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17 Pages • Essays / Projects • Year Uploaded: 2022
First of all, accounting equation plays an important role for a business which is a basic principle of accounting and it is a fundamental element of the balance sheet involving for a business that are Asset, (Assets = Liabilities + equity), Tangible asset, Non tangible asset and Liability. Besides that, we will also conduct the source documents for a company. Source document contain the details of a business transaction such as receipts, invoices, bills statement and checks. Furthermore, we will look into the users of accounting information. Users of accounting information involves two groups which are internal users (primary users) and external users (secondary users). Primary users are internal management, partners and employees of a certain company. External users are investors, lenders, customers, suppliers and government. Accounting information is also a process to record, analyse, summarize and interpret financial information of a business organization. Lastly, accounting is important for a business to run vitally because it provided information to track income, losses and expenditures which helps the company in their decision making.
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