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Accounting can be defined as the process of identifying, recording, classifying, summarising, analysing financial instruction and interpreting the result to the users of accounting information to enable them make effective decision making by all the stakeholders concern.
Users Of Accounting Information.
Accounting information has very word audience. They are grouped into two(2) external and internal users.
Internal Users.
Mangers.
Managers need accounting information so that they can control their businesses in order ti make profit and have finds to meet their financial organization as at when due.Financial institutions.
When a financial institution finances a business, they are interested in the securing of their loan so they use accounting information to access whether a company is liquid or not.Investors.
They provide capital for a business and as such they are interested I'm the profitability or otherwise of business so as to know what their return on investment would, they need to know whether they will get dividend or not.Employees.
They are interested in accounting information so as to ascertain their performance and to know whether their jobs are safe and if they can be promoted over the years.Suppliers.
They sell goods to the company in credit. Accounting information helps them to determine whether they can be paid back within a short period of time or not.
External Users.
Government and other regulatory bodies.
They ate interested in accounting information so as to ascertain the total the total size of the economy and the tax liability of the individual company.Trade unions.
They use part profit and potential profit to calculate claims for higher wages and better conditions of service for their members.Financial analyst.
They use accounting information to give advice to their clients and other financial houses on the best investment opportunities possible.
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