why do we need accounting? Some might think, that accounting is only a boring and unnecessary redundancy and that it exists only due to regulations and legal requirements. But the opposite is true. Accounting exists because it plays an extremely important role in running a business. Why Study Accounting? explanation of why an understanding of the principles of accounting is essential for everyone. Accounting knowledge isn't just important for business owners or business managers. Regardless of the vocation you choose, you will make important financial decisions that will impact the rest of your life. An understanding of the principles