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Accounting systems and Assurance - Coursework Example

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"Accounting System and Assurance" focuses on the system that keeps a record of all the financial activity. It figures out the current financial problems or problems that are likely to happen in the future. It also points out the opportunities that are likely to come up…
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Download file to see previous pages The allocation of resources is dependent on the information regarding the financial condition of the firm. Here comes the role of accounting, which provides all the required financial information to the investors through several financial reports. There There are two classifications of accounting 1) financial accounting and 2) management accounting. Financial accounting is the one which furnishes all the financial information to the investors and management accounting is used at the micro-level where the internal allocation of the funds takes place. Accounting is one of the most crucial components of any organization as it provides all those financial information that is used to make the economic and financing decision making. 

According to the Accounting Principles Board (APB) of the American Institute of Certified Public Accountants:1“Accounting is a service activity. Its function is to provide quantitative information, primarily financial in nature, about economic entities that are intended to be useful in making an economic decision – in making reasoned choices among alternative courses of action”.

Another definition is given by American Accounting Association. According to the accounting is “the process of identifying, measuring and communicating economic information to permit informed judgment and decisions by users of the information.” 
Accounting’s main objective is proving information for decision making purpose. Information provided by accounting is analyzed to make decisions, which is concerned with the use of limited resources.

Any organization’s human and material resources must be effectively controlled in order to operate the organization successfully. Objective of accounting is to provide that information which are used in directing this control of resources. ...Download file to see next pagesRead More
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