The role of accounting in an organisation
A proficient accountant will not make a successful company But behind a successful company is many proficient accountants This article will help readers better understand the role and function of accounting. Accounting purpose and scope in the complex operating environment Accounting can be defined as the process of recording financial transactions pertaining to a business. The accounting summarizing analyzing and reporting this transaction to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company’s operations, financial position, and cash flow (Fernando,2021). The scope of accounting will affect the following three groups of people: internal users, external users, and government. And each object will have a different report type. For ext...